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Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ equity:
Common Stock
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.

During the six months ended June 30, 2021, a cumulative total of 3,202,690 shares, with a weighted average price of $3.72 for a value of $11.9 million were repurchased and recorded as Treasury Stock in the condensed consolidated balance sheet.
Stock-based compensation
During the six months ended June 30, 2021, a total of 2,893,682 options to purchase Common Stock, with an aggregate fair market value of approximately $11.8 million, were granted to employees and the Company's executive officers of the Company. Options have a term of 10 years from the grant date. Options granted to employees and officers will vest ratably over a three-year 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 six months ended June 30, 2021 follows:
Expected price volatility
58.57%-59.87%
Risk-free interest rate
0.50%-1.13%
Weighted average expected life in years6 years
Dividend yield— 
Option activity during the six months ended June 30, 2021 was as follows:
Number of
shares		Weighted average
exercise price per
share		Aggregate
intrinsic
value
Outstanding at January 1, 20217,060,966 $4.55 $2,831 
Granted in 2021:
Officers and Directors1,249,292 3.84 
Employees1,644,390 4.25 
Exercised(42,447)2.35 
Forfeitures(295,071)4.79 
Outstanding at June 30, 20219,617,130 $4.41 $1,061 
During the six months ended June 30, 2021 and 2020, Company employees and directors exercised approximately 42,447 and 1,090,724 stock options, respectively, with net proceeds to the Company of approximately $0.1 million and $2.6 million, respectively. The intrinsic value of options exercised during the six months ended June 30, 2021 and 2020 was approximately $0.1 million and $3.0 million, respectively.
As of June 30, 2021, options exercisable totaled 4,007,289. There are approximately $10.7 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 2024.
Restricted stock units
During the six months ended June 30, 2021, a cumulative total of 262,369 RSUs were granted to the Company’s executive officers and members of senior management, with a fair market value of approximately $1.0 million. 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 six months ended June 30, 2021 was as follows:
Number of
restricted
shares		Weighted
average fair
market value
per RSU
Outstanding at January 1, 2021940,759 $3.71 
Granted:
Officers and Directors226,562 3.84 
Employees35,807 3.84 
Vested(334,842)3.88 
Forfeitures— — 
Outstanding at June 30, 2021868,286 $3.87 
Warrants

The Company has granted warrants to purchase shares of Common Stock. Warrants may be granted to affiliates in connection with certain agreements.

As of June 30, 2021, a cumulative total of 2,051,033 warrants, with exercise prices ranging from $2.38 to $3.42, remain exercisable and outstanding. The warrants were valued using the Black-Scholes Model, which a cumulative fair value of approximately $4.5 million. There were no warrants granted or exercised during the six months ended June 30, 2021.
Preferred Stock
As of June 30, 2021, 443 shares of Series B Preferred Stock (“Series B”) are outstanding. There were no conversions of Series B during the six months ended June 30, 2021.
Earnings Per Share
Three months ended June 30,Six months ended June 30,
2021202020212020
Basic:
Net income attributable to common stockholders, basic$9,064 $1,165 $14,301 $6,131 
Weighted average common shares outstanding98,793,242 100,136,893 99,884,680 98,541,877 
Basic earnings per common share$0.09 $0.01 $0.14 $0.06 
Diluted:
Effect of dilutive securities:
Net income attributable to common stockholders, diluted$9,064 $1,165 $14,301 $6,131 
Weighted average common shares outstanding98,793,242 100,136,893 99,884,680 98,541,877 
Effect of dilutive options and warrants3,715,270 7,974,308 4,124,730 8,520,284 
Dilutive weighted average common shares outstanding102,508,512 108,111,201 104,009,410 107,062,161 
Diluted earnings per common share$0.09$0.01$0.14$0.06