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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2023
SHARE-BASED COMPENSATION  
SHARE-BASED COMPENSATION

NOTE 10 – SHARE-BASED COMPENSATION

 

For share-based awards granted, we have recognized compensation expense based on the estimated grant date fair value method.  For these awards we have recognized compensation expense using a straight-line amortization method reduced for estimated forfeitures.  

 

The impact on our results of operations of recording share-based compensation, net of forfeitures, for the three and nine months ended September 30, 2023 and 2022, respectively, were as follows:

 

 

 

 Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

2023

 

 

September 30,

2022

 

 

September 30,

2023

 

 

September 30,

2022

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

$24

 

 

$18

 

 

$72

 

 

$58

 

Research and development

 

 

64

 

 

 

58

 

 

 

193

 

 

 

191

 

Selling, general and administrative

 

 

212

 

 

 

188

 

 

 

664

 

 

 

686

 

Total share-based compensation

 

$300

 

 

$264

 

 

$929

 

 

$935

 

 

Equity awards granted during the three and nine months ended September 30, 2023 and 2022 were as follows:

 

 

 

 Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

2023

 

 

September 30,

2022

 

 

September 30,

2023

 

 

September 30,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units

 

 

75,000

 

 

 

1,000

 

 

 

357,100

 

 

 

327,715

 

Performance Stock Units

 

 

5,000

 

 

 

-

 

 

 

30,000

 

 

 

-

 

 

Non-employee directors Restricted Stock Units (“RSUs”) typically vest over the earlier of one year or the next annual meeting of shareholders and Non-Qualified stock options vest over three years and have a six-year exercise period.  Employee RSUs typically vest annually over three or four years and employee Non-Qualified stock options typically vest quarterly over four years and have a six-year exercise period. Performance Stock Units (“PSUs”) typically cliff vest at the end of the performance period and the performance metric is cumulative revenue growth over the three-year period ending December 31, 2025 with a cumulative revenue threshold, target, and maximum.

The remaining unamortized expected future equity compensation expense and remaining amortization period associated with award grants of unvested options, PSUs and RSUs at September 30, 2023 and 2022 are:

 

 

 

September 30,

2023

 

 

September 30,

2022

 

 

 

 

 

 

 

 

Unamortized future equity compensation expense (in thousands)

 

$2,731

 

 

$2,371

 

Remaining weighted average amortization period (in years)

 

 

2.60

 

 

 

2.64

 

 

The weighted average number of shares outstanding used to compute earnings (loss) per share included the following:

 

 

 

 Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

2023

 

 

September 30,

2022

 

 

September 30,

2023

 

 

September 30,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units

 

 

71,903

 

 

 

43,030

 

 

 

148,529

 

 

 

113,193

 

Performance Stock Units

 

 

679

 

 

 

-

 

 

 

599

 

 

 

-

 

Stock Options

 

 

220

 

 

 

170

 

 

 

231

 

 

 

204