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Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ equity:
Common Stock
On July 23, 2020, in connection with the Company’s 2020 Annual Meeting of Stockholders, the Company’s stockholders approved, among other matters, an amendment to the Company’s Certificate of Incorporation to increase the number of authorized shares of Common Stock from 175,000,000 to 235,000,000.
On November 4, 2020, the Board of Directors authorized the repurchase of up to $25 million of the Company's shares of Common Stock. The timing and amount of any shares purchased on the open market will be determined based on the Company's evaluation of market conditions, share price and other factors. The Company plans to utilize existing cash on hand to fund the share repurchase program.
Stock-based compensation
During the nine months ended September 30, 2020, a total of 2,639,978 options to purchase Common Stock, with an aggregate fair market value of approximately $6.8 million, were granted to employees, officers, a director and the Interim Chief Executive Officer of the Company. Options have a term of 10 years from the grant date. Options granted to employees, officers and the director will vest ratably over a three-year period. Of the aforementioned option grants, 160,000 options, estimated to be valued at approximately $0.3 million, offered to the Chief Executive Officer ("CEO") in connection with his role as Interim Chief Executive Officer fully vested on November 4, 2020 upon his appointment to permanent CEO on that date. In addition, 840,000 options, estimated to be valued at approximately $1.7 million, were granted to the CEO on November 4, 2020 in connection with his appointment to the role, and vest ratably over three years. Options previously granted to the former Chief Executive Officer vested upon his termination as Chief Executive Officer, and will be exercisable for a period of three years. The fair value of each option is amortized as compensation expense evenly through the vesting period.
The fair value of each option award is estimated on the grant date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, expected rate of forfeiture and the risk-free interest rate. Expected volatilities are based on implied volatilities from historical volatility of the Common Stock, and other factors estimated over the expected term of the options.
Expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.
The key assumptions used in determining the fair value of options granted during the nine months ended September 30, 2020 follows:
Expected price volatility
59.00%-61.76%
Risk-free interest rate
0.25%-1.68%
Weighted average expected life in years6 years
Dividend yield— 
Option activity during the nine months ended September 30, 2020 was as follows:
Number of
shares		Weighted average
exercise price per
share		Aggregate
intrinsic
value
Outstanding at January 1, 20205,496,971 $3.64 $15,455 
Granted in 2020:
Officers and Directors1,430,801 $5.64 
Employees1,209,177 $5.65 
Exercised(1,159,347)$2.38 
Forfeitures(365,188)$4.37 
Outstanding at September 30, 20206,612,414 $4.62 $1,620 
As of September 30, 2020, options exercisable totaled 3,008,632. There are approximately $7.6 million of unrecognized compensation costs related to non-vested share-based compensation awards, including options and restricted stock units (“RSUs”) granted. These costs will be expensed through 2023.
Restricted stock units
During the nine months ended September 30, 2020, a cumulative total of 302,404 RSUs were granted to the Company’s executive officers, a member of senior management, directors and the Interim Chief Executive Officer in connection with his role as Interim Chief Executive Officer with a fair market value of approximately $1.5 million. Of the aforementioned RSU grants, 40,000 RSUs, estimated to be valued at approximately $0.2 million, granted to the Chief Executive Officer ("CEO") in connection with his role as Interim Chief Executive Officer fully vested on November 4, 2020 upon his appointment to permanent CEO on that date. In addition, 160,000 RSUs, valued at approximately $0.6 million, were granted to the CEO upon his appointment on November 4, 2020, and vest ratably over three years. The fair value of restricted units is determined using quoted market prices of the Common Stock and the number of shares expected to vest. RSU grants are time-based, all of which generally vest from a one to three-year period.
Restricted stock activity during the nine months ended September 30, 2020 was as follows:
Number of
restricted
shares		Weighted
average fair
market value
per RSU
Outstanding at January 1, 20201,648,559 $3.86 
Granted in 2020:
Officers and Directors289,949 $5.17 
Employees12,455 $5.50 
Vested(712,654)$2.72 
Forfeitures(407,217)$4.31 
Outstanding at September 30, 2020831,092 $3.82 
Warrants
The Company has granted warrants to purchase shares of Common Stock. Warrants may be granted to affiliates in connection with certain agreements. There were no warrants issued during the nine months ended September 30, 2020 and as of September 30, 2020, a cumulative of 2,136,019 warrants remain outstanding.

Preferred Stock
During the nine months ended September 30, 2020, 175 shares of Series B Preferred Stock (“Series B”) were converted into 972,222 shares of Common Stock. As of September 30, 2020, 443 shares of Series B are outstanding.
During the nine months ended September 30, 2020, 2,093,155 shares of Series A Preferred Stock (“Series A”) were converted on a one-for-one basis into shares of Common Stock. There are no remaining outstanding shares of Series A as of September 30, 2020.
Earnings Per Share
Three months ended September 30,Nine months ended September 30,
2020201920202019
Basic:
Net income (loss) attributable to common stockholders, basic$9,383 $354 $15,515 $(14,609)
Weighted average common shares outstanding101,031,317 89,649,922 99,377,748 81,612,112 
Basic earnings (loss) per common share$0.09 $— $0.16 $(0.18)
Diluted:
Effect of dilutive securities:
Net income (loss) attributable to common stockholders, diluted$9,383 $354 $15,515 $(14,609)
Weighted average common shares outstanding101,031,317 89,649,922 99,377,748 81,612,112 
Effect of dilutive options and warrants4,752,251 15,488,972 5,458,745 — 
Dilutive weighted average common shares outstanding105,783,568 105,138,894 104,836,493 81,612,112 
Diluted earnings (loss) per common share$0.09$—$0.15$(0.18)
During the three months ended September 30, 2020 and the nine months ended September 30, 2020, outstanding stock options, RSUs, warrants and preferred shares of 4,752,251 and 5,458,745, respectively, were included in the computation of diluted earnings per common share.
During the three months ended September 30, 2019, outstanding stock options, RSUs, warrants and preferred shares of 15,488,972 were included in the computation of diluted earnings per common share. During the nine months ended September 30, 2019, outstanding stock options, RSUs, warrants and preferred shares of 15,260,949 were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect.