Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Activity
The following table summarizes stock-based compensation expense:

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Stock options $ 254,585  $ 21,210  $ 486,963  $ 91,622 
Restricted stock awards 2,226,865  1,118,703  3,906,109  1,940,719 
Performance-based restricted stock awards 810,959  —  1,249,630  — 
Total stock-based compensation expense $ 3,292,409  $ 1,139,913  $ 5,642,702  $ 2,032,341 
Schedule of Stock Option Activity
A summary of stock option activity for the six months ended June 30, 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 (51,198) 1.36 
Forfeited (625) 22.30 
Balance, June 30, 2022 444,013  $ 7.45  6.7
Number of options exercisable at June 30, 2022 188,988  $ 4.03  3.2
Schedule of Restricted Stock Activity
A summary of restricted stock award activity for the six months ended June 30, 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 2,829,992  3.10 
Vested (282,504) 9.06 
Forfeited (145,016) 6.05 
Balance, June 30, 2022 4,019,664  $ 5.07 
Schedule of Nonvested Performance-Based Units Activity
A summary of the activity for PSU awards with total shareholder return performance objectives for the six months ended June 30, 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 454,832  11.79 
Forfeited (11,138) 11.79 
Balance, June 30, 2022 749,891  $ 11.79 
A summary of the PSU awards with cumulative adjusted EBITDA targets for the six months ended June 30, 2022 is as follows:
Number of Unvested Shares
Balance, December 31, 2021 — 
Granted 454,822 
Forfeited (11,138)
Balance, June 30, 2022 443,684