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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 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 Board and consultants of the Company. On April 3, 2020, the Company’s Board 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 April 22, 2022, 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 3,900 shares. The awards can be issued in the form of incentive stock options, non-qualified stock options or restricted stock. During 2022, there were 1,172 shares of restricted stock issued under 2016 Plan. During 2021 and 2020, 2,013 and 0 shares of restricted stock were issued under the 2016 Plan, respectively. The grant date fair value of all restricted stock outstanding during the year ended December 31, 2022 was between $1.71 - $7.79 per share. The shares vest over one to four years from their respective grant dates. For Awards issued under the 2016 Plan, the grant date fair value was the 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 significant assumptions used in the Monte Carlo simulation are presented in the following table.
|  | Year ended December 31,
|  | 2022
Expected volatility |  | 90.3 | %
Expected life (years) |  | 3.0
Risk-free interest rate |  | 2.81 | %
The total number of shares and their respective values that vested during the years ended December 31, 2022, 2021 and 2020 were 975 at $2,275, 675 at $1,358 and 261 at $1,013, respectively. The Company recognized $3,184, $3,161 and $3,831 of compensation expense for the restricted stock during 2022, 2021 and 2020, respectively, in cost of goods sold and operating expenses on the consolidated statements of operations. At December 31, 2022, the Company had unrecognized compensation expense of $6,278 related to granted but unvested stock awards. That expense is expected to be recognized as follows:
Year Ended December 31, |
2023 | $ | 2,858 |
2024 | 2,022 |
2025 | 1,116 |
2026 | 282 |
2027 | — |
| $ | 6,278 |
The following table summarizes restricted stock activity under the 2016 Plan from January 1, 2021 through December 31, 2022:
| Number of Shares |  | Weighted Average
Unvested, January 1, 2021 | 1,886 |  |  | $ | 5.14 |
Granted | 2,013 |  |  | $ | 2.88 |
Vested | (548) |  |  | $ | 7.11 |
Forfeiture | (200) |  |  | $ | 5.71 |
Unvested, December 31, 2021 | 3,151 |  |  | $ | 3.06 |
Granted | 1,172 |  |  | $ | 3.30 |
Vested | (975) |  |  | $ | 3.54 |
Forfeiture | (618) |  |  | $ | 2.69 |
Unvested December 31, 2022 | 2,730 |  |  | $ | 3.06 |
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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