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STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

NOTE (9)   STOCK-BASED COMPENSATION PLANS

In June 2017, the Company’s stockholders approved the 2017 Stock Incentive Plan (the “2017 Stock Plan”) with a maximum of 5.5 million shares reserved for issuance. Awards permitted under the 2017 Stock Plan include: Stock Options and Restricted Stock. Awards issued under the 2017 Stock Plan are at the discretion of the Board of Directors. As applicable, awards are granted with an exercise price equal to the closing price of the Company’s common stock on the date of grant and generally vest over four years. Restricted Stock Awards are issued to the recipient upon grant and are not included in outstanding shares until such vesting and issuance occurs.

During the three months ended March 31, 2023 and 2022, no stock option awards were granted under the 2017 Stock Plan. At March 31, 2023, the Company had 0.6 million stock options outstanding and exercisable under the following plans:

​

​	​	​	​	​
​		Outstanding		Exercisable
​	​	Number of Options	​	Number of Options
​	​	(in thousands)	​	(in thousands)
Plan Category
2005 Stock Option Plan		211	​	211
2017 Stock Option Plan		356	​	355
Total		567	​	566

​

During the three months ended March 31, 2023, and 2022, 62,000 shares and 48,000 shares of restricted stock, respectively, were granted to management under the 2017 Stock Plan. The fair market value of restricted shares for share-based compensation expensing is equal to the closing price of the Company’s common stock on the date of grant. The vesting on the Restricted Stock Awards typically occurs quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management.

​

The following summarizes stock-based compensation expenses recorded in the condensed consolidated statements of operations (in thousands):

​

​	​	​	​	​	​	​
​	​	For the Three Months Ended March 31,
​		2023			2022
Cost of Revenue	​	$	8	​	$	15
Sales and marketing expense	​		61	​		59
General, and administrative	​	​	238	​	​	515
Total stock based compensation expense	​	$	307	​	$	589

​

The Company received cash proceeds of $27,000 and $3,000 related to option exercises during the three months ended March 31, 2023 and 2022, respectively.

A summary of stock option activity under all equity compensation plans for the three months ended March 31, 2023, is presented below:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted-	​	​	​
​	​	​	​	Weighted-		​	Average	​	Aggregate
​	​	Number of	​	Average		​	Remaining	​	Intrinsic
​	​	Shares	​	Exercise		​	Contractual	​	Value
​		(in thousands)		Price			Term (Years)		(in thousands)
Outstanding at December 31, 2022		793	​	$	2.67	​	5.03	​	$	8,908
Granted		—	​	​	—	​	​	​		​
Forfeited		(206)	​	​	6.30	​	​	​		​
Exercised	​	(20)	​	​	6.07	​	​	​	​	​
Outstanding at March 31, 2023		567	​	$	1.24	​	3.32	​	$	6,104
​	​	​	​	​	​	​	​	​	​	​
Exercisable at March 31, 2023		566	​	$	1.22	​	3.31	​	$	6,099

​

A summary of restricted stock award activity under all equity compensation plans for the three months ended March 31, 2023, is presented below:

​

​	​	​	​	​	​
​	​	Number of	​	Weighted
​	​	Shares		Average
​		(in thousands)		Grant Date Fair Value
Granted but not vested at December 31, 2022		431	​	$	11.92
Granted		62	​	​	12.10
Forfeited		(3)	​	​	14.51
Vested		(46)	​	​	12.96
Granted but not vested at March 31, 2023		444	​	$	11.82

​

As of March 31, 2023, the Company had approximately $4.5 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.39 years.

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI https://asc.fasb.org/topic&trid=2228938

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
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