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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Note 5 – Stock-based Compensation As of June 30, 2024, the Company had four stock-based compensation plans, which are described more fully in Note 16 – Stockholders' Equity - Stock-Based Compensation Plans of the Company's audited consolidated financial statements for the year ended December 31, 2023 contained in the Company’s Form 10-K. Stock Options During the six months ended June 30, 2024, the Company issued options to purch ase 20,000 shares of com mon stock to certain of the Company’s employees. During the same period, the Company canceled 12,750 options to purchase common stock as a result of employee resignations. The following summarizes the changes in common stock options for the six months ended June 30, 2024:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding as of December 31, 2023 |  |  | 2,265,350 |  |  | $ | 1.71 |  |  |  | 6.8 |  |  | $ | 2,025 |
Granted |  |  | 20,000 |  |  | $ | 2.93 |  |  |  |  |  |  |
Exercised |  |  | (13,750 | ) |  | $ | 1.02 |  |  |  |  |  |  |
Forfeited |  |  | (12,750 | ) |  | $ | 1.87 |  |  |  |  |  |  |
Outstanding as of June 30, 2024 |  |  | 2,258,850 |  |  | $ | 1.72 |  |  |  | 6.3 |  |  | $ | 1,998 |
Options exercisable as of June 30, 2024 |  |  | 1,483,975 |  |  | $ | 1.36 |  |  |  | 5.3 |  |  | $ | 1,752 |
The Company recognized stock-based compensation expense related to common stock optio ns of $0.3 million for both the six months ended June 30, 2024 and 2023. As of June 30, 2024, there was appr oximately $1.1 million o f unrecognized stock-based compensation expense related to unvested common stock options outstanding, which is expected to be recognized over a weighted average period of 2.1 years. Restricted Stock Restricted stock awards represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement. There is no exercise price and no monetary payment required for receipt of restricted stock awards or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant’s services to the Company. Compensation cost for these awards is based on the fair value of the shares of common stock on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period. On April 1, 2023, the Company granted 15,000 shares of Company restricted common stock to one non-executive director under the 2022 Heritage Global Inc. Equity Incentive Plan. The restricted stock shares vested in full on April 1, 2024. On March 7, 2024, the Company granted 128,044 shares of Company restricted common stock to employees under the 2022 Heritage Global Inc. Equity Incentive Plan. The restricted stock shares vest on March 7, 2025. On March 7, 2024, the Company granted 75,000 shares of Company restricted common stock to non-executive directors under the 2022 Heritage Global Inc. Equity Incentive Plan. The restricted stock shares vest on March 7, 2025. The Company determined the fair value of the shares awarded by using the closing price of our common stock as of the grant date. Stock-based compensation expense related to the restricted stock awards was approximately $0.2 million for the six months ended June 30, 2024 and $0.1 million for the six months ended June 30, 2023. The unrecognized stock-based compensation expense as of June 30, 2024 was approximately $0.4 million, which is expected to be recognized over a weighted average period of 0.7 years.

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