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Capital Stock and Share-Based Compensation
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Capital Stock and Share-Based Compensation Capital Stock and Share-Based Compensation
Stock Options
During the nine months ended September 30, 2021, we granted options to purchase 80,735 shares of our common stock. The general terms of the stock options are similar to awards previously granted by us. We did not grant any stock options in either the three months ended June 30, 2021 or three months ended September 30, 2021.
The fair values of stock options granted were estimated using the following weighted-average assumptions:
Nine Months Ended September 30, 2021
Risk-free rate0.98 %
Expected volatility55.22 %
Expected term (in years)7
The weighted average fair value of stock options granted during the nine months ended September 30, 2021 was $5.24 per share. The fair value of each stock option was determined using the Black-Scholes model.
For the three and nine months ended September 30, 2021, we recognized $0.3 million and $0.8 million, respectively, in share-based compensation expense related to stock options, which is included in our selling, general and administrative expense in the accompanying consolidated statement of operations. We expect to recognize $1.5 million in share-based compensation expense over the weighted-average remaining service period of 1.7 years for stock options outstanding as of September 30, 2021.

Restricted Stock Units
During the nine months ended September 30, 2021, we granted 134,250 time-based restricted stock units ("RSUs"). We did not grant any RSU's in the three months ended September 30, 2021. The general terms of the RSUs are similar to awards
previously granted by us. The weighted average fair value of the time-based RSUs granted during the nine months ended September 30, 2021 was $11.35 per share. The fair value of each RSU was determined based on the market price of our stock on the date of grant.
In addition, pursuant to our Deferred Compensation Plan, non-employee directors can elect to defer the receipt of some or all of the equity compensation that they receive for board and committee service. During the three and nine months ended September 30, 2021, we granted 5,530 and 14,447 RSUs pursuant to the Deferred Compensation Plan, respectively. The general terms of these RSUs are similar to awards previously granted by us. The weighted average fair value of these RSUs granted during the three and nine months ended September 30, 2021 was $10.85 and $10.38 per share, respectively. The fair value of each RSU was determined based on the market price of our stock on the date of grant.
For each of the three and nine months ended September 30, 2021 we recognized $0.5 million and $1.1 million, respectively, in share-based compensation expense related to RSUs, which is included in our selling, general and administrative expense in the accompanying consolidated statement of operations. We expect to recognize $2.0 million in share-based compensation expense over the weighted-average remaining service period of 2.0 years for RSUs outstanding as of September 30, 2021.

Employee Stock Purchase Plan ("ESPP")
For the three and nine months ended September 30, 2021, we recognized $0.1 million and $0.3 million, respectively, in share-based compensation expense related to the ESPP, which is included in our selling, general and administrative expense in the accompanying consolidated statement of operations. There was no share-based compensation expense related to the ESPP for the nine months ended September 30, 2020.