Note 13 – 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 three months ended March 31, 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. The amendment provides 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 (4%) of the total number of shares of common stock outstanding on the preceding December 31st.

The following table contains information about the Company’s stock plan at March 31, 2021:

 Schedule of Equity Compensation Plan by Arrangements

The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows:

Schedule of Recognized Stock-Based Compensation 

As of March 31, 2021, total compensation costs related to unvested awards not yet recognized was approximately $10.3 million and the weighted-average periods over which the awards are expected to be recognized was 3.0 years.

Stock Options

The following table summarizes the activity for Company’ stock options for the three months ended March 31, 2021:

Schedule of Stock Option Activity 

Restricted Stock Awards

During the three months ended March 31, 2021 and 2020, the Company granted restricted stock awards for 8 thousand and 226 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 $20 thousand and $80 thousand in the condensed consolidated statement of operations for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was approximately $48 thousand of total unrecognized compensation costs related to 100,000 non-vested restricted stock grants which are expected to be recognized over a weighted-average period of 0.6 years.