STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Stock Options

The fair value for options granted at the time of issuance were estimated at the date of grant using a Black-Scholes options pricing model. Significant assumptions included in the option value model include the fair value of our common stock at the grant date, weighted average volatility, risk-free interest rate, dividend yield and the forfeiture rate. There were no stock options granted in any of the periods presented.

Our stock option activity and related information are summarized as follows:


		Weighted-Average		Contractual Terms
	Options	Exercise Price		(in Years)
Outstanding at January 1, 2021	12,802	$	30.97	1.6
Exercised	(4,422)	30.97
Forfeited or expired	(1,742)	30.97
Outstanding at September 30, 2021	6,638	$	30.97	1.6

Options generally include a time-based vesting schedule permitting the options to vest ratably over three years. At September 30, 2021 and December 31, 2020, all options were fully vested.

There was no stock-based compensation expense on stock options for the three and nine months ended September 30, 2021 and 2020, respectively.

Restricted Stock

Our restricted stock activity and related information are summarized as follows:


		Weighted-Average
		Remaining
	Restricted	Contractual Terms
	Stock	(in Years)
Outstanding at January 1, 2021	436,730	1.1
Granted	111,637
Forfeited	(4,188)
Vested	(168,264)
Outstanding at September 30, 2021	375,915	1.4
Restricted stock exercisable at September 30, 2021	—

At September 30, 2021, there was $8,694 of unrecognized compensation expense remaining related to our service-based restricted stock awards. The unrecognized compensation cost was expected to be recognized over a weighted-average period of 1.4 years or earlier upon an elimination of the restriction period as a result of a change in control event.

Stock-based compensation expense on restricted stock amounted to $1,440 and $1,259 for the three months ended September 30, 2021 and 2020, respectively, and $4,170 and $4,712 for the nine months ended September 30, 2021 and 2020, respectively. The increase in the stock compensation for the three months ended September 30, 2021 is primarily due to increase in plan participants as we continue to hire employees to support the continued expansion of our business. The decrease in the stock compensation expense for the nine months ended September 30, 2021 was due primarily to one-time grants related to management transition plans that did not repeat in the current year.