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Stock-Based and Other Long-Term Incentive Compensation
 3 Months Ended
Mar. 31, 2023
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, 2022, and changes during the three months ended March 31, 2023 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, 2022201,584 $19.32 3.90$— 
Cancelled / Forfeited(2,667)$10.58 — $3 
Expired
(13,000)$18.75 — $— 
Outstanding, March 31, 2023185,917 $19.49 3.84$— 
Exercisable, March 31, 2023147,084 $21.72 2.51$— 


The following table summarizes information about our stock options outstanding at March 31, 2023:

 
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
103,333 5.24$13.37 64,500 $14.78 
$22.01-26.00
29,667 2.04$22.90 29,667 $22.90 
$26.01-30.00
20,750 3.89$28.15 20,750 $28.15 
$30.01-34.00
32,167 0.97$30.41 32,167 $30.41 
185,917 3.84$19.49 147,084 $21.72 

The summary of the status of our unvested stock options as of December 31, 2022 and changes during the three months ended March 31, 2023 is presented below:
Unvested Stock Options:SharesWeighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2022
41,500 $5.48 
Cancelled/Forfeited(2,667)$5.15 
Unvested at March 31, 2023
38,833 $5.50 

As of March 31, 2023, there was $157 thousand of unrecognized compensation cost related to unvested options. For the three months ended March 31, 2023, there was $22 thousand of compensation expense for stock options. For the three months ended March 31, 2022, there was $21 thousand of compensation expense for stock options.
Restricted Shares/Units

On April 26, 2022, 4,212 shares of restricted common stock were awarded to each of our three 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 three 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 Interim Chief Executive Officer, that will vest in full on June 30, 2023. On April 25, 2023, the Compensation Committee awarded 27,840 shares of restricted stock to our Chief Technical Officer that vest ratably over three years, beginning on April 25, 2024. Pursuant to the Retirement Agreement dated May 17, 2022, between the Company and Stephen C. Taylor, our Interim Chief Executive Officer, on April 25, 2023, the Compensation Committee awarded 58,790 fully vested shares of common stock to Mr. Stephen Taylor, our Interim Chief Executive Officer that vest immediately.

Total compensation expense related to these and previously granted restricted stock awards was $0.5 million and $0.4 million for the three months ended March 31, 2023, and 2022, respectively.

A summary of all restricted stock/units outstanding as of December 31, 2022 and activity during the three months ended March 31, 2023 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, 2022250,847 $9.14 1.42$2,681 
Granted
8,944 $10.81 $100 
Vested
(48,583)$10.04 $467 
Canceled/Forfeited
(14,357)$— $158 
Outstanding, March 31, 2023196,851 $8.40 1.20$1,587 


Other Long-Term Incentive Compensation

On April 26, 2022, subject to vesting we granted a $50,000 cash award to each of our three independent Board members. These awards vested on April 26, 2023 and have been paid. There were no long-term incentive awards issued to executives during the three months ended March 31, 2023. The Company accounts for these other long-term incentive awards as liabilities under accrued liabilities on our condensed consolidated balance sheet. In general the vesting of long term 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 and other long-term incentive awards was approximately $300,000 and $700,000 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was a total of $200,000 of unrecognized compensation expense related to these other long-term incentive awards which is expected to be recognized over the next 3 months.