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Stock-Based Compensation | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023. Schedule of non vested restricted stock unit activity
|  |  |  |  | Weighted Average |
|  | RSUs |  |  | Fair Value (a) |
Outstanding, December 31, 2022 |  |  | 224,288 |  |  | $ | 15.42 |
Granted |  |  | 179,195 |  |  |  | 10.47 |
Vested |  |  | (103,185 | ) |  |  | 17.11 |
Forfeited |  |  | (57,966 | ) |  |  | 14.43 |
Outstanding, September 30, 2023 |  |  | 242,332 |  |  | $ | 11.31 |
(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 |  |  | 533,000 |  |  |  | 10.07 |
Exercised |  |  | (235,000 | ) |  |  | 1.36 |
Cancelled |  |  | (447,734 | ) |  |  | 4.45 |
Outstanding, September 30, 2023 |  |  | 2,229,966 |  |  | $ | 4.83 |
The following table summarizes information about stock options outstanding as of September 30, 2023. Schedule of summarizes information about stock options outstanding
Range of |  | Options |  | Weighted Average |  | Weighted |  | Options |  | Weighted
Exercise |  | Outstanding |  | Remaining |  | Average |  | Exercisable |  | Average
Prices |  | at 9/30/23 |  | Contractual Life |  | Exercise Price |  | at 9/30/23 |  | Exercise Price
$1.32 to $12.36 |  | 2,229,966 |  | 5.14 years |  | $4.83 |  | 1,683,960 |  | $2.75

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