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Stock Options and Restricted Stock (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Assumption Categories Used to Determine Value of Option Grants | The following assumption categories are used to determine the value of any option grants.
|  | Year ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Risk free interest rate |  |  | 1.23 | % |  |  | 2.29 | % |  |  | 2.82 | %
Expected dividend yield |  |  | — |  |  |  | 0.66 |  |  |  | 4.86 |
Expected life of option in years (1) |  |  | 6.25 |  |  |  | 6.25 |  |  |  | 6.00 |
Expected volatility (2) |  |  | 51.03 | % |  |  | 49.03 | % |  |  | 30.00 | %
(1) | Expected life is calculated using the simplified method.
(2) | We determine our expected volatility based on our historical volatility.
Summary of Activity for Stock Option Programs | The following table presents the activity for the stock option programs for the years ended December 31, 2020, 2019, and 2018.
|  | Number of Options |  |  | Exercise Price Per Share |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2017 |  |  | 320,626 |  |  | $2.14-13.84 |  |  | $ | 8.78 |
Granted |  |  | 39,000 |  |  | 5.27-5.58 |  |  |  | 5.46 |
Cancelled |  |  | (214,960 | ) |  | 9.22-9.24 |  |  |  | 9.22 |
Exercised (1) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2018 |  |  | 144,666 |  |  | 2.14-13.84 |  |  |  | 7.23 |
Granted |  |  | 449,450 |  |  | 5.21-7.25 |  |  |  | 6.61 |
Cancelled |  |  | (44,076 | ) |  | 6.55-13.84 |  |  |  | 9.00 |
Exercised (1) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2019 |  |  | 550,040 |  |  | 2.14-13.53 |  |  |  | 6.58 |
Granted |  |  | 444,557 |  |  | 4.89-6.68 |  |  |  | 6.24 |
Cancelled |  |  | (42,928 | ) |  | 2.22-13.53 |  |  |  | 6.91 |
Exercised (1) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2020 (2) |  |  | 951,669 |  |  | $2.14-12.55 |  |  | $ | 6.41 |
Options exercisable at |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  | 81,889 |  |  | $2.14-13.84 |  |  | $ | 9.25 |
December 31, 2019 |  |  | 62,778 |  |  | 2.14-13.53 |  |  |  | 7.60 |
December 31, 2020 (2) |  |  | 178,307 |  |  | 2.14-12.55 |  |  |  | 6.33 |
(1) | The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was $0 for 2020, 2019, and 2018.
(2) | The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at December 31, 2020 and the related exercise price of the underlying options, was $45,000 for outstanding options and $43,000 for exercisable options as of December 31, 2020. The remaining contractual life was 8.60 years for outstanding options and 7.23 years for exercisable options at December 31, 2020.
Summary of Activity for Restricted Stock Programs | The following table presents the activity for the restricted stock programs for the years ended December 31, 2020, 2019, and 2018.
|  | Number of Shares |  |  | Grant Price Per Share |  | Weighted Average Grant Price |
Outstanding at December 31, 2017 |  |  | 408,582 |  |  | $2.06-10.38 |  | $ | 3.45 |
Granted |  |  | 101,010 |  |  | 3.93-5.27 |  |  | 4.41 |
Cancelled |  |  | (9,737 | ) |  | 3.93-9.08 |  |  | 4.66 |
Vested (1) |  |  | (308,940 | ) |  | 2.06-10.38 |  |  | 3.35 |
Outstanding at December 31, 2018 |  |  | 190,915 |  |  | 2.14-5.27 |  |  | 4.06 |
Granted |  |  | 216,148 |  |  | 4.80-7.25 |  |  | 6.59 |
Cancelled |  |  | (3,946 | ) |  | 3.93-6.55 |  |  | 4.97 |
Vested (1) |  |  | (118,238 | ) |  | 2.06-4.80 |  |  | 3.89 |
Outstanding at December 31, 2019 |  |  | 284,879 |  |  | 3.95-7.25 |  |  | 6.01 |
Granted |  |  | 229,408 |  |  | 4.89-6.68 |  |  | 6.21 |
Cancelled |  |  | (8,755 | ) |  | 3.95-7.25 |  |  | 6.93 |
Vested (1) |  |  | (89,392 | ) |  | 3.95-6.55 |  |  | 5.37 |
Outstanding at December 31, 2020 (2) |  |  | 416,140 |  |  | $4.39-7.25 |  | $ | 6.24 |
(1) | The aggregate fair value of the restricted stock vested was $579,000, $736,000, and $1,270,000 for 2020, 2019, and 2018.
(2) | The aggregate fair value of the restricted stock was $2,039,000 as of December 31, 2020. The remaining vesting period was 2.03 years at December 31, 2020.
Summary of Activity for Unvested Options Outstanding | The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2020.
|  | Number of Options |  |  | Exercise Price Per Share |  | Weighted Average Exercise Price |
Outstanding at December 31, 2019 |  |  | 487,262 |  |  | $2.14-7.25 |  | $ | 6.45 |
Granted |  |  | 444,557 |  |  | 4.89-6.68 |  |  | 6.24 |
Cancelled |  |  | (20,630 | ) |  | 6.55-7.25 |  |  | 6.76 |
Vested |  |  | (137,827 | ) |  | 2.14-6.55 |  |  | 6.05 |
Outstanding at December 31, 2020 |  |  | 773,362 |  |  | $4.89-7.25 |  | $ | 6.42 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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