Share Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

NOTE 15 — SHARE-BASED COMPENSATION

During the six months ended June 30, 2022, the Compensation Committee of our Board of Directors approved the grant of 128,574 shares of Restricted Stock Units ("RSUs") and 339,227 shares of Performance Stock Units ("PSUs") to certain directors, officers and employees of the Company under the 2020 Omnibus Incentive Plan. The Company’s plan is to have broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. We calculated the fair value of the RSUs and PSUs at grant date based on the closing market price of our common stock at the date of grant. The compensation expense is recognized on a straight-line basis over the requisite vesting period of the award. The number of PSUs granted depends on the Company's achievement of target performance goals, which may range from 0% to 200% of the target award amount. The PSUs vest ratably over three years including the one-year performance period.

The Company recognized total RSU compensation expense of $0.5 million and $0.2 million for the three months ended June 30, 2022 and 2021, respectively, and $0.8 million and $0.5 for the six months ended June 30, 2022 and 2021, respectively. The Company recognized total PSU compensation expense of $0.3 million for both the three and six months ended June 30, 2022. There were no PSUs granted prior to 2022, therefore there was no PSU expense in 2021.

As of June 30, 2022, the total unrecognized compensation expense related to the non-vested portion of the Company's restricted stock awards was $2.8 million, which is expected to be recognized over a weighted average period of 1.8 years. As of June 30, 2022, the total unrecognized compensation expense related to the non-vested portion of the Company's performance stock awards was $3.8 million, which is expected to be recognized over a weighted average period of 2.3 years.

The following table summarizes our RSUs and PSUs that were granted and vested during the six months ended June 30, 2022:


	Restricted Stock Units					Performance Stock Units
	Number of units			Weighted average grant date fair value		Number of units		Weighted average grant date fair value
Unvested units as of December 31, 2021		309,292		$	9.71		—	$	—
Granted		128,574			11.82		339,227		12.14
Vested - issued		(90,649	)		9.24		—		—
Vested - unissued		(37,324	)		13.16		—		—
Unvested units as of June 30, 2022		309,893		$	10.31		339,227	$	12.14