Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Stock-Based Compensation

Note 11 – Stock-Based Compensation

A summary of stock option activity related to the Company’s standard employee incentive plan (excluding options awarded under the Long-Term Incentive Plan (LTIP) – Note 12) for the nine months ended September 30, 2022 is as follows:

		Weighted
	Number of	Average
	Options	Exercise Price
Outstanding at December 31, 2021	2,823,634	$	7.67
Granted	183,500		5.92
Exercised	(137,866)		2.62
Expired or Forfeited	(120,919)		8.27
Outstanding at September 30, 2022	2,748,349	$	7.37

The weighted average remaining contractual term for all options as of September 30, 2022 and December 31, 2021 was 7.37 years and 7.95 years, respectively.

As of September 30, 2022, there were 1,409,352 options that were fully-vested and exercisable at a weighted average exercise price of $6.91 per share. The weighted average remaining contractual term of the vested options is 6.5 years.

As of September 30, 2022, there were 1,338,997 unvested options exercisable at a weighted average exercise price of $9.75 per share. The weighted average remaining contractual term of the unvested options is 8.3 years.

The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At September 30, 2022, the Company had $9,293,768 of unrecognized stock compensation expense, which will be recognized over a weighted average period of 2.6 years.

For the three months ended September 30, 2022 and 2021, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s LTIP, of $1,157,556 and $1,137,862, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s LTIP, of $3,730,899 and $2,606,700, respectively