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SHARE-BASED PAYMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company’s share-based compensation expense, by type of award, is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
RSUs(1) |  |  |  |  | $ | 644 |  |  | $ | 484 |
SARs |  |  |  |  | 436 |  |  | 346 |
Stock options |  |  |  |  | 106 |  |  | 32 |
Total share-based compensation expense(2) |  |  |  |  | $ | 1,186 |  |  | $ | 862 |
(1)The fair value of the RSUs granted under the Compensation Plan for the three months ended March 31, 2023 and 2022 was estimated at the date of grant, using the stated market price on the NYSE American. (2)Share-based compensation is included in Selling, general and administration in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s non-vested RSUs activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2022 | 747,425 |  |  | $ | 4.77 |
Granted | 450,232 |  |  | 7.36 |
Vested | (448,883) |  |  | 4.24 |
Forfeited | — |  |  | — |
Non-vested, March 31, 2023 | 748,774 |  |  | $ | 6.64 |
A summary of the Company’s SARs activity is as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2022 | 2,452,768 |  |  | $ | 4.07 |  |  |  |  |
Granted | 308,333 |  |  | 7.36 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | (5,554) |  |  | 6.47 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding, March 31, 2023 | 2,755,547 |  |  | $ | 4.43 |  |  | 2.12 |  | $ | 4,413
Exercisable, March 31, 2023 | 1,092,143 |  |  | $ | 2.92 |  |  | 0.81 |  | $ | 2,905
A summary of the Company’s non-vested SARs activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2022 | 1,360,625 |  |  | $ | 2.81 |
Granted | 308,333 |  |  | 3.45 |
Vested | — |  |  | — |
Forfeited | (5,554) |  |  | 5.20 |
Non-vested, March 31, 2023 | 1,663,404 |  |  | $ | 2.92 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The fair value of the SARs granted during the three months ended March 31, 2023 was estimated at the date of grant using a Monte Carlo simulation, with the following weighted average assumptions:
Risk-free interest rate | 3.58 | %
Expected life(1) | 5.0 years
Expected volatility(2) | 55.00 | %
Expected dividend yield | — | %
Weighted average grant date fair value | $ | 3.45
(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.
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, 2023 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions:
Risk-free interest rate | 3.89 | %
Expected life | 3.25 years
Expected volatility(1) | 74.29 | %
Expected dividend yield | — | %
Weighted average grant date fair value | $ | 3.98 |
(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 | A summary of the Company’s stock option activity is as follows:
| Range of Exercise Prices |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Intrinsic Value
Outstanding, December 31, 2022 | $1.70 - $8.41 |  | 767,678 |  |  | $ | 3.24 |  |  |  |  |
Granted | 5.34 - 7.36 |  | 120,237 |  |  | 7.28 |  |  |  |  |
Exercised | 1.70 - 2.92 |  | (34,219) |  |  | 1.88 |  |  |  |  |
Forfeited | 3.89 - 7.36 |  | (17,388) |  |  | 6.51 |  |  |  |  |
Expired | — |  |  | — |  |  | — |  |  |  |  |
Outstanding, March 31, 2023 | $1.70 - $8.41 |  | 836,308 |  |  | $ | 3.83 |  |  | 2.19 |  | $ | 1,767 |
Exercisable, March 31, 2023 | $1.70 - $7.14 |  | 667,523 |  |  | $ | 2.99 |  |  | 1.56 |  | $ | 1,766 |
A summary of the Company’s non-vested stock option activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested, December 31, 2022 | 140,586 |  |  | $ | 4.12 |
Granted | 120,237 |  |  | 3.98 |
Vested | (74,651) |  |  | 3.76 |
Forfeited | (17,388) |  |  | 3.87 |
Non-vested, March 31, 2023 | 168,784 |  |  | $ | 3.97 |

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