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Share-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 14: Share-Based Compensation
On July 8, 2021, the Company's stockholders approved the Amended and Restated 2019 Omnibus Incentive Plan, which increased the total authorized shares of Common Stock to 14,650,000 (the “Plan”). The purpose of the Plan is to provide the Company and its subsidiaries’ officers, directors, employees and consultants who, by their position, ability and diligence, are able to make important contributions to the Company’s growth and profitability, with an incentive to assist the Company in achieving its long-term corporate objectives, to attract and retain executive officers and other employees of outstanding competence and to provide such persons with an opportunity to acquire an equity interest in the Company. To accomplish these objectives, the Plan provides for awards of equity-based incentives through granting of restricted stock units, stock options, stock appreciation rights and other stock or cash-based awards. At December 31, 2021, there were approximately 6,743,800 shares in the share reserve still available for issuance.
The Company records share-based compensation awards using a fair value method and recognizes compensation expense for an amount equal to the fair value of the share-based payment issued in its financial statements. The Company’s share-based compensation plans include programs for stock options, restricted stock units (“RSUs”), performance share units (“PSUs”) and deferred compensation. Compensation expense for equity awards recognized in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss) was $17.3 million, $2.4 million and $0.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Restricted Stock Units and Performance Stock Units
The following table summarizes the Company’s RSU and PSU award activity:
RSUsPSUs
Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Outstanding, December 31, 2019656,666 $6.98 — $— 
Granted867,838 $2.76 — $— 
Forfeited/cancelled/expired(219,412)$6.37 — $— 
Vested(127,500)$6.98 — $— 
Outstanding, December 31, 20201,177,592 $4.05 — $— 
Granted2,227,692 $9.57 2,135,000 $5.74 
Forfeited/cancelled/expired(24,919)$2.19 — $— 
Vested(998,898)$4.39 — $— 
Outstanding, December 31, 20212,381,467 $9.09 2,135,000 $5.74 
Compensation expense for RSUs recognized in selling, general and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss) was $13.6 million and $1.2 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021, unrecognized compensation expense related to these awards was $24.1 million and is expected to be recognized over a remaining period of approximately 2.9 years.
Stock Options
The following table summarizes the Company’s stock option activity:
Number of OptionsWeighted Average Exercise Price
Outstanding stock options, December 31, 20191,513,334 $9.60 
Granted1,297,076 $3.70 
Exercised— $— 
Forfeited/cancelled/expired(418,494)$9.45 
Outstanding stock options, December 31, 20202,391,916 $6.43 
Granted— $— 
Exercised(502,761)$4.99 
Forfeited/cancelled/expired(7,956)$3.85 
Outstanding stock options, December 31, 20211,881,199 $6.82 
Compensation expense for stock options recognized in selling, general and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss) was $3.7 million and $1.2 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021, unrecognized compensation expense related to stock options was $0.1 million and is expected to be recognized over a remaining period of approximately 1.9 years.
As of December 31, 2021, the total intrinsic value of stock options outstanding and currently exercisable was $3.8 million. 502,761 stock options were exercised during the year ended December 31, 2021. No stock options were exercised during the years ended December 31, 2020 and 2019.
The following table presents the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2021:
Options OutstandingOptions Exercisable
Exercise PriceOptions Outstanding at December 31, 2021Weighted Average Remaining Contractual Life (In Years)Weighted Average Grant Date Fair ValueOptions Exercisable at December 31, 2021Weighted Average Grant Date Fair Value
$3.49 - $10.00
1,881,199 6.8$2.37 1,788,785 $2.37 
The average fair value of each option award at grant date was estimated using the Black-Scholes option-pricing model assuming dividend yield of 0.0%, volatility of 47%, risk-free rate of return of 1.58%, and expected life of approximately seven years.
Expected volatility is based on the weighted-average combination of the Company’s historic volatility and of the implied volatility of a group of the Company’s peers. The risk-free rate of return is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. The expected life of the Company’s stock option awards is derived from the simplified approach based on the weighted-average time to vest and the remaining contractual term and represents the period of time that awards are expected to be outstanding.