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SHARE-BASED PAYMENTS (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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			2.37		%
Expected life (in years)			3.18
Expected volatility(1)			73.14		%
Expected dividend yield			—		%
Weighted average grant date fair value			$	4.98

(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 September 30, 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			5.84 - 10.03						114,785						6.51
Exercised			1.70 - 5.46						(189,035)						2.49
Forfeited			3.06 - 10.03						(19,918)						5.87
Expired			2.35						(15,506)						2.35
Outstanding, September 30, 2022			$1.70 - $8.41						833,208						$	3.30					2.07						$	2,384
Exercisable, September 30, 2022			$1.70 - $7.14						695,323						$	2.80					1.67						$	2,307

The summary of the Company’s non-vested stock options at September 30, 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			114,785						4.98
Vested			(170,299)						1.15
Forfeited			(19,918)						4.58
Non-vested, September 30, 2022			137,885						$	4.13

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The summary of the Company’s non-vested RSUs at September 30, 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			411,467						6.52
Vested			(518,856)						2.93
Forfeited			(45,250)						5.40
Non-vested, September 30, 2022			747,425						$	4.77

The summary of the Company’s SARs at September 30, 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			833,315						6.47
Exercised			(6,730)						2.92
Forfeited			(46,239)						5.95
Outstanding, September 30, 2022			2,452,768						$	4.07					2.29						$	5,309
Exercisable, September 30, 2022			1,092,143						$	2.92					1.31						$	3,495

The summary of the Company’s non-vested SARs at September 30, 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			833,315						3.99
Forfeited			(46,239)						4.13
Non-vested, September 30, 2022			1,360,625						$	2.81

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The components of share-based compensation are as follows:

			Three months ended September 30,												Nine months ended September 30,
			2022						2021						2022						2021
Recognized expense
Stock options			$	98					$	42					$	239					$	281
RSU awards(1)			618						409						1,589						1,162
SARs			566						62						1,463						260
Total recognized expense(2)			$	1,282					$	513					$	3,291					$	1,703

(1)The fair value of the RSUs granted under the Compensation Plan for the nine months ended September 30, 2022 and 2021 was estimated at the date of grant, using the stated market price on the NYSE American.

(2)Share-based compensation is recorded in Selling, General and Administration in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The fair value of the SARs granted during the nine months ended September 30, 2022 was estimated at the date of grant using a Monte Carlo simulation, with the following weighted average assumptions:

Risk-free interest rate			1.68		%
Expected life (in years)(1)			4.98
Expected volatility(2)			72.81		%
Expected dividend yield			—		%
Weighted average grant date fair value			$	3.99

(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 SARs.

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