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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 17 – Stock‑Based Compensation Prior to July 25, 2018, the Company issued stock‑based compensation awards to its directors and employees under the 2008 Long‑Term Incentive Plan (“2008 LTIP”). The 2008 LTIP permitted the grant of non‑qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards for up to 2,000,000 shares of common stock. As of July 25, 2018, the Company ceased granting awards under the 2008 LTIP. On July 25, 2018, the stockholders approved the 2018 Long‑Term Incentive Plan (“2018 LTIP”). As with the 2008 LTIP, the 2018 LTIP permits the grant of non‑qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards. The plan will be in effect for ten years. The maximum number of shares that can be awarded under the plan is 1,293,109 shares of common stock. As of December 31, 2022, 897,800 shares had been awarded and 395,309 shares were available under the 2018 LTIP. No stock options were granted during the year ended December 31, 2022. The following table summarizes stock option activity during the year ended December 31, 2022:
|  | 2022 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 450,000 |  |  | $ | 1.62 |
Granted during the year |  |  | – |  |  |  | – |
Exercised during the year |  |  | – |  |  |  | – |
Forfeited or expired during the year |  |  | (200,000 | ) |  |  | – |
Outstanding at end of year |  |  | 250,000 |  |  | $ | 1.62 |
Exercisable at end of year |  |  | 250,000 |  |  | $ | 1.62 |
There was no stock-based compensation expense related to stock options during 2022 as there was no remaining unrecognized compensation cost related to non-vested options granted under the plan as of December 31, 2021. For the year ended December 31, 2021, the Company recorded $7 thousand of stock‑based compensation expense related to stock options. Options outstanding and exercisable at year‑end 2022 were as follows:
|  | Outstanding |  |  | Exercisable |
Grant Date |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
February 24, 2016 |  |  | 250,000 |  |  |  | $ | 1.62 |  |  |  |  |  |  | 250,000 |  |  | $ | 1.62 |  |  |  |
|  |  | 250,000 |  | 3.13 years |  | $ | 1.62 |  |  | $ | – |  |  |  | 250,000 |  |  | $ | 1.62 |  |  | $ | – |
Stock Awards to Directors In February 2022 and 2021, the Company awarded 47,187 and 20,736 shares of common stock, respectively, to its directors under the 2018 LTIP, which are fully vested. The Company recorded $84 thousand and $45 thousand of compensation expense in the years ended December 31, 2022 and December 31, 2021, respectively, based on the fair value of the stock on the date of the award. In July of 2021, the Company awarded 64,516 shares of common stock to its Chief Executive Officer, which are fully vested. The company recorded $200 thousand of compensation expense for the year ended December 31, 2021 based on the fair value of the stock on the date of the award. Restricted Stock Awards to Employees In March of 2022, the Company issued 495,262 shares to its officers and employees under the 2018 LTIP. Each restricted stock award was valued based on the fair value of the stock on the date of the award. These awarded shares of restricted stock fully vest over periods ranging from 36 months to 60 months from their respective dates of grant. Stock-based compensation is recognized on a straight-line basis over the vesting period. There were no shares issued to officers and employees during 2021. During 2022 and 2021, the Company recorded $363 thousand and $153 thousand of stock-based compensation expense related to shares awarded to employees. A summary of restricted stock unit activity for the year ended December 31, 2022 is as follows:
|  | Restricted Stock Units (In thousands) |  |  | Weighted Average Grant Date Fair Value |  |  | Remaining Contractual Life (months) |
Unvested at December 31, 2021 |  |  | – |  |  |  | – |  |  |  | – |
Granted during period |  |  | 495,262 |  |  | $ | 1.53 |  |  |  | 53 |
Vested during period |  |  | – |  |  |  | – |  |  |  | – |
Forfeited or expired during period |  |  | (71,668 | ) |  |  | – |  |  |  | – |
Unvested at December 31, 2022 |  |  | 423,594 |  |  | $ | 1.53 |  |  |  | 43 |
As of December 31, 2022, there was $517 thousand of total unrecognized equity-based compensation expense that the Company expects to recognize over the remaining contractual life.

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