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STOCK BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2021
STOCK BASED COMPENSATION |
STOCK BASED COMPENSATION |
8. | STOCK BASED COMPENSATION
Stock-based compensation awards consist of stock options, restricted stock units and bonus shares issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”) and the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. On July 18, 2017, April 18, 2019 and April 28, 2020, the Company’s stockholders approved amendments to the 2013 Plan to increase the authorized number of shares of common stock available and reserved for issuance under the 2013 Plan by 20,000 shares, 66,000 shares, 350,000, and 1,500,000 shares, respectively, and in 2017 re-approved the material terms of the performance goals under the plan. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Board (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other Committees or to such other officers and employees of the Company as designated by the Committee and permitted by the 2013 Plan. As of December 31, 2021, 1,236,658 shares were available for future issuances under the 2013 Plan. For the years ended December 31, 2021 and 2020, the Company recorded stock-based compensation expense of $0.9 million and $0.4 million, respectively. Stock compensation expense is recorded in general and administrative expenses. Stock Options Stock options are valued using the Black-Scholes option pricing model on the date of grant. The Company accounts for forfeitures upon occurrence. The following table summarizes stock options outstanding and changes during the years ended December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020
​ |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | Number of | ​ | Average | ​ | Number of | ​ | Average
​ | ​ | Stock | ​ | Exercise | ​ | Stock | ​ | Exercise
​ | ​ | Options | ​ | Price | ​ | Options | ​ | Price
Stock options outstanding at beginning of period |  | 185,054 | ​ | $ | 7.70 |  | 37,786 | ​ | $ | 37.42
Granted |  | 94,522 | ​ |  | 3.91 |  | 149,801 | ​ |  | 1.67
Expired |  | (2,000) | ​ |  | 73.54 |  | (2,533) | ​ |  | 93.80
Stock options outstanding at end of period |  | 277,576 | ​ | ​ | 6.18 |  | 185,054 | ​ | ​ | 7.70
Stock options exercisable at end of period |  | 183,054 | ​ | $ | 7.35 |  | 35,253 | ​ | $ | 33.37
​ The weighted average remaining term for stock options outstanding as of December 31, 2021, is approximately 8.5 years. The following table summarizes stock options outstanding and exercisable by stock option plan at December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding Stock Options | ​ | Exercisable Stock Options
​ |  | Number of |  | Weighted |  | Number of |  | Weighted
​ | ​ | Outstanding | ​ | Average | ​ | Stock Options | ​ | Average
Stock Option Plan | ​ | Stock Options | ​ | Exercise Price | ​ | Exercisable | ​ | Exercise Price
2004 Plan |  | 92 | ​ | $ | 1,638.00 |  | 92 | ​ | $ | 1,638.00
2004 Directors’ Plan |  | 3 | ​ |  | 10,380.00 |  | 3 | ​ |  | 10,380.00
2013 Plan |  | 277,481 | ​ |  | 5.53 |  | 182,959 | ​ |  | 6.36
​ |  | 277,576 | ​ | $ | 6.18 |  | 183,054 | ​ | $ | 7.35
​ The following table summarizes assumptions used to assess the fair value of stock options granted during the years ended December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2021 |  | 2020
Expected volatility | ​ | ​ | 113% | ​ | ​ | 101%
Expected term of options (years) | ​ | ​ | 6 | ​ | ​ | 6
Expected dividend rate | ​ | ​ | — | ​ | ​ | —
Risk-free interest rate | ​ | ​ | 0.82% | ​ | ​ | 0.31%
Expected forfeiture rate | ​ | ​ | — | ​ | ​ | —
Weighted-average grant-date fair value | ​ | $ | 3.28 | ​ | $ | 1.64
​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of December 31, 2021, the Company had $0.1 million of unrecognized compensation costs related to non-vested stock options that will be recognized over a period of approximately 6 months. Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Committee at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. The following table summarizes RSU activity for the years ended December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2021 | ​ | 2020
​ |  | ​ |  | Weighted- |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date | ​ | Number of | ​ | Grant Date
​ | ​ | RSUs | ​ | Fair Value | ​ | RSUs | ​ | Fair Value
Unvested RSUs at beginning of period |  | 236,403 | ​ | $ | 2.10 |  | 511 | ​ | $ | 70.00
Granted |  | 227,402 | ​ |  | 3.93 |  | 236,403 | ​ |  | 2.10
Vested |  | (78,801) | ​ |  | 2.10 |  | (511) | ​ |  | 70.00
Unvested RSUs at end of period |  | 385,004 | ​ | $ | 3.18 |  | 236,403 | ​ | $ | 2.10
​ As of December 31, 2021, the Company had $0.4 million of unrecognized compensation costs related to non-vested restricted stock units that will be recognized over a period of approximately 2 years.

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