XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company grants equity-based awards to employees, non-employee directors and consultants that may include, but are not limited to, RSAs, PSUs, restricted stock units and stock options. Stock-based compensation expense related to manufacturing employees and administrative employees is included within the "Cost of revenue" and "Payroll and benefits" line items, respectively, in the Condensed Consolidated Statements of Operations. Stock-based compensation expense related to non-employee directors and consultants is included within the "General and administrative" line item in the Condensed Consolidated Statements of Operations.
Total stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
RSA expense$416 $393 $904 $820 
PSU expense129 91 204 128 
Total stock-based compensation expense$545 $484 $1,108 $948 
The amount of unrecognized compensation cost as of June 30, 2023, and the expected weighted-average period over which the cost will be recognized is as follows:
As of June 30, 2023
(in thousands, expect years)Unrecognized Compensation CostExpected Weighted-
Average Period of
Recognition (in years)
RSA expense$2,418 2.24
PSU expense930 2.24
Total unrecognized stock-based compensation expense$3,348 2.24
Restricted Stock
Restricted stock is typically granted with vesting terms of three years. The fair value of RSAs is determined based on the closing price of the Company's common stock on the authorization date of the grant multiplied by the number of shares subject to the stock award. Compensation expense for RSAs is generally recognized on a straight-line basis over the entire vesting period.
A summary of RSA activity under the Company's various stock compensation plans for the six months ended June 30, 2023 is presented below:
Restricted StockWeighted-Average Grant Date Fair Value
Non-vested at January 1, 2023652,962 $5.58 
Granted498,541 $1.97 
Vested(276,767)$5.62 
Forfeited(31,729)$4.63 
Non-vested at June 30, 2023843,007 $3.46 
Performance Share Units
Compensation expense is recognized for PSUs on a straight-line basis over the applicable service period, which is generally three years, based on the estimated fair value at the date of grant using a Monte Carlo simulation model. A summary of PSU activity for the six months ended June 30, 2023 is presented below:
UnitsWeighted-Average
Grant Date
Fair Value		Aggregate Intrinsic Value (in thousands)Weighted-Average
Remaining
Contractual
Term (in years)
PSUs outstanding, January 1, 2023148,591 $7.85 
Granted231,242 2.48 
Vested / Settled(1)
(41,855)6.17 
Forfeited / Canceled— — 
PSUs outstanding, June 30, 2023337,978 $4.38 $629 2.24
(1) The number of units shown in the table above are based on target performance. The final number of shares of common stock issued may vary depending on the achievement of market conditions established within the awards, which could result in the actual number of shares issued ranging from zero to a maximum of two times the number of units shown in the above table. For the three and six months ended June 30, 2023, no shares of common stock were issued upon vesting of PSUs.