Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 17 - STOCK-BASED COMPENSATION

Equity Incentive Plan

Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018, authorizing us to issue up to 4.35 million shares of common stock, along with nonqualified stock options, stock appreciation rights, restricted stock and performance restricted stock units to our officers, key employees, nonemployee directors and consultants. In May 2021, the stockholders approved an amendment to the Plan that, among other things, increased the authorized shares by 2 million. At December 31, 2022, there were 0.2 million shares available for future grants under this Plan. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options.

Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year period, and performance restricted stock units (“PSUs”), with three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends.

The following tables summarize the RSU, PSU and option activity for the year ended December 31, 2022 and 2021:

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value		Options			Weighted Average Exercise Price
Balance at January 1, 2022		966,429		$	4.62		2,484,581		$	6.67		9,000		$	16.76
Granted		515,491			3.93		667,345			5.33		—			—
Settled		(580,551	)		4.73		(719,659	)		6.68		—			—
Forfeited or expired		(4,570	)		3.77		(109,166	)		7.24		(9,000	)		16.76
Balance at December 31, 2022		896,799		$	4.16		2,323,101		$	6.26		—		$	—
Awards estimated to vest in the future		896,799		$	4.16		2,323,101		$	6.26		—		$	—

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value		Options			Weighted Average Exercise Price
Balance at January 1, 2021		1,213,667		$	3.59		2,176,290		$	4.88		24,000		$	20.39
Granted		411,291			5.94		653,438			8.41		—			—
Settled		(626,004	)		3.30		(193,778	)		5.45		—			—
Forfeited or expired		(32,525	)		8.13		(151,369	)		12.61		(15,000	)		22.57
Balance at December 31, 2021		966,429		$	4.62		2,484,581		$	6.67		9,000		$	16.76
Awards estimated to vest in the future		939,298		$	4.67		1,997,713		$	6.86		9,000		$	16.76

Stock-based compensation expense was $9.7 million and $9.5 million for the years ended December 31, 2022 and 2021, respectively. Unrecognized stock-based compensation expense related to nonvested awards of $7.3 million is expected to be recognized over a weighted average period of approximately 1.6 years.