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Stock-Based Compensation (Tables)

12 Months Ended

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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