Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company's stock-based compensation plans are described in Note 11. Stock-Based Compensation to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
During the three months ended March 31, 2023, the following stock compensation was awarded to officers and employees. All awards were granted under the 2019 Amended and Restated Long-Term Incentive Plan ("2019 Plan"), with the exception of the inducement shares awarded as inducements material to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Type of Award Target Shares or Units
Weighted Average Grant Date Fair Value
Stock Options (1)
1,046,800  $ 4.96 
Restricted Stock Units (2)
1,129,718  $ 8.39 
Performance Stock Units (3)
744,000  $ 8.27 
Inducement Shares (4)
Stock Options 150,000  $ 4.92 
Restricted Stock Units 75,000  $ 8.16 
(1) Options were awarded to officers and employees during the quarter, vesting over a four year period.
(2) Restricted stock units were awarded to officers and employees, vesting over a four year period. Upon vesting, the outstanding number of restricted stock units vested are converted into common stock.
(3) Performance shares were issued to officers and employees. Vesting occurs over a three year performance period. Participants will earn from 0% to 150% upon achievement of the target depending on the attainment of specific revenue goals. The maximum number of units that can be issued under this award is 1,116,000.
(4) Inducement shares were issued to two officers as inducements material to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). Vesting for both the stock options and restricted stock units are over a four year period.
Total stock-based compensation expense is as follows:
Three Months Ended March 31,
(in thousands) 2023 2022
Stock-based compensation expense $ 2,954  $2,678