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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Company Recorded Stock-based Compensation Expense | The Company recorded stock-based compensation expense to the following line items in the consolidated statements of operations for the years ended December 31:
(in thousands) | 2021 |  | 2020 |  | 2019
Cost of sales - contracts | $ | 340 |  |  | $ | 367 |  |  | $ | 234 |
Selling, general and administrative | 14,275 |  |  | 3,884 |  |  | 2,472 |
Total stock-based compensation expense | $ | 14,615 |  |  | $ | 4,251 |  |  | $ | 2,706 |
Schedule of Information With Respect to Stock Options | The below tables presents information with respect to stock options:
(in thousands, except for exercise price) | Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding at Outstanding at December 31, 2020 | 957 |  |  | $ | 14.29 |  |  |
Options granted | 564 |  |  | 7.88 |  |  |
Options exercised | (104) |  |  | 11.01 |  |  |
Options forfeited | (111) |  |  | 11.94 |  |  |
Outstanding at Outstanding at December 31, 2021 | 1,306 |  |  | $ | 11.95 |  |  | $ | 54,443 |
Vested and expected to vest at December 31, 2021 | 1,295 |  |  | $ | 11.95 |  |  | $ | 53,990 |
Total shares exercisable at December 31, 2021 | 799 |  |  | $ | 11.72 |  |  | $ | 33,486 |
Shares remaining available for future grant | 449 |  |  |  |  |
(in thousands, except for grant date fair value) | 2021 |  | 2020 |  | 2019
Option expense recorded, in thousands, for the year ended December 31, | $ | 9,585 |  |  | $ | 1,386 |  |  | $ | 456 |
Weighted average grant date fair value | $ | 60.48 |  |  | $ | 13.82 |  |  | $ | 24.87 |
Total intrinsic value of stock options exercised, in thousands, for the year ended December 31, | $ | 6,000 |  |  | $ | 1,900 |  |  | $ | 5,400 |
Cash received for options exercised | $ | 1,156 |  |  | $ | 675 |  |  | $ | 1,433 |
Schedule of Assumptions for Fair Value of Options at the Date of the Grant | Issuance date fair value of the Warrant was determined to be $14.3 million based on using the Black-Scholes model with the following assumptions:
Expected term | 5.0 years
Risk free interest rate | 0.85 | %
Expected volatility | 53.78 | %
Expected dividend yield | None
Fair value (per warrant) | $ | 28.65 |
The fair value of options at the date of the grant was estimated using the Black-Scholes model with the following assumptions for the respective period ending December 31:
| 2021 |  | 2020 |  | 2019
Expected option life | 3.1 years |  | 4.4 years |  | 3.0 years
Weighted average risk-free interest rate | 0.4 | % |  | 0.4 | % |  | 2.0 | %
Weighted average expected volatility | 56.5 | % |  | 47.6 | % |  | 35.0 | %
Expected dividend yield | None |  | None |  | None
Schedule of Share-based Compensation by Exercise Price Range | Stock options outstanding at December 31, 2021 are summarized as follows:
Range of exercise prices |  | Number outstanding (in thousands) |  | Weighted average remaining life |  | Weighted average exercise price
$0.73 - $35.17 |  | 1,306 |  |  | 7.68 years |  | $ | 11.95 |
Schedule of Activity With Respect to Non-vested Stock Options | Current year activity with respect to the Company’s non-vested RSAs is as follows:
Non-vested RSAs | Shares (in thousands) |  | Weighted average grant-date fair value
Balance at January 1, 2021 | 61 |  | $ | 25.62 |
Granted | 2 |  | 22.30 |
Vested | (34) |  |  | 21.29
Forfeited | (2) |  |  | 24.87
Balance at December 31, 2021 | 27 |  | 25.42
The below table presents information with respect to RSA:
(in thousands) | 2021 |  | 2020 |  | 2019
Service-based RSA | $ | 62 |  |  | $ | 210 |  |  | $ | 213 |
Performance-based RSA | 776 |  |  | 786 |  |  | 2,012 |
Total stock-based compensation related to RSA | $ | 838 |  |  | $ | 996 |  |  | $ | 2,225 |
The fair value of RSAs is based on the closing price of the Company’s common stock on the date of grant. The below table presents information with respect to RSAs:
(in thousands, except weighted average grant date fair value) | 2021 |  | 2020 |  | 2019
Weighted average grant date fair value of RSAs granted during the year | $ | 22.30 |  |  | $ | 30.96 |  |  | $ | 24.77 |
Number of shares released during the year in accordance with the terms of the RSA agreements | 34 |  |  | 112 |  |  | 13 |
Number of RSA shares canceled during the year | 2 |  |  | 5 |  |  | 53 |
Number of above RSA shares canceled which were performance-based | 1 |  |  | 4 |  |  | 38 |
Summary of Restricted Stock Awards Activity | Current year activity with respect to the Company’s non-vested RSUs is as follows:
Non-vested RSUs | Shares (in thousands) |  | Weighted Average grant- date fair value
Balance at January 1, 2021 | 427 |  |  | $ | 15.46 |
Granted | 203 |  |  | 66.42 |
Vested | (176) |  |  | 18.71 |
Forfeited | (36) |  |  | 72.33 |
Balance at December 31, 2021 | 418 |  |  | $ | 34.08 |
The below table presents information with respect to RSUs:
(in thousands) | 2021 |  | 2020 |  | 2019
Service-based RSU | $ | 3,353 |  |  | $ | 1,587 |  |  | $ | 25 |
Performance-based RSU | 839 |  |  | 282 |  |  | — |
Total stock-based compensation related to RSU | $ | 4,192 |  |  | $ | 1,869 |  |  | $ | 25 |

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