XML 38 R21.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Note 15 - Stock-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
15. | Stock-Based Compensation
We currently have two stock-based compensation plans, the Second Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the Fourth Amended and Restated 2014 Equity Incentive Plan (the “Fourth Amended 2014 Plan”). Our Fourth Amended 2014 Plan provides that we may grant options on or shares of our common stock (and other types of equity awards) to members of our Board of Directors, employees, consultants and advisors. The Fourth Amended 2014 Plan was approved by our shareholders in May 2019. Among other things, the Fourth Amended 2014 Plan (i) increased the number of shares of Common Stock available for issuance under the plan by 2,000,000 shares and (ii) extended the term of the plan by approximately two years. As of December 31, 2021, 54,321 shares remained available for issuance under the ESPP and 1,661,957 shares remained available for issuance under the Fourth Amended 2014 Plan. Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the years ended December 31, 2021 and 2020. Restricted Stock and Restricted Stock Units During the years ended December 31, 2021 and 2020, we granted 49,988 and 61,373 shares of restricted stock and restricted stock units (net of any forfeitures), respectively, with aggregate grant date fair values of $1.7 million and $0.6 million, respectively. We incurred expenses of $1.2 million and $0.8 million during the years ended December 31, 2021 and 2020, respectively, related to restricted stock awards. When we grant restricted stock and restricted stock units, we defer the grant date value of the restricted stock and restricted stock unit and amortize that value (net of the value of anticipated forfeitures) as compensation expense with an offsetting entry to the paid-in capital component of our consolidated shareholders’ equity. Our restricted stock awards typically vest over a range of 12 to 60 months (or other term as specified in the grant which may include the achievement of performance measures) and are amortized to salaries and benefits expense ratably over applicable vesting periods. As of December 31, 2021, our unamortized deferred compensation costs associated with non-vested restricted stock awards were $0.9 million with a weighted-average remaining amortization period of 1.5 years. No forfeitures have been included in our compensation cost estimates based on historical forfeiture rates. Stock Options The exercise price per share of the options awarded under the Fourth Amended 2014 Plan must be equal to or greater than the market price on the date the option is granted. The option period may not exceed 10 years from the date of grant. Options granted during 2021 were valued using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero, years to maturity of 5 years (which equals the expected term), volatility of 80.9% (based on the average of daily historical volatility using the expected term), and a risk-free rate of 0.86% (based on 5 year US Treasury securities). We had expense of $2.0 million and $0.5 million related to stock option-related compensation costs during the years ended December 31, 2021 and 2020, respectively. When applicable, we recognize stock option-related compensation expense for any awards with graded vesting on a straight-line basis over the vesting period for the entire award. The table below includes additional information about outstanding options:
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average of Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2020 |  |  | 2,423,466 |  |  | $ | 4.41 |  |  |  |  |  |  |  |  |
Issued |  |  | 133,850 |  |  | $ | 37.37 |  |  |  |  |  |  |  |  |
Exercised |  |  | (526,015 | ) |  | $ | 3.58 |  |  |  |  |  |  |  |  |
Expired/Forfeited |  |  | (13,332 | ) |  | $ | 15.30 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 2,017,969 |  |  | $ | 6.74 |  |  |  | 1.2 |  |  | $ | 130,311,334 |
Exercisable at December 31, 2021 |  |  | 1,599,199 |  |  | $ | 3.82 |  |  |  | 0.7 |  |  | $ | 107,945,775 |
Information on stock options granted, exercised and vested is as follows (in thousands, except per share data):
|  | Year ended December 31, |
|  |  | 2021 |  |  |  | 2020 |
Weighted average fair value per share of options granted |  | $ | 24.00 |  |  | $ | 9.47 |
Cash received from options exercised, net |  | $ | 1,885 |  |  | $ | 1,326 |
Aggregate intrinsic value of options exercised |  | $ | 13,673 |  |  | $ | 5,726 |
Grant date fair value of shares vested |  | $ | 834 |  |  | $ | 944 |
Options issued during the years ended December 31, 2021 and 2020 had an aggregate grant-date fair value of $3.1 million and $1.4 million, respectively. We had $2.4 million and $1.4 million of unamortized deferred compensation costs associated with non-vested stock options as of December 31, 2021 and December 31, 2020, respectively, with a weighted average remaining amortization period of 1.6 years as of December 31, 2021. Upon exercise of outstanding options the Company issues new shares.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration