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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
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 2023, there were 810 shares of restricted stock issued under 2016 Plan. During 2022 and 2021, 1,172 and 2,013 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, 2023 was between $1.65 and $4.57 per share. The shares issued in 2023, vest over one to four years from their respective grant dates and their grant date fair value was the actual market price of the Company’s shares. The total number of shares and their respective values that vested during the years ended December 31, 2023, 2022 and 2021 were 721 at $1,282, 975 at $2,275 and 675 at $1,358, respectively.
The Company recognized $3,507, $3,184 and $3,161 of compensation expense for the restricted stock during 2023, 2022 and 2021, respectively, in cost of goods sold and operating expenses on the consolidated statements of operations. At December 31, 2023, the Company had unrecognized compensation expense of $3,835 related to granted but unvested stock awards. That expense is expected to be recognized as follows:
Year Ended December 31,
2024$1,987 
20251,369 
2026439 
202740 
2028— 
$3,835 
The following table summarizes restricted stock activity under the 2016 Plan from January 1, 2022 through December 31, 2023:
 
Number of
Shares
Weighted
Average
Unvested, January 1, 20223,151 $3.06 
Granted1,172 $3.30 
Vested(975)$3.54 
Forfeiture(618)$2.69 
Unvested, December 31, 20222,730 $3.06 
Granted810 $1.69 
Vested(721)$2.74 
Forfeiture(189)$2.80 
Unvested December 31, 20232,630 $2.89 
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 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.