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Share-Based Compensation
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based CompensationOn July 3, 2019, the Company’s Board of Directors adopted, and the Company’s sole stockholder approved, the 2019 Equity Incentive Plan (the “2019 Equity Incentive Plan”), which became effective on July 17, 2019, the date of effectiveness of the Company’s initial public offering (the “IPO”) registration statement on Form S-1. As of June 30, 2023, 48,086 shares were available for issuance under the 2019 Equity Incentive Plan.
Stock Options
In connection with the IPO, the Company issued options to certain officers to acquire an aggregate of 918,981 shares of the Company’s common stock outside of the 2019 Equity Incentive Plan, with an exercise price of $22 dollars per share. Each of these options vested and became exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year contractual term. On July 18, 2022, the last installment of outstanding options vested.
Share-based compensation expense related to the stock options was $0 and $229 for the three months ended June 30, 2023 and 2022, respectively, and $0 and $606 for the six months ended June 30, 2023 and 2022, respectively.
Restricted Stock Units
Periodically, the Company issues restricted stock units (“RSUs”) to all officers, certain employees and independent directors of the board under the 2019 Equity Incentive Plan. Most of these RSUs are scheduled to vest in substantially equal installments on each of the first four anniversaries of their grant date.
During the three months ended months June 30, 2023, the Company issued 593,653 RSUs in aggregate to its officers, certain employees and independent directors of the board.
Share-based compensation expense related to the RSUs was $2,621 and $1,761 for the three months ended June 30, 2023 and 2022, respectively, and $4,953 and $3,529 for the six months ended June 30, 2023 and 2022, respectively.
Stock Appreciation Rights
Equity-settled Stock Appreciation Rights
Periodically, the Company issues equity-settled stock appreciation rights (“Equity-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Equity-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. Upon exercise, each of these Equity-settled SARs will be settled in shares of the Company’s common stock with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price.
During the three months ended months June 30, 2023, the Company issued 109,889 Equity-settled SARs to certain officers.
Share-based compensation expense related to Equity-settled SARs was $1,531 and $1,041 for the three months ended June 30, 2023 and 2022, respectively, and $3,021 and $2,038 for the six months ended June 30, 2023 and 2022, respectively.
Cash-settled Stock Appreciation Rights
The Company issued cash-settled stock appreciation rights (“Cash-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Cash-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. Upon exercise, each of
these Cash-settled SARs will be settled in cash with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price.
During the three months ended months June 30, 2023, the Company issued 338,907 Cash-settled SARs to certain officers.
Share-based compensation expense related to Cash-settled SARs was $82 and $0 for the three months ended June 30, 2023 and 2022, respectively, and $82 and $0 for the six months ended June 30, 2023 and 2022, respectively.