Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 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 fiscal year 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 Quarter Awarded Target Shares or Units
Weighted Average Grant Date Fair Value
Stock Options (1)
1st Quarter 1,046,800  $ 4.96 
2nd Quarter 2,200  $ 5.64 
3rd Quarter 175,188  $ 3.77 
Restricted Stock Units (2)(3)
1st Quarter 1,129,718  $ 8.39 
2nd Quarter 33,850  $ 9.06 
3rd Quarter 134,432  $ 6.85 
Performance Stock Units (4)
1st Quarter 744,000  $ 8.27 
Inducement Shares (5)(6)
Stock Options 1st Quarter 150,000  $ 4.92 
Restricted Stock Units 1st Quarter 75,000  $ 8.16 
(1) Options awarded to officers and employees during the first, second, and third quarter, vest over a four-year period.
(2) Restricted stock units awarded to officers and employees during the first, second, and third quarters vest over a four-year period. Upon vesting, the outstanding number of restricted stock units vested are converted into common stock.
(3) Restricted stock units, equal to one half of their annual compensation, were awarded to the Company's Board of Directors on September 1, 2023. Vesting occurs over a one-year period. Upon vesting, the outstanding number of restricted stock units vested are converted into common stock.
(4) Performance stock units were issued to officers and employees during the first quarter. 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.
(5) Inducement shares were issued to two officers during the first quarter, 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.
(6) No inducement shares were granted in the second or third quarter of 2023.
Total stock-based compensation expense is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2023 2022 2023 2022
Stock-based compensation expense $ 4,747  $ 3,849  $ 13,091  $ 11,437