Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

The Company has various stock compensation plans, which are more fully described in Part II, Item 8 “Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial Statements - Share-based Compensation” in the 2023 Annual Report on Form 10-K.

Under the 2021 Incentive Award Plan, the Company has the ability to grant options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), dividend equivalents, or other stock or cash-based awards to employees, directors, or consultants. Option awards are generally granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. Options, RSU, and PSU awards generally vest over a period of four years. RSAs generally vest over less than one year.

Stock-based Compensation Expense

Total stock-based compensation was recognized as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
General and administrative	$	1,859	$	1,196	$	4,376	$	4,093
Sales and marketing	365		394		1,076		1,362
Research and development	490		620		1,594		2,188
Total stock-based compensation	$	2,714	$	2,210	$	7,046	$	7,643

During the three and nine months ended September 30, 2024, the Company capitalized $45 and $45, respectively, of stock-based compensation attributable to internally developed software. There was no stock-based compensation capitalized during the three or nine months ended September 30, 2023.

During the three months ended September 30, 2024, the Company modified certain RSU awards for 11 employees and exchanged the RSUs previously granted for RSAs that vest within six months of the date of modification. The RSAs are valued at the market value on the date of grant. As a result of the modification, the Company recognized $62 of incremental stock-based compensation expense during the three months ended September 30, 2024. As of September 30, 2024, the Company had $343 of incremental unrecognized stock-based compensation costs related to unvested RSAs that will be recognized over a weighted-average period of 0.4 years.

As of September 30, 2024, the Company had $109 of unrecognized stock-based compensation costs related to non-vested options that will be recognized over a weighted-average period of 0.2 years; $8,092 of unrecognized stock-based compensation costs related to unvested RSUs that will be recognized over a weighted-average period of 1.6 years; and $169 of unrecognized stock-based compensation costs related to unvested PSUs that will be recognized over a weighted-average period of 1.3 years.