Stock-based Compensation |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation |
The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the nine months ended September 30, 2021 and 2020.
With the approval of the Board of Directors and a majority of shareholders, effective May 8, 2014, the Plan was amended and restated to provide for an automatic increase in the number of shares of common stock available for issuance under the Plan each January, commencing January 1, 2015, in an amount up to four percent ( ) of the total number of shares of common stock outstanding on the preceding December 31st.
As of September 30, 2021, total compensation costs related to unvested awards not yet recognized was approximately $ million and the weighted-average periods over which the awards are expected to be recognized was years.
Stock Options
Restricted Stock Awards
During the nine months ended September 30, 2021 and 2020, the Company granted restricted stock awards for 29 thousand and $85 thousand for the three and nine months ended September 30, 2021, respectively, and approximately $90 thousand and $263 thousand for the three and nine months ended September 30, 2020, respectively, in the Condensed Consolidated Statement of Operations. As of September 30, 2021, there was approximately $ thousand of total unrecognized compensation costs related to non-vested restricted stock grants which are expected to be recognized over a weighted-average period of years. thousand and thousand shares of common stock, respectively. These awards are typically granted to members of the Board of Directors as payment in lieu of cash fees or as payment to a vendor pursuant to a consulting agreement. The Company values restricted stock awards at the fair market value on the date of grant. The Company recorded the value of these restricted awards as general and administrative expense of approximately $ |