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Stock-based Compensation
3 Months Ended
Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation

11. Stock-based Compensation

On March 8, 2022, the Company issued options to purchase 630,000 shares of the Company’s common stock to two named executive officers. The right to exercise the options will vest over a five-year period on a straight-line basis. The options will have a strike price of $4.53 per share and will expire on March 8, 2032. The estimated value of these options is $612,000, which is being expensed ratably over the vesting period.

On June 30, 2020, the Company issued options to purchase 280,000 shares of the Company’s common stock, to certain executive officers and other employees.  The right to exercise the options will vest over a five-year period on a straight-line basis. The options have a strike price of $3.81 per share and expire on June 30, 2030.  The estimated value of these options is $290,000, which is being expensed ratably over the vesting period.

In 2015, 2016, and 2018, the Company issued 390,352, 111,281, and 70,000, respectively, of restricted stock units (“RSUs”) to various employees to be settled in shares of common stock, which were valued at $4.1 million, $909,000, and $404,000, respectively, on the dates of grant.

The Company recorded $14,000 and $54,000 of compensation expense related to the RSUs for the three months ended March 31, 2022 and 2021, respectively. There were 19,000 unvested RSUs as of March 31, 2022, which will generate an estimated future expense of $59,000.

 

The Company recorded $24,000 and $12,000 of compensation expense related to the stock options for the three months ended March 31, 2022 and 2021, respectively.  There were 834,000 unvested options as of March 31, 2022, which will generate an estimated future expense of $773,000.