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Stock-Based and Other Long-Term Incentive Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based and Other Long-Term Incentive Compensation | Stock-Based and Other Long-Term Incentive Compensation Stock Options A summary of all option activity as of December 31, 2021, and changes during the nine months ended September 30, 2022 is presented below.
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021 | 200,834 |  |  | $ | 21.17 |  |  | 4.83 |  | $ | — |
Granted | 190,000 |  |  | $ | 15.95 |  |  | — |  |  | $ | — |
Cancelled / Forfeited | (50,750) |  |  | $ | 22.78 |  |  | — |  |  | $ | 11 |
Expired | (13,500) |  |  | $ | 13.29 |  |  | — |  |  | $ | — |
Outstanding, September 30, 2022 | 326,584 |  |  | $ | 18.21 |  |  | 3.33 |  | $ | — |
Exercisable, September 30, 2022 | 120,584 |  |  | $ | 23.72 |  |  | 1.96 |  | $ | — |
The following table summarizes information about our stock options outstanding at September 30, 2022:
Range of Exercise Prices | Options Outstanding |  | Options Exercisable
Shares |  | Weighted Average Remaining Contractual Life (years) |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
$0.01-18.00 | 231,000 |  |  | 3.76 |  | $ | 14.98 |  |  | 25,000 |  |  | $ | 15.00 |
$18.01-22.00 | 13,000 |  |  | 0.47 |  | $ | 18.75 |  |  | 13,000 |  |  | $ | 18.75 |
$22.01-26.00 | 29,667 |  |  | 2.54 |  | $ | 22.90 |  |  | 29,667 |  |  | $ | 22.90 |
$26.01-30.00 | 20,750 |  |  | 4.38 |  | $ | 28.15 |  |  | 20,750 |  |  | $ | 28.15 |
$30.01-34.00 | 32,167 |  |  | 1.47 |  | $ | 30.41 |  |  | 32,167 |  |  | $ | 30.41 |
| 326,584 |  |  | 3.33 |  | $ | 18.21 |  |  | 120,584 |  |  | $ | 23.72 |
The summary of the status of our unvested stock options as of December 31, 2021 and changes during the nine months ended September 30, 2022 is presented below:
Unvested Stock Options: | Shares |  | Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2021 | 55,500 |  |  | $ | 5.15 |
Granted | 190,000 |  |  | $ | 4.38 |
Vested | (30,000) |  |  | $ | 2.85 |
Exercised | — |  |  | $ | — |
Cancelled/Forfeited | (9,500) |  |  | $ | 5.42 |
Unvested at September 30, 2022 | 206,000 |  |  | $ | 4.76 |
As of September 30, 2022, there was $0.7 million of unrecognized compensation cost related to unvested options. For the nine months ended September 30, 2022 there was $0.4 million of compensation expense for stock options. For the nine months ended September 30, 2021, there was no compensation expense for stock options. Restricted Shares/Units On March 18, 2021, the Compensation Committee awarded 129,212 shares of restricted common stock to two executive officers that vest ratably over three years, beginning on March 18, 2022. On June 17, 2021, the Compensation Committee awarded 5,000 shares of restricted stock to an executive officer that vests ratably over three years beginning on June 17, 2022. In addition, on March 18, 2021, 5,612 shares of restricted common stock were awarded to each of our three independent Board members. Lastly, on April 1, 2021, 5,291 shares of restricted common stock were awarded to a newly appointed Board member. On April 26, 2022, 4,212 shares of restricted common stock were awarded to each of our four independent Board members. The restricted stock issued to these directors vest in one year from the date of grant. On August 15, 2022, the Compensation Committee awarded 32,040 shares of restricted common stock to two executive officers that vest ratably over 3 years, beginning on April 25, 2023. In addition, on August 15, 2022, the Compensation Committee awarded 60,839 shares of restricted stock to Mr. Stephen Taylor, our former Chief Executive Officer. The restricted shares granted to Mr. Taylor will vest in full on June 30, 2023. Total compensation expense related to these and previously granted restricted stock awards was $1.0 million and $1.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was a total of $1.5 million of unrecognized compensation expense related to these shares/units which is expected to be recognized over the next 1.7 years. A summary of all restricted stock/units outstanding as of December 31, 2021 and activity during the nine months ended September 30, 2022 is presented below:
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021 | 276,319 |  |  | $ | 9.67 |  |  | 1.77 |  | $ | 2,893 |
Granted | 109,727 |  |  | $ | 10.09 |  |  |  |  | $ | 1,107 |
Vested | (152,134) |  |  | $ | 10.99 |  |  |  |  | $ | 1,778 |
Canceled/Forfeited | — |  |  | $ | — |  |  |  |  | $ | — |
Outstanding, September 30, 2022 | 233,912 |  |  | $ | 9.01 |  |  | 1.71 |  | $ | 2,179 |
Other Long-Term Incentive Compensation On March 18, 2021, the Compensation Committee issued a long-term incentive award of $1.0 million to an executive officer that vests in equal, annual tranches over 3 years beginning on the anniversary of the grant date. In addition, on March 18, 2021, we issued a $50,000 award to three of our independent members of our Board of Directors as partial payment for their services in 2021. On April 1, 2021, we issued a $50,000 award to a newly appointed independent member of our Board of Directors as partial payment for his services in 2021. On April 26, 2022, we issued a $50,000 award to each of our three independent Board members. These awards vest one year from the date of grant and are payable in cash upon vesting. There were no long-term incentive awards issued to executives during the nine months ended September 30, 2022. The Company accounts for these other long-term incentive awards as liabilities under accrued liabilities on our condensed consolidated balance sheet. The vesting of these awards is subject to acceleration upon certain events, such as (i) death or disability of the recipient, (ii) certain circumstances in connection with a change of control of the Company, (iii) for executive officers, termination without cause (as defined in the agreement), and (iv) for executive officers, resignation for good reason (as defined). Total compensation expense related to these other long-term incentive awards was approximately $0.7 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was a total of $0.8 million of unrecognized compensation expense related to these other long-term incentive awards which is expected to be recognized over the next 0.6 years.

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