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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 11 – Stock-Based Compensation

 

The Company recognizes stock-based compensation expense associated with granted stock options and restricted stock units (RSUs). The Company accounts for forfeitures of equity-based incentive awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common stock on the grant date and recognized as vesting occurs. For options, the fair value is determined using the Black-Scholes option valuation assumptions on dividend yield, expected annual volatility, risk-free interest rate and an expected useful life. Stock-based compensation is recorded with a corresponding increase in Additional Paid-in Capital within the Condensed Consolidated Balance Sheets.

 

The following summary reflects nonvested restricted stock unit activity and related information for the six months ended June 30, 2023.

 

        
       Weighted Average 
   RSUs   Fair Value (a) 
Outstanding, December 31, 2022   224,288   $15.42 
Granted   127,630    11.29 
Vested   (31,089)   17.47 
Forfeited   (36,701)   15.32 
Outstanding, June 30, 2023   284,128   $11.48 
           

 

(a) Shares are valued at the grant-date market price.

 

The following summary reflects stock option activity and related information:

 

        
       Weighted Average 
   Options   Exercise Price 
Outstanding, December 31, 2022   2,379,700   $3.31 
Granted   324,000    11.08 
Cancelled   (373,234)   3.29 
Outstanding, June 30, 2023   2,330,466   $4.05 
           

 

 

The following table summarizes information about stock options outstanding as of June 30, 2023.

 

                   
Range of   Options   Weighted Average   Weighted   Options   Weighted
Exercise   Outstanding   Remaining   Average   Exercisable   Average
Prices   at 6/30/23   Contractual Life   Exercise Price   at 6/30/23   Exercise Price
                     
$1.32 to $12.36   2,330,466   5.75 years   $4.05   1,868,960   $2.33