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Long-Term Compensation Plan and Stock Based
 9 Months Ended
Sep. 30, 2022
Long-Term Compensation Plan and Stock Based  
Stock Compensation Plans

Note 12 – Long-Term Compensation Plan and Stock Based Compensation (share counts in thousands)

Under the OneSpan Inc. 2019 Omnibus Incentive Plan, the Company awards restricted stock units subject to time-based vesting, restricted stock units which are subject to the achievement of future performance criteria and restricted stock units that are subject to the achievement of market conditions. Other long-term incentive plan compensation expense includes cash incentives.

The Company awarded 2,330 restricted stock units during the nine months ended September 30, 2022, subject to time-based vesting. The fair value of the unissued time-based restricted stock unit grants was $30.3 million at the dates of grant and the grants are being amortized over the vesting periods of one to four years.

The Company awarded restricted stock units subject to the achievement of service and future performance criteria during the nine months ended September 30, 2022, which allow for up to 200 shares to be earned if the performance criteria are achieved at the target level. The fair value of these awards was $2.4 million at the dates of grant and the awards are being amortized over the vesting period of three years. The Company currently believes that all of these shares are expected to be earned.

During the three and nine months ended September 30, 2022, stock-based compensation and other long-term incentive plan compensation accruals were reversed for certain employees who were severed from the Company. The reversal of the accrued long-term incentive plan compensation for the severed employees largely offset the expense for the periods.

The following table presents stock-based compensation expense and other long-term incentive plan compensation expense for the three and nine months ended September 30, 2022 and 2021:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

​

September 30,

​

September 30,

    

​

    

2022

    

2021

    

2022

    

2021

​

(In thousands)

​

​

​

​

​

Stock-based compensation

​

$

2,884

​

$

347

​

$

5,497

​

$

2,981

​

Other long-term incentive plan compensation

​

 

230

​

 

165

​

 

118

​

 

640

​

Total compensation

​

$

3,114

​

$

512

​

$

5,615

​

$

3,621

​

​