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Stock-Based Compensation and Other Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation and Other Benefit Plans | Stock-Based Compensation and Other Benefit Plans Stock-Based Incentive Plans Stockholders approved long-term incentive plans in 2019, 2018, 2014, 2010 and 2007 (the “2019 Plan,” the “2018 Plan,” the “2014 Plan,” the “2010 Plan” and the “2007 Plan,” respectively) under which the Company may grant equity awards to officers, key employees, non-employee directors and service providers in the form of stock options, restricted stock, restricted stock units, and certain other incentive awards. The maximum number of shares that may be issued under the 2019 Plan, 2018 Plan, 2014 Plan, 2010 Plan and 2007 Plan are 1.0 million, 3.0 million, 5.2 million, 6.0 million and 2.2 million, respectively. At December 31, 2021, the Company had a total of 4.2 million shares remaining to be granted under the 2019 Plan and 2018 Plan. Shares may no longer be granted under the 2007, 2010 and 2014 Plans. Stock Options All stock options are granted with an exercise price equal to the market value of the Company’s common stock on the date of grant. During the years ended December 31, 2021 and 2020, 1.4 million and 1.3 million market-based stock options were granted, respectively. The market-based options are restricted until criteria defined in the agreements are met. Proceeds received from stock option exercises are credited to common stock and additional paid-in capital, as appropriate. The Company uses historical data to estimate pre-vesting option forfeitures. Estimates are adjusted when actual forfeitures differ from the estimate. Stock-based compensation expense is recorded for all equity awards expected to vest. During the years ended December 31, 2021 and 2020, 0.2 million and 0.1 million stock options vested, respectively, and 0.8 million and 0.6 million stock options were forfeited, respectively. Stock option activity for the years ended December 31, 2021 and 2020, are as follows
| Shares |  | Weighted-Average Exercise Price | Weighted-Average Fair Value |  |  |  |  |  |  |  |
Outstanding as of January 1, 2020 | 3,000,000 |  |  | $ | — |  | $ | — |  |  |  |  |  |  |  |  |
Granted | 1,327,795 |  |  | 1.12 |  | 0.62 |  |  |  |  |  |  |  |  |
Exercised | (111,298) |  |  | 0.92 |  | 0.51 |  |  |  |  |  |  |  |  |
Forfeited | (556,497) |  |  | 0.92 |  | 0.51 |  |  |  |  |  |  |  |  |
Outstanding as of January 1, 2021 | 3,660,000 |  |  |  |  |  |  |  |  |  |  |  |
Granted | 1,448,959 |  |  | 1.07 |  | 0.88 |  |  |  |  |  |  |  |  |
Exercised | — |  |  | — |  | — |  |  |  |  |  |  |  |  |
Forfeited | (777,084) |  |  | 1.02 |  | 0.52 |  |  |  |  |  |  |  |  |
Expired | (50,000) |  |  | 0.52 |  | 0.52 |  |  |  |  |  |  |  |  |
Outstanding as of |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 | 4,281,875 |  |  |  |  |  |  |  |  |  |  |  |
Vested or expected to vest at |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 | 3,775,148 |  |  |  |  |  |  |  |  |  |  |  |
. The following table sets forth significant assumptions used in the Monte Carlo model for market-based options to determine the fair value of the options at the date of grant:
| Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  |  |  |
| Market-Based Options |  | Market-Based Options |  |  |  |
Risk-free interest rate | 1.61 | % |  | 0.12 | % |  |  |  |
Expected volatility of common stock | 90.00 | % |  | 103.50 | % |  |  |  |
Expected life of options in years | 10 |  | 2 |  |  |  |
Dividend yield | — | % |  | — | % |  |  |  |
At December 31, 2021, the unrecognized compensation cost related to stock options was $3.3 million. Restricted Stock The Company grants employees and directors either time-vesting or market-based restricted shares in accordance with terms specified in the Restricted Stock Agreements. During the year ended December 31, 2021, all of the restricted stock granted were time-vesting restricted shares. Grantees of restricted shares retain voting rights for the granted shares. •Time-vesting restricted shares vest after a stipulated period has elapsed after the date of grant, generally three years. Certain time-vested shares have also been issued with a portion of the shares granted vesting immediately. •Market-based restricted shares are issued with criteria defined over a designated period and vest only when, and if, the outlined criteria are met. Restricted stock share activity for the years ended December 31, 2021 and 2020, are as follows:
