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v3.22.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Nonvested Restricted Shares | A summary of the Company’s nonvested restricted shares as of December 31, 2021 and 2020, and changes during the years then ended is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2021 |  |  | 2020 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Grant Date |  |  |  |  |  | Grant Date |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | (per share) |  |  | Shares |  |  | (per share) |
Nonvested at the beginning of the year |  |  | 849,723 |  |  | $ | 2.86 |  |  |  | 327,345 |  |  | $ | 8.49 |
Granted |  |  | 213,465 |  |  |  | 4.23 |  |  |  | 872,494 |  |  |  | 1.43 |
Vested |  |  | (311,128 | ) |  |  | 2.26 |  |  |  | (73,111 | ) |  |  | 8.18 |
Forfeited |  |  | (260,821 | ) |  |  | 3.49 |  |  |  | (277,005 | ) |  |  | 3.63 |
Nonvested at the end of the year |  |  | 491,239 |  |  | $ | 3.50 |  |  |  | 849,723 |  |  | $ | 2.86 |
Expected to vest |  |  | 491,239 |  |  | $ | 3.50 |  |  |  | 849,723 |  |  | $ | 2.86 |
Time-Vested Stock Options [Member] |
Valuation Assumptions, Options | Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:
|  |  |  |  |  |  |  | Expected |  | Risk Free |  | Grant Date |
|  |  |  |  |  | Expected |  | Dividend |  | Interest |  | Fair Value |
Grant Year |  | Grant Date |  | Expected Life |  | Volatility |  | Yield |  | Rate |  | Per Award |
2021 |  | 1/28/2021 |  | 6 years |  | 64.75% |  | 0.00% |  | 0.55% |  | $ | 2.21 |
2021 |  | 2/15/2021 |  | 6 years |  | 64.89% |  | 0.00% |  | 0.64% |  | $ | 2.31 |
2021 |  | 4/19/2021 |  | 6 years |  | 70.34% |  | 0.00% |  | 1.00% |  | $ | 3.48 |
2021 |  | 5/10/2021 |  | 6 years |  | 71.78% |  | 0.00% |  | 0.97% |  | $ | 4.38 |
2021 |  | 5/24/2021 |  | 6 years |  | 72.58% |  | 0.00% |  | 0.98% |  | $ | 3.55 |
2021 |  | 7/29/2021 |  | 6 years |  | 74.05% |  | 0.00% |  | 0.84% |  | $ | 3.41 |
2021 |  | 8/2/2021 |  | 6 years |  | 74.06% |  | 0.00% |  | 0.77% |  | $ | 3.27 |
2021 |  | 8/30/2021 |  | 6 years |  | 73.90% |  | 0.00% |  | 0.87% |  | $ | 3.40 |
2021 |  | 9/29/2021 |  | 6 years |  | 73.98% |  | 0.00% |  | 1.12% |  | $ | 2.93 |
2021 |  | 10/18/2021 |  | 6 years |  | 73.91% |  | 0.00% |  | 1.25% |  | $ | 2.84 |
2021 |  | 11/1/2021 |  | 6 years |  | 73.88% |  | 0.00% |  | 1.28% |  | $ | 2.89 |
Option Activity | A summary of the Company’s time-vested stock options activity and related information at December 31, 2021 and 2020, and changes during the years then ended, is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2021 |  |  | 2020 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 211,361 |  |  | $ | 11.68 |  |  |  | 313,317 |  |  | $ | 12.70 |
Granted |  |  | 608,485 |  |  |  | 4.04 |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (85,879 | ) |  |  | 9.02 |  |  |  | (101,956 | ) |  |  | 14.81 |
Outstanding at the end of the year |  |  | 733,967 |  |  | $ | 5.66 |  |  |  | 211,361 |  |  | $ | 11.68 |
Exercisable at the end of the year |  |  | 111,516 |  |  | $ | 13.86 |  |  |  | 103,458 |  |  | $ | 14.93 |
Shares Outstanding | A summary of the Company’s time vested stock options outstanding as of December 31, 2021 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | Options |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
Options outstanding |  |  | 733,967 |  |  |  | 8.5 |  |  | $ | 5.66 |  |  | $ | - |
Vested or expected to vest |  |  | 733,967 |  |  |  | 8.5 |  |  | $ | 5.66 |  |  | $ | - |
Options exercisable |  |  | 111,516 |  |  |  | 5.5 |  |  | $ | 13.86 |  |  | $ | - |
Stock Appreciation Rights (SARs) [Member] |
Shares Outstanding | A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2021 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | SARS |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
SARS outstanding |  |  | 2,163,339 |  |  |  | 8.8 |  |  | $ | 2.20 |  |  | $ | 3,214,378 |
Vested or expected to vest |  |  | 2,163,339 |  |  |  | 8.8 |  |  | $ | 2.20 |  |  | $ | 3,214,378 |
SARS exercisable |  |  | 192,387 |  |  |  | 8.1 |  |  | $ | 1.71 |  |  | $ | 381,366 |
Valuation Assumptions | The fair value of cash settled stock appreciation rights as of December 31, 2021 was estimated using the Black-Scholes option valuation model with the following assumptions:
|  |  |  |  |  |  |  | Expected |  | Risk Free |  |  |
|  |  |  |  |  | Expected |  | Dividend |  | Interest |  | Fair Value |
Grant Year |  | Grant Date |  | Expected Life |  | Volatility |  | Yield |  | Rate |  | Per Award |
2020 |  | 1/24/2020 |  | 4.3 years |  | 82.08% |  | 0.00% |  | 1.14% |  | $ | 2.79 |
2020 |  | 9/14/2020 |  | 5.0 years |  | 78.20% |  | 0.00% |  | 1.25% |  | $ | 2.70 |
2020 |  | 11/30/2020 |  | 5.2 years |  | 77.58% |  | 0.00% |  | 1.27% |  | $ | 2.58 |
2021 |  | 1/5/2021 |  | 5.0 years |  | 77.94% |  | 0.00% |  | 1.26% |  | $ | 2.61 |
SAR Activity | A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2021 and 2020 and changes during the year is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2021 |  |  | 2020 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | SARS |  |  | Price |  |  | SARS |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 853,967 |  |  | $ | 1.69 |  |  |  | - |  |  | $ | - |
Granted |  |  | 1,735,500 |  |  |  | 2.38 |  |  |  | 1,164,464 |  |  |  | 1.68 |
Exercised |  |  | (42,652 | ) |  |  | 1.64 |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (383,476 | ) |  |  | 1.92 |  |  |  | (310,497 | ) |  |  | 1.64 |
Outstanding at the end of the year |  |  | 2,163,339 |  |  | $ | 2.20 |  |  |  | 853,967 |  |  | $ | 1.69 |
Exercisable at the end of the year |  |  | 192,387 |  |  | $ | 1.71 |  |  |  | - |  |  | $ | - |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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