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SHARE-BASED PAYMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the stock options granted under the Compensation Plan for the three months ended March 31, 2022 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions:
Risk-free interest rate | 1.29 | %
Expected life (in years) | 3.25
Expected volatility(1) | 72.24 | %
Expected dividend yield | — | %
Weighted average grant date fair value | $ | 3.19 |
(1)Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the stock options.
Schedule of Share-based Compensation, Stock Options, Activity | The summary of the Company’s stock options at March 31, 2022 and December 31, 2021, respectively, and the changes for the fiscal periods ending on those dates, are presented below:
| Range of Exercise Prices |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2020 | $1.70 - $15.61 |  | 1,609,087 |  |  | $ | 2.91 |  |  |  |  |
Granted | 3.89 - 8.41 |  | 169,310 |  |  | 3.99 |  |  |  |  |
Exercised | 1.70 - 7.42 |  | (775,814) |  |  | 2.95 |  |  |  |  |
Forfeited | 1.76 - 5.91 |  | (8,048) |  |  | 3.16 |  |  |  |  |
Expired | 1.70 - 15.61 |  | (51,653) |  |  | 8.14 |  |  |  |  |
Outstanding, December 31, 2021 | $1.70 - $8.41 |  | 942,882 |  |  | $ | 2.79 |  |  |  |  |
Granted | 6.47 - 10.03 |  | 28,202 |  |  | 6.69 |  |  |  |  |
Exercised | 1.70 - 5.18 |  | (135,926) |  |  | 2.41 |  |  |  |  |
Expired | 2.35 |  | (15,506) |  |  | 2.35 |  |  |  |  |
Outstanding, March 31, 2022 | $1.70 - $10.03 |  | 819,652 |  |  | $ | 2.99 |  |  | 2.39 |  | $ | 5,048 |
Exercisable, March 31, 2022 | $1.70 - $7.14 |  | 745,822 |  |  | $ | 2.79 |  |  | 2.20 |  | $ | 4,746 |
The summary of the Company’s non-vested stock options at March 31, 2022 and December 31, 2021, respectively, and the changes for the fiscal periods ending on those dates, are presented below:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2020 | 403,990 |  |  | $ | 0.94 |
Granted | 169,310 |  |  | 2.06 |
Vested | (351,934) |  |  | 1.23 |
Forfeited | (8,049) |  |  | 1.60 |
Non-vested, December 31, 2021 | 213,317 |  |  | $ | 1.34 |
Granted | 28,202 |  |  | 3.19 |
Vested | (167,689) |  |  | 1.12 |
Non-vested, March 31, 2022 | 73,830 |  |  | $ | 2.53 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The summary of the Company’s non-vested RSUs at March 31, 2022 and December 31, 2021, respectively, and the changes for the fiscal periods ending on those dates, are presented below:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2020 | 1,094,056 |  |  | $ | 1.98 |
Granted | 441,241 |  |  | 3.89 |
Vested | (635,233) |  |  | 1.94 |
Non-vested, December 31, 2021 | 900,064 |  |  | $ | 2.94 |
Granted | 329,377 |  |  | 6.43 |
Vested | (518,856) |  |  | 2.93 |
Non-vested, March 31, 2022 | 710,585 |  |  | $ | 4.56 |
The summary of the Company’s SARs at March 31, 2022 and December 31, 2021, respectively, and the changes for the fiscal periods ending on those dates, are presented below:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2020 | 1,720,623 |  |  | $ | 2.92 |  |  |  |  |
Exercised | (48,201) |  |  | 2.92 |  |  |  |  |
Outstanding, December 31, 2021 | 1,672,422 |  |  | $ | 2.92 |  |  |  |  |
Granted | 730,686 |  |  | 6.47 |  |  |  |  |
Outstanding, March 31, 2022 | 2,403,108 |  |  | 4.00 |  |  | 2.73 |  | $ | 12,377
Exercisable, March 31, 2022 | 1,098,873 |  |  | $ | 2.92 |  |  | 1.81 |  | $ | 6,846
The summary of the Company’s non-vested SARs at March 31, 2022 and December 31, 2021, respectively, and the changes for the fiscal periods ending on those dates, are presented below:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2020 | 1,720,623 |  |  | $ | 1.25 |
Vested | (1,147,074) |  |  | 1.27 |
Non-vested, December 31, 2021 | 573,549 |  |  | $ | 1.19 |
Granted | 730,686 |  |  | 3.60 |
Non-vested, March 31, 2022 | 1,304,235 |  |  | $ | 2.54 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The components of share-based compensation are as follows:
|  |  | Three months ended March 31,
|  |  |  |  | 2022 |  | 2021
Recognized expense |  |  |  |  |  |  |
Stock options |  |  |  |  | $ | 32 |  |  | $ | 200 |
RSU awards(1) |  |  |  |  | 484 |  |  | 362 |
SARs |  |  |  |  | 346 |  |  | 135 |
Total recognized expense |  |  |  |  | $ | 862 |  |  | $ | 697 |
(1)The fair value of the RSUs granted under the Compensation Plan for the three months ended March 31, 2022 and 2021 was estimated at the date of grant, using the stated market price on the NYSE American.
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The fair value of the SARs granted during the three months ended March 31, 2022 was estimated at the date of grant using a Monte Carlo simulation, with the following weighted average assumptions:
Risk-free interest rate | 1.53 | %
Expected life (in years)(1) | 5.00
Expected volatility(2) | 72.50 | %
Expected dividend yield | — | %
Weighted average grant date fair value | $ | 3.60 |
(1)Monte Carlo analysis of SARs assumes employee suboptimal exercise at first vesting time for each tranche. (2)Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the stock options.

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