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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Stock-Based Compensation

(7) Stock-Based Compensation

In August 2018, shareholders approved the Company’s 2018 Equity Incentive Plan, which authorizes the issuance of up to 133,987 shares of common stock pursuant to restricted stock grants and up to 334,970 shares of common stock pursuant to the exercise of options. Amounts related to periods prior to the date of the Conversion (January 20, 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (0.90686-to-one) (see Note 1).

A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards.

There were no stock options or restricted stock grants during the three months ended March 31, 2022.

A summary of the Company’s stock option activity is summarized below.

 

Stock Options

 

Option Shares Outstanding

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Life (Years)

 

 

Aggregate Intrinsic Value (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Outstanding - December 31, 2021

 

 

334,970

 

 

$

9.90

 

 

 

 

 

 

 

 Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercise of stock options

 

 

—

 

 

—

 

 

 

 

 

 

 

 Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 Outstanding - March 31, 2022

 

 

334,970

 

 

$

9.90

 

 

 

7.56

 

 

$

1,009

 

 Exercisable - March 31, 2022

 

 

102,489

 

 

$

10.28

 

 

 

7.33

 

 

$

535

 

 

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. A summary of the Company’s restricted stock activity is summarized below.

 

Restricted Stock

 

 

 

 

 

Weighted Average Grant Date Fair Value

 

 

Restricted Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 Outstanding - December 31, 2021

 

 

 

 

 

$

8.63

 

 

 

93,336

 

 Granted

 

 

 

 

 

 

—

 

 

 

—

 

Vested

 

 

 

 

 

 

—

 

 

 

—

 

 Forfeited

 

 

 

 

 

 

—

 

 

 

—

 

 Outstanding - March 31, 2022

 

 

 

 

 

$

8.63

 

 

 

93,336

 

 

 

The Company recognized approximately $113,000 and $110,000 of stock-based compensation expense during the three months ended March 31, 2022 and 2021 respectively, associated with its common stock awards granted to directors and officers.

 

As of March 31, 2022, there was approximately $1.1 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the weighted average remaining vesting period of approximately 2.75 years.