Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Schedule of Stock option plans

Options issued or outstanding under the Stock Options Plans are as follows:

	2009	2014
	Plan	Plan	Total
Outstanding as of December 31,  2019	85,498	1,298,093	1,383,591
Available for future issuance under plan	—	5,329,309	5,329,309
Total authorized by plan	85,498	6,627,402	6,712,900
Outstanding as of December 31,  2020	85,498	2,547,677	2,633,175
Available for future issuance under plan	—	6,583,033	6,583,033
Totals authorized by plan	85,498	9,130,710	9,216,208
Outstanding as of December 31,  2021	—	11,184,450	11,184,450
Available for future issuance under plan	—	1,550,004	1,550,004
Totals authorized by plan	—	12,734,454	12,734,454

Schedule of Summary of Stock Option Activity

The following table summarizes stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-term Incentive Plan (LTIP), for the years ended December 31, 2021, 2020 and 2019:

		Weighted		Average
	Number of	Average		Remaining Life
	Options	Exercise Price		(years)
Outstanding at December 31,  2018	1,546,521	$	5.11	7.19
Granted	73,500		2.36
Exercised	—		—
Expired or Forfeited	(236,430)		6.21
Outstanding at December 31,  2019	1,383,591	$	4.77	6.25
Granted	1,481,000		1.66
Exercised	(82,083)		4.67
Expired or Forfeited	(149,333)		3.68
Outstanding at December 31, 2020	2,633,175	$	3.09	6.53
Granted	1,100,500		17.23
Exercised	(739,956)		3.36
Expired or Forfeited	(170,085)		8.58
Outstanding at December 31, 2021	2,823,634	$	7.67	7.95

Summary of assumptions used to compute the fair value of stock options granted

The following summary table shows the assumptions used to compute the fair value of stock options granted, excluding LTIP, during 2021, 2020 and 2019 and their estimated value:

December 31,	2021			2020			2019
Assumptions for Black-Scholes:
Expected term in years		6.1 to 6.5			6.2 to 6.6			6.2 to 6.3
Expected Volatility		82.8% to 86.0	%		73.3% to 76.8	%		79.4% to 89.4	%
Risk-free interest rate		0.96% to 1.25	%		0.41% to 0.55	%		1.63% to 1.68	%
Expected annual dividends		None			None			None
Value of options granted:
Number of options granted		1,100,500			1,481,000			73,500
Weighted average fair value per share	$	12.40		$	1.08		$	1.71
Fair value of options granted	$	13,642,976		$	1,602,267		$	125,814