STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

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		Remaining Contractual Terms
	Options	Exercise Price		(in Years)
Outstanding at January 1, 2023	3,556	$	30.97	0.7


Outstanding at June 30, 2023	3,556	$	30.97	0.2

Options generally include a time-based vesting schedule permitting the options to vest ratably over three years. At June 30, 2023 and December 31, 2022, all options were fully vested.

There was no stock-based compensation expense on stock options for the three and six months ended June 30, 2023 and 2022, respectively.

Restricted Stock

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


		Weighted-Average		Weighted-Average
	Restricted	Remaining	Restricted	Remaining
	Stock	Contractual Terms	Stock	Contractual Terms
	Awards	(in Years)	Units	(in Years)
Outstanding at January 1, 2023	403,324	1.4	10,080	2.5
Granted	282,585		4,005
Forfeited	(3,838)		(234)
Vested	(115,760)		—
Outstanding at June 30, 2023	566,311	2.0	13,851	2.2

At June 30, 2023, there was $18,215 of unrecognized compensation expense remaining related to our service-based restricted stock awards and restricted stock units. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.0 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 $3,456 and $1,770 for the three months ended June 30, 2023 and 2022, respectively, and $5,415 and $3,296 for the six months ended June 30, 2023 and 2022, respectively. The increase in the stock compensation for the three and six months ended June 30, 2023 is primarily due to increase in plan participants as we continue to hire employees to support the continued expansion of our business. Additionally, stock was issued as a component of both the Pega Medical and MedTech acquisitions. A portion of these shares have a service-based restriction, resulting in an increase in stock compensation over the life of the required years of service.