STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

9.STOCKHOLDERS’ EQUITY

Capital Stock

The Company is authorized to issue two classes of capital stock: common stock, $0.01 par value per share (“Common Stock”) and preferred stock, $0.01 par value per share (“Preferred Stock”).

At September 30, 2021, 118,011,766 shares of Common Stock were issued and outstanding and no shares of Preferred Stock were issued or outstanding. At September 30, 2021, there were 81,988,234 shares of Common Stock available for issuance, including 842,139 shares available for issuance as stock-based incentive compensation under the Company’s Amended and Restated 2019 Long-Term Incentive Plan (as amended, the “Plan”), and 10,000,000 shares of Preferred Stock available for issuance.

Stock-based Compensation

The Plan permits the granting of awards covering a total of 9,875,000 common units of the Company. A “unit” under the Plan is defined as a common unit of the Company and such other securities as may be substituted or resubstituted for common units of the Company, including but not limited to shares of the Company’s Common Stock. The Plan is intended to promote the interests of the Company by providing to employees, consultants and directors of the Company incentive compensation awards to encourage superior performance and enhance the Company’s ability to attract and retain the services of individuals who are essential for its growth and profitability and to encourage them to devote their best efforts to advancing the Company’s business.

Stock Options

During the three and nine months ended September 30, 2021, the Company did not grant any stock options and no options were exercised, forfeited or expired.

For the three months ended September 30, 2021 and 2020, non-cash compensation expense related to stock options was $0.2 million. For the nine months ended September 30, 2021 and 2020, non-cash compensation expense related to stock options was $0.5 million. As of September 30, 2021, total unrecognized compensation cost related to unvested stock options was $1.0 million, which the Company expects to recognize over the remaining weighted-average period of 1.5 years.

Restricted Stock and Restricted Phantom Stock

A rollforward of restricted stock and phantom stock awards as of September 30, 2021 is as follows:

	Number of Restricted Stock and Phantom Stock Awards			Weighted Average Grant Date Fair Value ($)
Total non-vested at December 31, 2020		1,277,907		$	2.17
Granted		38,224			2.35
Vested		(140,625	)		3.88
Total non-vested at September 30, 2021		1,175,506		$	1.97

For the three months ended September 30, 2021 and 2020, the Company recognized $0.3 million and $0.2 million, respectively, of non-cash compensation expense related to restricted stock and phantom stock awards into earnings. For the nine months ended September 30, 2021 and 2020, the Company recognized $1.0 million and $0.6 million, respectively, of non-cash compensation expense related to restricted stock and phantom stock awards into earnings. As of September 30, 2021, total unamortized compensation cost related to unvested restricted stock awards was $1.5 million, which the Company expects to recognize over the remaining weighted-average period of 1.7 years.