Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.4
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Arrangements The following table summarizes stock-based compensation expense:
Years Ended December 31,
2022
2021
2020
Stock options $ 978,696  $ 526,125  $ 792,055 
Restricted stock awards 7,767,114  4,227,252  3,228,750 
Performance-based restricted stock 2,714,401  190,003  — 
Total stock-based compensation expense $ 11,460,211  $ 4,943,380  $ 4,020,805 
Schedule of Share-based Compensation, Stock Options
A summary of stock option activity for the year ended December 31, 2022 is as follows:
Number of Options Weighted
Average
Exercise Price
Weighted
Average Grant
Date Fair Value
per Option
Weighted
Average
Remaining Contractual Life (Years)
Options outstanding as of December 31, 2021 495,836  $ 6.8  —  6.5
Granted —  —  —  — 
Exercised —  —  —  — 
Forfeited (69,710) 1.5  —  — 
Expired (2,500) 22.3  —  — 
Options outstanding as of December 31, 2022 423,626  7.6  —  6.7
Options exercisable as of December 31, 2022 218,006  $ 5.5  —  4.6
Schedule of Restricted Stock
A summary of restricted stock activity for the year ended December 31, 2022 is as follows:

Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Unvested restricted stock as of December 31, 2021 1,617,192  $ 9.3 
Granted 2,959,966  3.1 
Vested (883,908) 6.8 
Forfeited (167,919) 6.3 
Unvested restricted stock as of December 31, 2022 3,525,331  $ 4.9 
Schedule of Nonvested Performance-Based Units Activity
A summary of the activity for PSU awards with total shareholder return performance objectives for the year ended December 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 454,832  11.79 
Forfeited (22,278) 11.79 
Balance, December 31, 2022 738,751  $ 11.79 
A summary of the PSU awards with cumulative adjusted EBITDA targets for the year ended December 31, 2022 is as follows:
Number of Unvested Shares
Balance, December 31, 2021 — 
Granted 454,822 
Forfeited (22,276)
Balance, December 31, 2022 432,546