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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Performance and Incentive Pay Plan
The HYMC Performance and Incentive Pay Plan (the “PIPP”) was approved on February 20, 2019 and amended on May 29, 2020 and June 2, 2022. The PIPP is a stock-based and cash-based compensation plan to attract, retain and motivate employees and directors while directly linking incentives to increases in stockholder value. Terms and conditions (including performance-based vesting criteria) of awards granted under the PIPP are approved by the Board of Directors or the Compensation Committee of the Board of Directors, who administer the PIPP. Awards may be granted in a variety of forms, including restricted stock, restricted stock units, stock options, stock appreciation rights, performance awards, and other stock-based awards.
On June 2, 2022, the Company’s stockholders approved an amendment to the PIPP which increased the number of authorized shares of common stock available for issuance by 1.2 million shares of common stock. As a result, 1,450,800 shares of common stock are authorized for issuance under the PIPP. As of December 31, 2023, there were 482,070 shares of common stock available for issuance under the PIPP.
As of December 31, 2023, all awards granted under the PIPP were in the form of restricted stock units to employees or consultants of the Company. Restricted stock units granted under the PIPP without performance-based vesting criteria typically vest in either equal annual installments over two to four years, or in entirety on the fourth anniversary after the grant date. Awards granted with performance-based vesting criteria typically vest in annual installments over three years subject to the achievement of certain financial and operating results of the Company. Certain restricted stock units granted to non-employee directors vest immediately while others vest in substantially equal installments over a two to three years period.
For restricted stock units granted prior to August 2020, a price per share was not determined upon the grant date. The number of shares of common stock of the Company to be issued upon vesting was calculated on the vesting date, which was either the second or third anniversary of the date of the grant, or the annual date the compensation committee determined the achievement of the corporate performance targets. Such unvested restricted stock unit awards were included in Other liabilities until each vesting date when the amount was transferred to Additional paid-in capital. As of December 31, 2022, there were no remaining restricted stock unit grants outstanding required to be accounted for as Other liabilities. Prior to each vesting date, the Company estimated the number of shares of common stock to be issued upon vesting using the closing share price of its common stock on the last day of each reporting period as quoted on the Nasdaq.
On November 14, 2023, the Company effectuated a reverse stock split with a ratio of 1-for-10. All share and per share information has been retroactively adjusted to give effect to the reverse stock split for all periods presented.
The following tables summarize the Company’s unvested share awards outstanding as of December 31, 2023 and 2022, under the PIPP:
Number of Restricted Stock UnitsWeighted Average Grant Date
Fair Value Per Unit
Unvested at December 31, 2022354,715 $19.94 
Granted501,691 4.61 
Canceled/forfeited(62,934)12.17 
Vested(1)
(186,374)14.12 
Unvested at December 31, 2023607,099$10.04 
Number of Restricted Stock UnitsWeighted Average Grant Date
Fair Value Per Unit
Unvested at December 31, 2021(2)
221,091 $28.21 
Granted330,707 13.03 
Impact of fluctuations in share price(3)
(51,520)6.04 
Canceled/forfeited(1)
(28,250)30.96 
Vested(117,313)29.64 
Unvested at December 31, 2022(1)
354,715$19.94 
(1)For the years ended December 31, 2023 and 2022, 2,595 and 3,115 respectively of restricted stock units vested and the corresponding issuance of shares of common stock was deferred as the Company was under a trading black-out as of the date of vesting. The shares of common stock will be issued upon expiration of the trading blackout.
(2)Amount includes liability-based awards for which the number of units awarded was not determined until the vesting date. The number of liability-based award units included in this amount were estimated using the market value of the Company’s shares of common stock as of the end of each reporting period.
(3)Amount represents difference between liability-based awards estimated as of the end of the previous reporting period and the number of shares of common stock issued upon vesting.
During the year ended December 31, 2022, the Company reclassified $0.8 million from Other liabilities, current to Additional paid-in capital for performance-based restricted stock units that vested.
During the years ended December 31, 2023 and 2022, the Company recorded compensation expense of $2.9 million and $2.5 million, respectively, related to restricted stock awards.
As of December 31, 2023, there was $3.3 million of unrecognized compensation cost related to unvested restricted stock units