Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Activity
The following table summarizes stock-based compensation expense for the periods indicated:

Three Months Ended September 30, Nine Months Ended
September 30,
2022 2021 2022 2021
Stock options $ 245,867  $ 181,558  $ 732,830  $ 273,180 
Restricted stock awards 2,047,989  1,039,647  5,954,098  2,980,366 
Performance-based restricted stock awards 691,419  —  1,941,049  — 
Total stock-based compensation expense $ 2,985,275  $ 1,221,205  $ 8,627,977  $ 3,253,546 
Schedule of Stock Option Activity
A summary of stock option activity for the nine months ended September 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 (69,710) 1.48 
Forfeited (2,500) 22.30 
Balance, September 30, 2022 423,626  $ 7.63  6.7
Number of options exercisable at September 30, 2022 218,006  $ 5.48  4.6
Schedule of Restricted Stock Activity
A summary of restricted stock award activity for the nine months ended September 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 2,838,164  3.10 
Vested (709,607) 6.71 
Forfeited (149,833) 6.27 
Balance, September 30, 2022 3,595,916  $ 5.06 
Schedule of Nonvested Performance-Based Units Activity
A summary of the activity for PSU awards with total shareholder return performance objectives for the nine months ended September 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 (22,278) 11.79 
Balance, September 30, 2022 738,751  $ 11.79 
A summary of the PSU awards with cumulative adjusted EBITDA targets for the nine months ended September 30, 2022 is as follows:
Number of Unvested Shares
Balance, December 31, 2021 — 
Granted 454,822 
Forfeited (22,276)
Balance, September 30, 2022 432,546