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NonCash Share-Based Employee Compensation
 6 Months Ended
Jun. 30, 2023
NonCash Share-Based Employee Compensation  
Non-Cash Share-Based Employee Compensation

9. Non-Cash Share-Based Employee Compensation

 

Stock Options

 

The Company has an employee and non-employee director share-based incentive compensation plans.  Related to these programs, the Company recorded non-cash share-based employee compensation expense of $61 and $119 for the three and six months ended June 30, 2023, respectively, compared with $51 and $136, for the same periods last year. The Company considers its non-cash share-based employee compensation expenses as a component of cost of products and selling, general and administrative expenses. There was no non-cash share-based employee compensation expense capitalized as part of capital expenditures or inventory for the periods presented.

 

The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock option grants under this plan.  The non-cash share-based employee compensation expense recorded in the three  months ended June 30, 2023, was calculated using certain assumptions.  Such assumptions are described more comprehensively in Note 10 (Share-Based Employee Compensation) of the Notes to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

 

A summary of activity under the Company’s stock option plans during the three months ended June 30, 2023, is presented below:

 

 

 

Stock Options

 

 

Wgt. Avg. Exercise Price ($) Per Share

 

 

Wgt. Avg. Remaining Contractual Life (Years)

 

 

Wgt. Avg. Grant Date Fair Value ($) Per Share

 

 

Aggregate

Intrinsic

Value ($)

 

As of January 1, 2023

Outstanding

 

 

200,300

 

 

 

15.48

 

 

 

7.87

 

 

 

5.64

 

 

 

460,925

 

Vested

 

 

86,846

 

 

 

17.83

 

 

 

6.73

 

 

 

6.57

 

 

 

101,090

 

Nonvested

 

 

113,454

 

 

 

13.68

 

 

 

8.74

 

 

 

4.93

 

 

 

359,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

28,600

 

 

 

11.51

 

 

 

—

 

 

 

6.57

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Expired 

 

 

2,000

 

 

 

11.15

 

 

 

—

 

 

 

7.02

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

226,900

 

 

 

15.02

 

 

 

7.75

 

 

 

5.75

 

 

 

588,515

 

Vested

 

 

128,973

 

 

 

16.40

 

 

 

7.04

 

 

 

5.93

 

 

 

244,668

 

Nonvested

 

 

97,927

 

 

 

13.19

 

 

 

8.68

 

 

 

5.50

 

 

 

343,847

 

 

Restricted Stock Units

 

The Company recorded non-cash restricted stock unit compensation expense of $63 and $132 for the three and six months ended June 30, 2023, compared with $171 and $241 for the same periods last year.

 

A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:

 

 

 

Number of Shares

 

 

Weighted Average

Price per Share

 

Unvested at January 1, 2023

 

 

41,129

 

 

$13.20

 

Granted

 

 

-

 

 

 

-

 

Vested and issued

 

 

-

 

 

 

-

 

Cancelled/forfeited

 

 

-

 

 

 

-

 

Unvested at June 30, 2023

 

 

41,129

 

 

$13.20