Restricted Stock Shares |  | Shares |  | Weighted- Average Fair Value at Date of Grant
Non-vested at January 1, 2020 |  | 1,629,020 |  |  | $ | 2.66 |
Granted |  | 3,114,978 |  |  | 0.83 |
Vested |  | (711,988) |  |  | 2.94 |
Forfeited |  | (1,236,910) |  |  | 1.65 |
Non-vested at January 1, 2021 |  | 2,795,100 |  |  | 1.00 |
Granted |  | 1,702,289 |  |  | 1.73 |
Vested |  | (1,453,854) |  |  | 1.24 |
Forfeited |  | (1,275,172) |  |  | 1.36 |
Non-vested at December 31, 2021 |  | 1,768,363 |  |  | $ | 1.61 |
The total fair value of restricted stock that vested during the years ended December 31, 2021 and 2020 was $2.5 million and $2.1 million, respectively. At December 31, 2021, unrecognized compensation expense related to non-vested restricted stock was $1.9 million. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 1.8 years. Restricted Stock Units During the years ended December 31, 2020, the Company granted 0.9 million market-based restricted stock units (“RSUs”). The performance period for these RSUs continues until December 22, 2024. No RSU’s were granted during the year ended December 31, 2021. Restricted stock units activity for the years ended December 31, 2021 and 2020, are as follows:
Restricted Stock Units |  | Units |  | Weighted- Average Fair Value at Date of Grant
RSUs at January 1, 2020 |  | 1,038,474 |  |  | $ | 3.24 |
2020 granted |  | 922,786 |  |  | 1.19 |
2020 forfeited |  | (733,711) |  |  | 3.79 |
RSUs at January 1, 2021 |  | 1,227,549 |  |  | 1.25 |
2021 granted |  | — |  |  | — |
2021 forfeited |  | (184,173) |  |  | 2.61 |
RSUs at December 31, 2021 |  | 1,043,376 |  |  | $ | 1.07 |
At December 31, 2021, unrecognized compensation expense related to restricted stock units was $1.0 million. The unrecognized compensation expense is expected to be recognized over a weighted-average period of 2.1 years. Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) was approved by stockholders in 2012. The Company registered 500,000 shares of its common stock, currently held as treasury shares, for issuance under the ESPP. The purpose of the ESPP is to provide employees with an opportunity to purchase shares of the Company’s common stock through accumulated payroll deductions. The ESPP allows participants to purchase common stock at a purchase price equal to 85% of the fair market value of the common stock on the last business day of a three-month offering period which coincides with calendar quarters. Payroll deductions may not exceed 10% of an employee’s compensation and participants may not purchase more than 1,000 shares in any one offering period. In addition, for each calendar year, an employee may not be granted purchase rights valued over $25,000, as determined at the time such purchase right is granted. The fair value of the discount associated with shares purchased under the plan is recognized as stock-based compensation expense and was $0.02 and $0.1 million for the years ended December 31, 2021 and 2020, respectively. The total fair value of the shares purchased under the plan during each of the years ended December 31, 2021 and 2020 was $0.2 million and $0.1 million, respectively. The employee payment associated with participation in the plan occurs through payroll deductions. Stock-Based Compensation Expense Non-cash stock-based compensation expense related to stock options, restricted stock, restricted stock unit grants and stock purchased under the Company’s ESPP was $3.8 million and $3.0 million during the years ended December 31, 2021 and 2020, respectively. 401(k) Retirement Plan The Company maintains a 401(k) retirement plan for the benefit of eligible employees in the U.S. All employees are eligible to participate in the plan upon employment. The Company currently matches contributions at 100% of up to 2% of an employee’s compensation. During the years ended December 31, 2021 and 2020, compensation expense included $0.2 million and $0.2 million, respectively, related to the Company’s 401(k) match.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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