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Share-Based Payments

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

Note 15 — Share-Based Payments

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to directors, executive officers and certain key employees of restricted stock awards and units, with vesting contingent upon (a) the completion of specified service periods ranging from one to four years and/or (b) meeting certain financial performance and/or market-based metrics. Unlike the restricted stock awards, the shares for the restricted stock units are not issued until they vest. The Plan is more fully described in Notes 15 and 18 to the Consolidated Financial Statements in the Company’s 2020 Annual Report on Form 10-K.

The following table summarizes the total share-based compensation expense recognized for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Share-based compensation expense	$	615	$	540	$	1,380	$	1,506

Restricted Stock Awards

Restricted stock award activity (including those with performance-based vesting criteria) for the nine months ended September 30, 2021 is summarized as follows:

	Restricted Stock Awards
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2020		507,867		$	12.73
Awarded		113,896			4.98
Vested		(97,645	)		20.87
Forfeited		(93,352	)		12.67
Converted to RSU		(430,766	)		8.85
Outstanding, September 30, 2021		—			—

As of September 30, 2021, there was nil unrecognized compensation cost related to non-vested restricted stock awards.

Restricted Stock Units

Restricted stock unit activity (including those with performance-based vesting criteria) for the nine months ended September 30, 2021 is summarized as follows:

	Restricted Stock Units
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2020		131,517		$	6.32
Awarded		540,154			8.72
Vested		(5,807	)		51.50
Forfeited		—			—
Converted from RSA		430,766			8.85
Outstanding, September 30, 2021		1,096,630			8.58

As of September 30, 2021, there was $6.9 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.6 years.