Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan |
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Number of
shares |
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Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2023 |
529,862 |
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|
$ |
11.42 |
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| Granted |
215,481 |
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|
7.51 |
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| Vested |
(85,648) |
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|
17.88 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(53,083) |
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|
17.88 |
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| Forfeitures |
(14,750) |
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|
11.61 |
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| Unvested at September 30, 2024 |
591,862 |
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$ |
8.48 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Weighted average grant date fair value of awards granted |
$ |
6.90 |
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$ |
10.68 |
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$ |
7.51 |
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$ |
9.25 |
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| Total fair value of shares vested |
$ |
2,636 |
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$ |
79,944 |
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$ |
750,298 |
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$ |
649,612 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
814 |
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$ |
34,371 |
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$ |
465,020 |
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$ |
364,758 |
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| Schedule of Performance-Based Restricted Stock Units |
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Number of
shares |
|
Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2023 |
112,776 |
|
|
$ |
10.49 |
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| Granted |
117,582 |
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|
5.69 |
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| Performance adjustment upon vesting |
(17,690) |
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|
8.58 |
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| Vested |
(13,022) |
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|
8.58 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(10,425) |
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|
8.58 |
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| Unvested at September 30, 2024 |
189,221 |
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$ |
7.92 |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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| Weighted average grant date fair value of awards granted |
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$ |
5.69 |
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$ |
11.05 |
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| Total fair value of shares vested |
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$ |
83,862 |
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|
$ |
— |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
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$ |
67,137 |
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$ |
— |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
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| 2014 Plan (Options) |
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Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
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Weighted-
Average
Remaining
Contractual Term (in Years) |
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Aggregate
Intrinsic Value |
| Outstanding at December 31, 2023 |
|
657,346 |
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|
$ |
6.69 |
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|
4.16 |
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$ |
2,983,514 |
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| Exercised |
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(35,487) |
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|
3.62 |
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|
312,195 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(14,654) |
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|
2.69 |
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| Shares tendered for cashless exercise |
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(43,193) |
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3.78 |
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| Forfeitures and expirations |
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(26,500) |
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11.49 |
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| Outstanding at September 30, 2024 |
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537,512 |
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$ |
6.98 |
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|
3.83 |
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$ |
1,017,157 |
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| Exercisable at September 30, 2024 |
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537,512 |
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$ |
6.98 |
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|
3.83 |
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$ |
1,017,157 |
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| 2021 Plan (Options) |
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Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2023 |
|
1,051,673 |
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$ |
11.05 |
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|
8.79 |
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$ |
1,207,118 |
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| Granted |
|
866,147 |
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|
6.80 |
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| Forfeitures and expirations |
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(89,965) |
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|
13.14 |
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| Outstanding at September 30, 2024 (a) |
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1,827,855 |
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$ |
8.93 |
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|
8.78 |
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$ |
256,759 |
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| Exercisable at September 30, 2024 (a) |
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560,647 |
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$ |
12.01 |
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|
7.71 |
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$ |
— |
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(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of September 30, 2024.
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| Schedule of Share-based Compensation Expense Based on Fair Value of Options |
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| Stock Options: |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Expected volatility |
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—% |
|
53% |
|
46% to 51% |
|
53% |
| Risk free interest rate |
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—% |
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4.43% to 4.45% |
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4.25% to 4.60% |
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3.71% to 4.45% |
| Expected lives at date of grant (in years) |
|
0.00 |
|
4.04 |
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4.08 |
|
3.98 |
| Weighted average fair value of options granted |
|
$— |
|
$4.90 |
|
$2.95 |
|
$4.07 |
| Total intrinsic value of options exercised |
|
$ |
— |
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|
$ |
1,646,254 |
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$ |
312,195 |
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$ |
3,067,467 |
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