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Note 10 - Capital Stock and Stock-based Compensation | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Shareholders' Equity and Share-Based Payments [Text Block] |
10. | Capital Stock and Stock-Based Compensation
Stock-Based Payment Awards Stock-based awards consist of stock options, time-based restricted stock units (“RSUs”), performance-based RSUs (“PRSUs”) and shares issued under the Company’s employee stock purchase plan (the “ESPP”). Activity under the Company’s equity incentive plans for the three months ended March 31, 2023 was as follows:
|  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Stock |  |  | Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Options |  |  | Exercise |  |  | RSUs |  |  | Grant Date |  |  | PRSUs |  |  | Grant Date |
|  | Outstanding |  |  | Price |  |  | Outstanding |  |  | Fair Value |  |  | Outstanding |  |  | Fair Value |
Balance at December 31, 2022 |  |  | 1,238,776 |  |  | $ | 3.15 |  |  |  | 1,093,801 |  |  | $ | 3.94 |  |  |  | 646,235 |  |  | $ | 4.51 |
Granted |  |  | - |  |  |  | - |  |  |  | 1,177,391 |  |  |  | 2.51 |  |  |  | 558,958 |  |  |  | 2.61 |
Exercised |  |  | (39,618 | ) |  |  | 2.63 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Vested (RSUs) |  |  | - |  |  |  | - |  |  |  | (125,036 | ) |  |  | 1.93 |  |  |  | - |  |  |  | - |
Cancelled/Forfeited |  |  | (29,201 | ) |  |  | 2.99 |  |  |  | (3,122 | ) |  |  | 5.54 |  |  |  | - |  |  |  | - |
Balance at March 31, 2023 |  |  | 1,169,957 |  |  | $ | 3.17 |  |  |  | 2,143,034 |  |  | $ | 3.27 |  |  |  | 1,205,193 |  |  | $ | 3.63 |
Stock-based compensation expense related to stock options, RSUs, PRSUs, and the ESPP for the three months ended March 31, 2023 and 2022 was allocated as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Cost of revenues |  | $ | 69 |  |  | $ | 36 |
Sales and marketing expenses |  |  | 145 |  |  |  | 154 |
General and administrative expenses |  |  | 869 |  |  |  | 791 |
Research and development expenses |  |  | 70 |  |  |  | 42 |
Total stock-based compensation expenses |  | $ | 1,153 |  |  | $ | 1,023 |
As of March 31, 2023, the total compensation costs related to unvested awards not yet recognized is $8.4 million and the weighted average period over which it is expected to be recognized is approximately 2.1 years. The Company did not capitalize any stock-based compensation. The weighted average estimated fair value of PRSUs that were granted during the three months ended March 31, 2023 was $2.61 per unit. The following assumptions were used to estimate the fair value of PRSUs granted during the three months ended March 31, 2023 using a Monte-Carlo valuation simulation:
|  | 2023 |
Volatility |  |  | 56.8 | %
Risk-free interest rate |  |  | 4.6 | %
Correlation coefficient |  |  | 41.7 | %
Dividend yield |  |  | - | %
Earnings (Loss) Per Share Basic earnings (loss) per share (EPS) is calculated by dividing net income (loss) by the number of weighted average shares of common stock outstanding during the period. The calculation of diluted earnings per share assumes conversion of stock options, RSUs, and PRSUs into common stock using the treasury method. The weighted average number of shares used to compute basic and diluted EPS consists of the following:
|  | Three Months Ended March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Weighted average shares outstanding - basic |  |  | 42,119 |  |  |  | 41,219 |
Dilutive effect of equity awards |  |  | 664 |  |  |  | - |
Weighted average shares outstanding - diluted |  |  | 42,783 |  |  |  | 41,219 |
Shares excluded from diluted loss per share due to their anti-dilutive effect |  |  | 1,167 |  |  |  | 3,505 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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