Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

9. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $0.9 million and $0.2 million of share-based compensation related expense during the three-month periods ended June 30, 2021 and 2020, respectively, and $1.6 million and $0.8 million during the six-month periods ended June 30, 2021 and 2020, respectively.

The Company granted approximately 460,000 and 503,000 restricted stock units during the three-month periods ended June 30, 2021 and 2020, respectively, and approximately 460,000 and 503,000 restricted stock units during the six-month periods ended June 30, 2021 and 2020, respectively. The weighted-average fair value of restricted stock units granted was estimated at $8.59 and $5.44 per unit during the six-months ended June 30, 2021 and 2020, respectively. The fair value of 2021 and 2020 time-based restricted stock units was determined by using the value of stock in the open market on the date of grant. The fair value of the 2021 and 2020 performance-based restricted stock units was determined by using the Monte Carlo valuation model.

The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards.  

There were 2,000 and zero options exercised during the six-months ended June 30, 2021 and 2020, respectively. The Company received approximately $13,000 from a non-employee director exercising options during the six-months ended June 30, 2021. The intrinsic value of options exercised during the six-months ended June 30, 2021 was approximately $3,000.