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Share-Based Compensation Share-Based Compensation (Notes)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation
Share-Based Compensation Plans

In 2016, the Company adopted the 2016 Equity Incentive Plan (as amended from time to time, the “2016 Plan”). The Company also adopted the Inducement Plan (as amended from time to time, the “Inducement Plan,” and, together with the 2016 Plan, the “Plans”) on December 15, 2016.

The Company computes a deferred tax benefit for restricted stock awards (“RSUs”), performance-based stock units (“PSUs”) and stock options designed to generate future tax deductions by applying its effective tax rate to the expense recorded. For restricted stock units, the Company's actual tax deduction is based on the value of the units at the time of vesting.

The expense for awards issued to both employees and non-employees, which was recorded in “General and administrative, net” in the accompanying consolidated statements of operations was $4.6 million for both the years ended December 31, 2021 and 2020. Capitalized share-based compensation was $0.2 million and for both the years ended December 31, 2021 and 2020.
We view stock option awards and restricted stock unit awards with graded vesting as single awards with an expected life equal to the average expected life of component awards, and we amortize the awards on a straight-line basis over the life of the awards. The Company accounts for forfeitures in compensation cost when they occur.

Our shares available for future grant under the Plans were 349,265 at December 31, 2021.

Stock Option Awards

The compensation cost related to these awards is based on the grant date fair value and is expensed over the vesting period (generally one to five years). We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock option awards.

At December 31, 2021, we had $0.1 million in unrecognized compensation cost related to stock option awards. The following table represents stock option award activity for the year ended December 31, 2021:
SharesWtd. Avg.
Exer. Price
Options outstanding, beginning of period303,705 $27.73 
Options forfeited(3,896)$16.96 
Options expired(23,800)$23.25 
Options outstanding, end of period276,009 $28.12 
Options exercisable, end of period226,950 $28.53 

Our outstanding stock option awards at December 31, 2021 had no measurable aggregate intrinsic value. At December 31, 2021 the weighted-average remaining contract life of stock option awards outstanding was 4.1 years and exercisable was 3.8 years. The stock option awards exercisable as of December 31, 2021 had no intrinsic value.

Restricted Stock Units

The Plans allow for the issuance of restricted stock unit awards that generally may not be sold or otherwise transferred until certain restrictions have lapsed. The compensation cost related to these awards is based on the grant date fair value and is typically expensed over the requisite service period (generally one to five years).

As of December 31, 2021, we had unrecognized compensation expense of $0.7 million related to our restricted stock units which is expected to be recognized over a weighted-average period of 0.7 years.

The following table provides information regarding restricted stock unit activity for the year ended December 31, 2021:
 SharesWtd. Avg.
Grant Price
Restricted units outstanding, beginning of period574,916 $9.02 
Restricted stock units granted100,178 $8.33 
Restricted stock units forfeited(17,802)$11.09 
Restricted stock units vested(312,447)$9.14 
Restricted stock units outstanding, end of period344,845 $8.60 

Performance-Based Stock Units

On February 20, 2018, the Company granted 30,700 performance share units for which the number of shares earned is based on the total shareholder return (“TSR”) of the Company's common stock relative to the TSR of its selected peers during the performance period from January 1, 2018 to December 31, 2020. The awards contain market conditions which allow a payout ranging between 0% payout and 200% of the target payout. The fair value as of the date of valuation was $41.66 per unit or 150.61% of the stock price. The compensation expense for these awards is based on the per unit grant date valuation using a Monte-Carlo simulation multiplied by the target payout level. The payout level is calculated based on actual stock price performance achieved during the performance period. The awards have a cliff-vesting period of three years. There are no
outstanding PSUs related to this award as of December 31, 2021. During the year ended December 31, 2021 23,800 shares vested under this award.

On May 21, 2019, the Company granted an additional 99,500 performance-based stock units for which the number of shares earned is based on the TSR of the Company's common stock relative to the TSR of its selected peers during the performance period from January 1, 2019 to December 31, 2021. The awards contain market conditions which allow a payout ranging between 0% payout and 200% of the target payout. The fair value as of the grant date was $18.86 per unit or 112.9% of stock price. The awards have a cliff-vesting period of three years. There were 83,600 PSUs outstanding related to this award as of December 31, 2021. In the first quarter of 2022, the Board and its Compensation Committee approved payout of these awards at 117% of target. Accordingly, 97,812 shares were issued on February 23, 2022.

On February 24, 2021, the Company granted 161,389 PSUs for which the number of shares earned is based on the TSR of the Company's common stock relative to the TSR of its selected peers during the performance period from January 1, 2021 to December 31, 2022. The awards contain market conditions which allow a payout ranging between 0% and 200% of the target payout. The fair value as of the grant date was $13.13 per unit or 157.6% of the stock price. The compensation expense for these awards is based on the per unit grant date valuation using a Monte Carlo simulation multiplied by the target payout level. The payout level is calculated based on actual stock price performance achieved during the performance period. The awards have a cliff-vesting period of two years. All PSUs granted remain outstanding related to this award as of December 31, 2021.

As of December 31, 2021, we had unrecognized compensation expense of $1.1 million related to our performance-based stock units based on the assumption of 100.0% target payout. The remaining weighted-average performance period is 1.0 year.

The following table provides information regarding performance-based stock unit activity for the year ended December 31, 2021:
 SharesWtd. Avg.
Grant Price
Performance based stock units outstanding, beginning of period107,400 $32.48 
Performance based stock units granted161,389 $13.13 
Performance based stock units vested(23,800)$41.66 
Performance based stock units outstanding, end of period244,989 $18.84 

Employee Savings Plan

We have a savings plan under Section 401(k) of the Internal Revenue Code. The Company contributed on behalf of eligible employees an amount up to 100% of the first 6% of compensation based on the contributions made by the eligible employees in 2021 and 2020. The Company's plan contributions of $0.5 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively, were paid in cash during each pay period. These amounts were recorded as “General and administrative, net” on the accompanying consolidated statements of operations.