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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

The Company recognized total stock-based compensation expense during the three months ended March 31, 2021 and 2020 as follows (table in thousands):

A summary of the Company’s restricted stock awards during the three months ended March 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	146,800	$	5.70
Forfeited	(68,500)	$	5.70
Unvested at March 31, 2021	78,300	$	5.70

A summary of the Company’s restricted stock awards during the three months ended March 31, 2020 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2020	146,800	$	5.70
Unvested at March 31, 2020	146,800	$	5.70

A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	265,494	$	2.60
Granted	10,050	2.09
Vested	(26,354)	2.50
Forfeited	(11,466)	4.81
Unvested at March 31, 2021	237,724	$	2.49

A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2020 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2020	463,786	$	4.26
Granted	16,304	2.61
Forfeited	(7,460)	4.15
Vested	—	—
Unvested at March 31, 2020	472,630	$	4.21

As of March 31, 2021, there were no outstanding performance-based restricted stock units.


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2020	988,958	$	4.48
Unvested at March 31, 2020	988,958	$	4.48

The fair value of the service-based stock options granted for the three months ended March 31, 2021 were based on the following assumptions:


			March 31, 2021
Exercise price			$1.03 - $1.75
Expected stock price volatility			75.8% - 77.4%
Risk-free interest rate			0.47% - 1.06%
Term (years)			6

A summary of the Company’s service-based stock option activity for the three months ended March 31, 2021 is as follows:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2021	5,717,956	$	4.55	6.6	$	—
Granted	84,395	1.60		6.0	—

Forfeited	(183,931)	2.49		—	—
Expired	(225,834)	7.66		—	—
Outstanding at March 31, 2021	5,392,586	$	4.45	6.1	$	—

Exercisable at March 31, 2021	2,762,976	$	6.68	3.2	$	—

A summary of the Company’s service-based stock option activity for the three months ended March 31, 2020 is as follows:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	8,210,024	$	7.06	5.1	$	107,000
Granted	51,148	2.30		9.9	—

Forfeited	(457,334)	(7.02)		—	—
Outstanding at March 31, 2020	7,803,838	$	7.03	5.1	$	2,000

Exercisable at March 31, 2020	6,146,337	$	7.97	4.1	$	—

A summary of the performance-based stock options for the three months ended March 31, 2021 is as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding at January 1, 2021	750,000	$	2.20


Outstanding at March 31, 2021	750,000	$	2.20

Exercisable at March 31, 2021	—	$	—

A summary of the performance-based stock options for the three months ended March 31, 2020 is as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding at January 1, 2020	388,125	$	4.70
Outstanding at March 31, 2020	388,125	$	4.70

Exercisable at March 31, 2020	—	$	—