STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

14 – STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

Stock Options

The following table summarizes the stock option activity for the nine months ended September 30, 2022:

		Weighted		Weighted
	Number	Average		Average
	of	Exercise		Fair
	Options	Price		Value
Outstanding as of January 1, 2022	916,287	$	9.02	$	4.08
Granted	—		—		—
Exercised	(501,060)		9.94		5.16
Forfeited	—		—		—
Outstanding as of September 30, 2022	415,227	$	7.91	$	2.78
Exercisable as of September 30, 2022	221,336	$	7.63	$	2.63

The following table summarizes certain information about the options outstanding as of September 30, 2022:

		Options Outstanding and Unvested,				Options Outstanding and Exercisable,
		September 30, 2022				September 30, 2022
Weighted					Weighted				Weighted
Average			Weighted		Average		Weighted		Average
Exercise Price of			Average		Remaining		Average		Remaining
Outstanding		Number of	Exercise		Contractual	Number of	Exercise		Contractual
Options		Options	Price		Life	Options	Price		Life
$	7.91	193,891	$	8.22	3.81	221,336	$	7.63	3.39

As of September 30, 2022 and December 31, 2021, a total of 415,227 and 916,287 stock options were outstanding, respectively.

Amortization of the unamortized stock-based compensation balance of $145 as of September 30, 2022 is expected to be expensed $56, $81 and $8 during the remainder of 2022 and during the years ending December 31, 2023 and 2024, respectively.

For the three and nine months ended September 30, 2022 and 2021, the Company recognized amortization expense of the fair value of its stock options, which is included in General and administrative expenses, as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
General and administrative expenses	$	55	$	152	$	223	$	483

Restricted Stock Units

The Company has issued restricted stock units (“RSUs”) under the 2015 Plan to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of September 30, 2022 and December 31, 2021, 612,300 and 478,848 shares of the Company’s common stock were outstanding in respect of the RSUs, respectively. Such shares of common stock will only be issued in respect of vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the amended 2015 Plan.

The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the closing price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors.  The RSUs that have been issued to other individuals vest ratably on each of the

three or five year anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the nine months ended September 30, 2022:

		Weighted
	Number of	Average Grant
	RSUs	Date Price
Outstanding as of January 1, 2022	306,887	$	9.65
Granted	250,688		19.87
Vested	(187,267)		11.02
Forfeited	—		—
Outstanding as of September 30, 2022	370,308	$	15.88

The total fair value of the RSUs that vested during the nine months ended September 30, 2022 and 2021 was $3,837 and $1,814, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

The following table summarizes certain information of the RSUs unvested and vested as of September 30, 2022:

Unvested RSUs				Vested RSUs
September 30, 2022				September 30, 2022
			Weighted
	Weighted		Average		Weighted
	Average		Remaining		Average
Number of	Grant Date		Contractual	Number of	Grant Date
RSUs	Price		Life	RSUs	Price
370,308	$	15.88	2.46	844,605	$	10.47

The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of September 30, 2022, unrecognized compensation cost of $3,475 related to RSUs will be recognized over a weighted-average period of 2.46 years.

For the three and nine months ended September 30, 2022 and 2021, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
General and administrative expenses	$	785	$	445	$	2,133	$	1,187