Share-based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

14. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $1.7 million and $2.5 million for the nine months ended September 30, 2021 and 2020, respectively.

All grants are time based and vest either immediately or over a period established at grant. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures, using the straight-line basis.

Restricted Stock

A summary of INNOVATE’s restricted stock activity is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested - December 31, 2019	2,213,775	$	5.12
Granted	1,152,202	$	2.74
Vested	(2,258,905)	$	4.08
Forfeited	(478,639)	$	5.87
Unvested - December 31, 2020	628,433	$	3.93
Granted	593,458	$	3.81
Vested	(445,911)	$	3.70
Forfeited	(151,469)	$	4.13
Unvested - September 30, 2021	624,511	$	3.94

At September 30, 2021, the total unrecognized stock-based compensation expense related to unvested restricted stock was $1.5 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 2.0 years.

Stock Options

A summary of INNOVATE’s stock option activity is as follows:


	Shares	Weighted Average Exercise Price
Outstanding - December 31, 2019	7,067,592	$	6.52
Granted	143,096	$	2.62
Exercised	—	$	—
Forfeited	(142,503)	$	5.45
Expired	(2,328,327)	$	9.18
Outstanding - December 31, 2020	4,739,858	$	5.13
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Expired	(23,999)	$	5.31
Outstanding - September 30, 2021	4,715,859	$	5.13

Eligible for exercise	4,714,509	$	5.13

At September 30, 2021, the intrinsic value and average remaining life of the Company's outstanding options were $0.3 million and approximately 2.9 years, and intrinsic value and average remaining life of the Company's exercisable options were $0.3 million and approximately 2.9 years.

At September 30, 2021, the total unrecognized stock-based compensation expense related to unvested stock options was $0.1 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 0.5 years. There are 1,350 unvested stock options expected to vest, with a weighted average remaining life of 7.5 years, a weighted average exercise price of $2.62, and an intrinsic value of $0.1 million.