Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Activity
The following table summarizes stock-based compensation expense:

Three Months Ended March 31,
2022 2021
Stock options $ 232,378  $ 70,412 
Restricted stock awards 1,679,244  822,016 
Performance-based restricted stock awards 438,671  — 
Total stock-based compensation expense $ 2,350,293  $ 892,428 
A summary of the TSR PSU award activity for the three months ended March 31, 2022 is as follows:
Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2021 306,197  $ 11.79 
Granted(1)
420,170  11.79 
Balance, March 31, 2022 726,367  $ 11.79 
(1) On February 23, 2022, the Company issued an additional 0.4 million TSR PSUs to certain executives. Vesting is based upon the Company’s total shareholder return as compared to a group of peer companies over a 3-year performance period. The TSR PSUs vest only upon the achievement of the applicable performance conditions for the performance period, and depending on the actual achievement on the performance conditions, the grantee may earn between 0% and 200% of the target TSR PSUs. The grant date fair value of $11.79 per TSR PSU was estimated using a Monte-Carlo simulation model using a volatility assumption of 117% and risk-free interest rate of 0.69%.
Schedule of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2022 is as follows:

Number of Options Weighted
Average
Exercise Price
per Option		 Weighted
Average
Remaining
Contractual Life
(Years)
Balance, December 31, 2021 495,836  $ 6.80  6.5
Exercised (3,254) 1.81 
Balance, March 31, 2022 492,582  $ 6.78  6.3
Number of options exercisable at March 31, 2022 231,683  $ 3.45  2.8
Schedule of Restricted Stock Activity
A summary of restricted stock award activity for the three months ended March 31, 2022 is as follows:

Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2021 1,617,192  $ 9.33 
Granted 2,422,809  3.10 
Vested (127,957) 10.41 
Forfeited (26,700) 5.51 
Balance, March 31, 2022 3,885,344  $ 5.43