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v3.23.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Nonvested Restricted Shares | A summary of the Company’s nonvested restricted shares as of December 31, 2022 and 2021, and changes during the years then ended is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2022 |  |  | 2021 |
|  |  |  |  | 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 |  |  | 491,239 |  |  | $ | 3.50 |  |  |  | 849,723 |  |  | $ | 2.86 |
Granted |  |  | 386,908 |  |  |  | 3.93 |  |  |  | 213,465 |  |  |  | 4.23 |
Vested |  |  | (113,886 | ) |  |  | 6.16 |  |  |  | (311,128 | ) |  |  | 2.26 |
Forfeited |  |  | (74,399 | ) |  |  | 4.44 |  |  |  | (260,821 | ) |  |  | 3.49 |
Nonvested at the end of the year |  |  | 689,862 |  |  | $ | 3.20 |  |  |  | 491,239 |  |  | $ | 3.50 |
Expected to vest |  |  | 689,862 |  |  | $ | 3.20 |  |  |  | 491,239 |  |  | $ | 3.50 |
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 |
2022 |  | 1/17/2022 |  | 6 years |  | 74.32% |  | 0.00% |  | 1.60% |  | $ | 2.63 |
2022 |  | 2/4/2022 |  | 6 years |  | 74.27% |  | 0.00% |  | 1.81% |  | $ | 2.30 |
2022 |  | 3/21/2022 |  | 6 years |  | 74.45% |  | 0.00% |  | 2.33% |  | $ | 2.90 |
2022 |  | 4/19/2022 |  | 6 years |  | 75.31% |  | 0.00% |  | 2.91% |  | $ | 3.87 |
2022 |  | 7/11/2022 |  | 6 years |  | 77.95% |  | 0.00% |  | 3.04% |  | $ | 2.41 |
2022 |  | 7/18/2022 |  | 6 years |  | 77.92% |  | 0.00% |  | 3.04% |  | $ | 2.51 |
2022 |  | 8/29/2022 |  | 6 years |  | 78.17% |  | 0.00% |  | 3.24% |  | $ | 3.10 |
2022 |  | 9/6/2022 |  | 6 years |  | 78.19% |  | 0.00% |  | 3.41% |  | $ | 2.81 |
2022 |  | 12/1/2022 |  | 6 years |  | 78.20% |  | 0.00% |  | 3.65% |  | $ | 2.60 |
Option Activity | A summary of the Company’s time-vested stock options activity and related information at December 31, 2022 and 2021, and changes during the years then ended, is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2022 |  |  | 2021 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 733,967 |  |  | $ | 5.66 |  |  |  | 211,361 |  |  | $ | 11.68 |
Granted |  |  | 513,518 |  |  |  | 3.95 |  |  |  | 608,485 |  |  |  | 4.04 |
Exercised |  |  | (102,850 | ) |  |  | 3.98 |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (255,821 | ) |  |  | 4.76 |  |  |  | (85,879 | ) |  |  | 9.02 |
Outstanding at the end of the year |  |  | 888,814 |  |  | $ | 5.12 |  |  |  | 733,967 |  |  | $ | 5.66 |
Exercisable at the end of the year |  |  | 227,056 |  |  | $ | 8.39 |  |  |  | 111,516 |  |  | $ | 13.86 |
Shares Outstanding | A summary of the Company’s time vested stock options outstanding as of December 31, 2022 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | Options |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
Options outstanding |  |  | 888,814 |  |  |  | 8.3 |  |  | $ | 5.12 |  |  | $ | - |
Vested or expected to vest |  |  | 888,814 |  |  |  | 8.3 |  |  | $ | 5.12 |  |  | $ | - |
Options exercisable |  |  | 227,056 |  |  |  | 6.5 |  |  | $ | 8.39 |  |  | $ | - |
Stock Appreciation Rights (SARs) [Member] |
Shares Outstanding | A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2022 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | SARS |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
SARS outstanding |  |  | 2,132,113 |  |  |  | 7.8 |  |  | $ | 2.20 |  |  | $ | 2,124,866 |
Vested or expected to vest |  |  | 2,132,113 |  |  |  | 7.8 |  |  | $ | 2.20 |  |  | $ | 2,124,866 |
SARS exercisable |  |  | 909,313 |  |  |  | 7.7 |  |  | $ | 2.10 |  |  | $ | 997,916 |
Valuation Assumptions | The fair value of cash settled stock appreciation rights as of December 31, 2022 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 |  | 3.6 years |  | 94.35% |  | 0.00% |  | 4.19% |  | $ | 2.44 |
2020 |  | 9/14/2020 |  | 4.2 years |  | 89.86% |  | 0.00% |  | 4.10% |  | $ | 2.38 |
2020 |  | 11/30/2020 |  | 4.4 years |  | 87.88% |  | 0.00% |  | 4.07% |  | $ | 2.28 |
2021 |  | 1/5/2021 |  | 4.3 years |  | 89.36% |  | 0.00% |  | 4.09% |  | $ | 2.31 |
SAR Activity | A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2022 and 2021 and changes during the year is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2022 |  |  | 2021 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | SARS |  |  | Price |  |  | SARS |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 2,163,339 |  |  | $ | 2.20 |  |  |  | 853,967 |  |  | $ | 1.69 |
Granted |  |  | - |  |  |  | - |  |  |  | 1,735,500 |  |  |  | 2.38 |
Exercised |  |  | (11,592 | ) |  |  | 2.16 |  |  |  | (42,652 | ) |  |  | 1.64 |
Forfeited or expired |  |  | (19,634 | ) |  |  | 2.31 |  |  |  | (383,476 | ) |  |  | 1.92 |
Outstanding at the end of the year |  |  | 2,132,113 |  |  | $ | 2.20 |  |  |  | 2,163,339 |  |  | $ | 2.20 |
Exercisable at the end of the year |  |  | 909,313 |  |  | $ | 2.10 |  |  |  | 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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