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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plan In November 2016, in connection with its initial public offering, the Company adopted the 2016 Omnibus Incentive Plan (“2016 Plan”) which provides for the issuance of Awards (as defined in the 2016 Plan) of up to a maximum of 3,911 shares of the Company’s common stock to employees, non-employee members of the Company’s board of directors and consultants of the Company. On April 3, 2020, the Company’s board of directors adopted an amendment to the 2016 Plan to increase the available shares of common stock authorized for issuance by an additional 2,088 shares. On July 27, 2021, the Company’s board of directors authorized 231 shares currently held in treasury stock for issuance under the 2016 Plan. On April 22, 2022, the board of directors adopted an amendment to the 2016 Plan to increase the number of shares of common stock authorized for issuance by an additional 3,900 shares. During the nine months ended September 30, 2022 and 2021, 879 and 1,982 shares of restricted stock were issued under the 2016 Plan, respectively. The grant date fair value per share of all the outstanding restricted stock was $1.78 - $4.34. The shares vest over one to four years from their respective grant dates. For equity awards issued under the 2016 Plan, the grant date fair value was either the actual market price of the Company’s shares or an adjusted price using a Monte Carlo simulation for awards subject to the Company’s performance as compared to a defined peer group. The Company recognized, in operating expenses and cost of goods sold on the condensed consolidated statement of operations, $808 and $879 of compensation expense for the restricted stock during the three months ended September 30, 2022 and 2021, respectively. The Company recognized, in operating expenses and cost of goods sold on the condensed consolidated statement of operations, $2,436 and $2,131 of compensation expense for the restricted stock during the nine months ended September 30, 2022 and 2021, respectively. There is no impact to the cash flows of the Company related to stock-based compensation expense. At September 30, 2022, the Company had unrecognized compensation expense of $6,580 related to granted but unvested stock awards, which is to be recognized as follows:
Remainder of 2022 |  | $ | 748 |
2023 |  | 2,753 |
2024 |  | 1,915 |
2025 |  | 1,002 |
2026 |  | 162 |
Total |  | $ | 6,580 |
The following table summarizes restricted stock activity under the Plans from December 31, 2021 through September 30, 2022:
| Number of Shares |  | Weighted Average
Unvested, December 31, 2021 | 3,151 |  |  | $ | 3.06 |
Granted | 879 |  |  | $ | 3.56 |
Vested | (783) |  |  | $ | 3.74 |
Forfeited | (587) |  |  | $ | 2.68 |
Unvested, September 30, 2022 | 2,660 |  |  | $ | 3.11 |
Employee Stock Purchase Plan Shares of the Company’s common stock may be purchased by eligible employees under the Company’s 2016 Employee Stock Purchase Plan in six-month intervals at a purchase price equal to at least 85% of the lesser of the fair market value of the Company’s common stock on either the first day or the last day of each six-month offering period. Employee purchases may not exceed 20% of their gross compensation during an offering period.

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