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SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

9. SHAREHOLDERS’ EQUITY

 

Stock Options

 

From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date.

 

For the three and six months ended June 30, 2022 and 2021, there was no compensation expense related to stock options. As of December 31, 2019, all stock options had vested. No stock options were granted or exercised during the six months ended June 30, 2022 or 2021. Stock options to purchase 750 shares expired during the six months ended June 30, 2022. No stock options expired during the six months ended June 30, 2021. Presented below is information about stock options outstanding and exercisable as of June 30, 2022, and December 31, 2021:

 

   June 30, 2022   December 31, 2021 
    Shares    Price    Shares    Price 
                     
Stock options outstanding and exercisable   30,285   $60.11    31,035   $62.79 

 

The following table summarizes information for stock options outstanding and for stock options exercisable at June 30, 2022. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020:

 

Options Outstanding   Options Exercisable 
    Exercise   Weighted   Remaining       Weighted 
Number of   Price
Range		   Average
Exercise		   Contractual
Term		   Number of   Average
Exercise		 
Shares   Low   High   Price   (years)   Shares   Price 
                          
 16,500   $7.20   $11.60   $10.00    5.3    16,500   $10.00 
 10,622    90.00    124.80    106.20    1.8    10,622    106.20 
 2,163    139.20    139.20    139.20    0.1    2,163    139.20 
 1,000    226.20    226.20    226.20    2.2    1,000    232.48 
                                 
 30,285   $7.20   $226.20   $60.11    3.6    30,285   $60.11 

 

Restricted Stock

 

The Company grants restricted stock under its incentive plan covering shares of common stock to employees and directors of the Company. The restricted stock awards are time-based awards and are amortized ratably over the requisite service period. Restricted stock vests ratably on each anniversary following the grant date provided the grantee is employed on the vesting date. Restricted stock granted to employees, when vested are net settled through the issuance of shares, net of the number of shares required to pay withholding taxes.

 

 

The following table presents the changes in non-vested time-based restricted stock awards to all employees and directors for the six months ended June 30, 2022:

 

   Shares   Weighted-Avg.
Grant Date
Fair Value
per Share		 
     
Non-vested restricted stock as of December 31, 2021   174,000   $4.75 
Granted   986,500   $3.70 
Vested   (373,500)  $4.02 
Non-vested as of June 30, 2022   787,000   $     3.78 

 

The following table presents the stock compensation expense related to restricted stock grants for the three and six months ended June 30, 2022 and 2021:

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2022   2021   2022   2021 
    (in thousands)                  
                     
Stock compensation expense   $609   $116   $2,109   $195 

 

Total compensation cost related to non-vested time-based awards and not yet recognized in the Company’s condensed consolidated statements of operations as of June 30, 2022, was $1.8 million. This cost is expected to be recognized over a weighted average period of 2.3 years.