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Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Note 4. Stock-based Compensation

The following table summarizes share activity related to stock options and restricted stock awards (“RSAs”):


		Restricted Stock
	Stock Options	Awards
Options Outstanding/Nonvested RSAs, December 31, 2020	554	872
Granted	105	233
Options Exercised/RSAs Released	(3)	(166)
Forfeited	(1)	(8)
Options Outstanding/Nonvested RSAs, March 31, 2021	655	931

The Company granted a target of 47,768 performance-based RSAs with a grant date fair value of $1.1 million during the three months ended March 31, 2021 and a target of 67,091 performance-based RSAs with a grant date fair value of $0.7 million during the three months ended March 31, 2020. The 2021 performance-based RSAs were awarded

to certain members of senior management in connection with the achievement of specific key financial metrics that will be measured over a three-year period and which will vest at the end of the three-year period if the performance conditions are met. The number of 2021 performance-based awards that will ultimately vest is contingent upon the achievement of these key financial metrics by the end of year three. The 2020 performance-based RSAs were awarded to certain members of senior management in connection with the achievement of specific key financial metrics and a relative total shareholder return multiple measured over a three-year period and also vest at the end of a three-year period if the performance conditions are met. The number of 2020 performance-based awards that will ultimately vest is contingent upon the achievement of these key financial metrics and the results of the relative total shareholder return multiple by the end of year three. The Company assesses the probability of achieving these metrics on a quarterly basis. For these awards, the Company recognizes the fair value expense ratably over the performance and vesting period. These awards are included above in RSAs Granted.