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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
International Money Express, Inc. Omnibus Equity Compensation Plans

On June 26, 2020, at the 2020 Annual Meeting of Stockholders, the Company’s stockholders approved the International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”), which provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are approximately 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). As of December 31, 2021, 2.9 million shares remained available for grant of future awards under the 2020 Plan. The 2018 Plan was terminated effective June 26, 2020, and no additional awards may be granted under the 2018 Plan.

Stock Options

The value of each option grant is estimated on the grant date using the Black-Scholes option pricing model (“BSM”). The option pricing model requires the input of highly subjective assumptions, including the grant date fair value of our common stock, expected volatility, risk-free interest rates, expected term and expected dividend yield. To determine the grant date fair value of the Company’s common stock, we use the closing market price of our common stock at the grant date. We also use an expected volatility based on the historical volatility of the Company’s common stock and the “simplified” method for calculating the expected life of our stock options as the options are “plain vanilla” and we do not have any significant historical post-vesting activity. We have elected to account for forfeitures as they occur. The risk-free interest rates are obtained from publicly available U.S. Treasury yield curve rates.

The Company used the following assumptions for the BSM to determine the fair value of the stock options granted during the year ended December 31, 2020; there were no options granted during the year ended December 31, 2021.
Year Ended
December 31, 2020
Weighted-average grant date price of our common stock (per share)$12.94 
Weighted-average expected volatility45.2 %
Weighted-average risk-free interest rate0.5 %
Expected term (in years)6.25
Expected dividend yield0.0 %

Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $2.4 million, $2.8 million and $2.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. As of December 31, 2021, there were 1.9 million outstanding stock options awarded under the Plans and unrecognized compensation expense of approximately $2.9 million is expected to be recognized over a weighted-average period of 1.3 years.

A summary of the stock option activity during the year ended December 31, 2021 is presented below:
Number of
Options		Weighted-Average
Exercise Price		 Weighted-Average
Remaining Contractual
Term (Years)		Weighted-Average
Grant Date
Fair Value
Outstanding at December 31, 20202,714,902 $10.97 8.19$4.03 
Granted— $— $— 
Exercised(1)
(691,090)$9.93 $3.54 
Forfeited(125,125)$12.59 $5.85 
Outstanding at December 31, 20211,898,687 $11.24 7.11$4.17 
Exercisable at December 31, 2021(2)
1,061,086 $10.76 6.87$3.83 

(1) The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 was $4.7 million.
(2) The aggregate fair value of all vested/exercisable options outstanding as of December 31, 2021 was $4.1 million.

Restricted Stock Units

The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of the grant, while RSUs issued to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company recognized compensation expense for all RSUs of approximately $1.2 million, $0.4 million and $0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. As of December 31, 2021, unrecognized compensation expense of approximately $2.8 million is expected to be recognized over a weighted-average period of 1.9 years.
A summary of the RSU grant activity during the year ended December 31, 2021 is presented below:
Number of RSU awardsWeighted-Average
Grant Price
Outstanding (nonvested) at December 31, 202040,881 $13.38 
Granted290,783 $15.02 
Vested (and settled)(47,728)$14.11 
Forfeited(52,002)$14.73 
Outstanding (nonvested) at December 31, 2021231,934 $14.99 

Share Awards

Under the 2020 Plan and effective October 1, 2020, the Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $64.0 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities. During the year ended December 31, 2021, 4,133 fully vested shares were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $64.0 thousand recognized and included in salaries and benefits in the consolidated statements of income and comprehensive income.

Restricted Stock Awards

The RSAs issued under the 2020 Plan to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $258.6 thousand for the year ended December 31, 2021, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. No compensation expense for RSAs was recognized for the years ended December 31, 2020 and 2019. As of December 31, 2021, there was $1.0 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.1 years.

A summary of the RSA activity during the year ended December 31, 2021 is presented below:
Number of RSAsWeighted-Average
Grant Price
Outstanding (nonvested) at December 31, 2020— $— 
Granted88,215 $14.17 
Vested (and settled)— $— 
Forfeited— $— 
Outstanding (nonvested) at December 31, 202188,215 $14.17 

Performance Stock Units

PSUs granted under the 2020 Plan to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue targets for a period of two years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. The Company recognized compensation expense for PSUs of $0.7 million for the year ended December 31, 2021, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. There was no compensation expense for PSUs
recognized for the years ended December 31, 2020 and 2019. As of December 31, 2021, there was $1.7 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 2.0 years.

A summary of the PSU activity during the year ended December 31, 2021 is presented below:

Number of PSUsWeighted-Average
Remaining Contractual
Term (Years)		Weighted-Average
Grant Price
Outstanding (nonvested) at December 31, 2020— — $— 
Granted171,500 $14.17 
Vested (and settled)— $— 
Forfeited— $— 
Outstanding (nonvested) at December 31, 2021171,500 9.17$14.17