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Shareholders’ Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders’ Equity | (7) Shareholders’ Equity Common Stock Holders of common stock are entitled to such dividends as our board of directors, in its discretion, may declare out of funds available, subject to the terms of any outstanding shares of preferred stock and other restrictions. In the event of liquidation of the Company, holders of common stock are entitled to receive, pro rata, all of the assets of the Company available for distribution, after payment of any liquidation preference to the holders of outstanding shares of preferred stock. Holders of the shares of common stock have no conversion or preemptive or other subscription rights and there are no redemption or sinking fund provisions applicable to the common stock. Stock Purchases For the year ending December 31, 2023, we purchased 1,976,356 shares of our common stock at an average price of $10.26. In January, March, and July 2022 our board of directors authorized the repurchase of up to $35.0 million of our common stock. There is approximately $1.5 million of board authorization remaining under such plans, which have no expiration date. The table below describes the purchase of our common stock for the twelve-month period ended December 31, 2023 and 2022:
Schedule of stock purchases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Twelve Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Shares |  |  | Avg. Price |  |  | Shares |  |  | Avg. Price |
Open market purchases |  |  | 670,968 |  |  | $ | 10.20 |  |  |  | 3,246,511 |  |  | $ | 10.44 |
Shares redeemed upon net exercise of stock options |  |  | 1,305,388 |  |  |  | 10.29 |  |  |  | 893,153 |  |  |  | 13.56 |
Other |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total stock purchases |  |  | 1,976,356 |  |  | $ | 10.26 |  |  |  | 4,139,664 |  |  | $ | 11.11 |
Options and Warrants In 2006, the Company adopted and its shareholders approved the CPS 2006 Long-Term Equity Incentive Plan (the “2006 Plan”) pursuant to which our Board of Directors, or a duly-authorized committee thereof, may grant stock options, restricted stock, restricted stock units and stock appreciation rights to our employees or employees of our subsidiaries, to directors of the Company, and to individuals acting as consultants to the Company or its subsidiaries. In June 2008, May 2012, April 2013, May 2015, July 2018 and again in November 2021, the shareholders of the Company approved an amendment to the 2006 Plan to increase the maximum number of shares that may be subject to awards under the 2006 Plan to 5,000,000, 7,200,000, 12,200,000, 17,200,000, 19,200,000 and 22,200,000, respectively, in each case plus shares authorized under prior plans and not issued. Options that have been granted under the 2006 Plan and a previous plan approved in 1997 have been granted at an exercise price equal to (or greater than) the stock’s fair value at the date of the grant, with terms generally of 7-10 years and vesting generally over 4-5 years. There were no stock options granted during the year ended December 31, 2023. The per share weighted-average fair value of stock options granted during the years ended December 31 2022 and 2021 was $5.42, and $2.65, respectively. That fair value was estimated using a binomial option pricing model using the weighted average assumptions noted in the following table. We use historical data to estimate the expected term of each option. The volatility estimate is based on the historical and implied volatility of our stock over the period that equals the expected life of the option. Volatility assumptions ranged from 75% to 80% for 2022, and 79% to 71% for 2021. The risk-free interest rate is based on the yield on a U.S. Treasury bond with a maturity comparable to the expected life of the option. The dividend yield is estimated to be zero based on our intention not to issue dividends for the foreseeable future.
Schedule of assumptions for stock options |  |  |  |  |  |  |  |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Expected life (years) |  |  | 4.00 |  |  |  | 4.00 |
Risk-free interest rate |  |  | 2.38% |  |  |  | 0.49% |
Volatility |  |  | 76% |  |  |  | 72% |
Expected dividend yield |  |  | – |  |  |  | – |
For the years ended December 31, 2023, 2022 and 2021, we recorded stock-based compensation costs in the amount of $3.5 million, $4.4 million and $2.0 million, respectively. As of December 31, 2023, the unrecognized stock-based compensation costs to be recognized over future periods was equal to $6.0 million. This amount will be recognized as expense over a weighted-average period of 1.8 years. At December 31, 2023 and 2022, options outstanding had intrinsic values of $8.1 million and $11.2 million, respectively. At December 31, 2023 and 2022, options exercisable had intrinsic values of $6.1 million and $7.8 million, respectively. The total intrinsic value of options exercised was $14.5 million and $23.4 million for the years ended December 31, 2023 and 2022, respectively. New shares were issued for all options exercised during the year ended December 2023 and cash of $16.6 million was received. At December 31, 2023, there were a total of 2,684,000 additional shares available for grant under the 2006 Plan. Stock option activity for the year ended December 31, 2023 for stock options under the 2006 and 1997 plans is as follows:
Schedule of option activity |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Weighted |
|  | Number of |  |  | Weighted |  |  | Average |
|  | Shares |  |  | Average |  |  | Remaining |
|  | (in thousands) |  |  | Exercise Price |  |  | Contractual Term |
Options outstanding at the beginning of period |  |  | 11,167 |  |  | $ | 5.21 |  |  |  | N/A |
Granted |  |  | – |  |  |  | – |  |  |  | N/A |
Exercised |  |  | (3,020 | ) |  |  | 5.49 |  |  |  | N/A |
Forfeited/Expired |  |  | (22 | ) |  |  | 4.12 |  |  |  | N/A |
Options outstanding at the end of period |  |  | 8,125 |  |  | $ | 5.11 |  |  |  | 3.14 years |
Options exercisable at the end of period |  |  | 6,062 |  |  | $ | 4.31 |  |  |  | 2.59 years |
The following table presents the price distribution of stock options outstanding and exercisable for the years ended December 31, 2023 and 2022:
Schedule of options outstanding and exercisable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of shares as of |  |  | Number of shares as of |
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
Range of exercise prices: |  | (In thousands) |  |  | (In thousands) |
$2.00 - $2.99 |  |  | 1,410 |  |  |  | 1,082 |  |  |  | 1,445 |  |  |  | 775 |
$3.00 - $3.99 |  |  | 2,473 |  |  |  | 2,473 |  |  |  | 3,785 |  |  |  | 3,495 |
$4.00 - $4.99 |  |  | 2,539 |  |  |  | 1,929 |  |  |  | 2,739 |  |  |  | 1,802 |
$6.00 - $6.99 |  |  | – |  |  |  | – |  |  |  | 740 |  |  |  | 740 |
$7.00 - $7.99 |  |  | – |  |  |  | – |  |  |  | 748 |  |  |  | 748 |
$10.00 - $10.99 |  |  | 1,703 |  |  |  | 578 |  |  |  | 1,710 |  |  |  | 210 |
Total shares |  |  | 8,125 |  |  |  | 6,062 |  |  |  | 11,167 |  |  |  | 7,770 |
We did not issue any stock options with an exercise price above or below the market price of the stock on the grant date for the years ended December 31, 2023, 2022 and 2021.

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