Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

L. Stock-Based Compensation

On December 28, 2021, the Company’s stockholders approved the 2021 Incentive Plan (the “Plan”), including the authority to issue 1,000,000 shares of common stock. This Plan is the only long-term plan under which equity compensation may be awarded to employees, advisors and members of the Board aligning their interest with those of stockholders. A new plan was implemented rather than amending the Company’s prior plan, the Amended and Restated 2011 Incentive Plan, to address certain tax law changes. At December 31, 2022, 975,188 shares remained available for future issuance under the Plan.

Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the shares. Option awards are generally granted with an exercise price either at or 10% above the market price of the Company's common stock at the date of grant; those option awards generally have 5-year contractual terms and generally vest over three years. Total stock-based compensation expense for the years ended December 31, 2022 and 2021 was $388,000 and $413,000, respectively.

Restricted Stock Awards

A summary of the Company’s restricted stock awards for the year ended December 31, 2022 follows:

	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Grant Date Fair value (in thousands)
Balance at December 31, 2021		56,283		$	10.80	$	608
Granted		30,000			10.46	$	314
Vested		(30,000	)		10.43		(313	)
Canceled		(52,533	)		10.95		(575	)
Balance at December 31, 2022		3,750		$	9.01	$	34

As of December 31, 2022, there was no unrecognized compensation cost related to nonvested shares granted as the remaining 3,750 shares vest on January 1, 2023. Total fair value of shares vested during the years ended December 31, 2022 and 2021 was $313,000 and $314,000, respectively.

During the year ended December 31, 2021, the Company issued 53,489 restricted stock awards with a grant date fair value of $11.84 per share. Certain of these shares vested immediately (23,489); 30,000 of these shares were cancelled during the year ended December 31, 2022 as a result of the Spin-Off.

Effective on October 7, 2022 the Company canceled 52,533 unvested, restricted LGL shares that had been issued to MtronPTI management.

Stock Options

The following table summarizes information about stock options outstanding and exercisable at December 31, 2022:

	Number of Shares Outstanding			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)		Aggregate Intrinsic Value (in thousands)
Option Balances at December 31, 2021		25,000		$	12.72	$	4.02		2.8		—
Options Granted		—			—		—		—		—
Options Exercised		(15,000	)		12.72		4.02		—		—
Options Canceled		(10,000	)		12.72		4.02		—		—
Option Balances at December 31, 2022		—		$	—	$	—		—		—
Options Exercisable at December 31, 2022		—		$	—	$	—		—		—

The Company canceled 10,000 unvested options that had been issued to MtronPTI management, effective on October 7, 2022.