• Filing Date: 2020-11-03
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Stock Incentive Plans
9 Months Ended
Sep. 30, 2020
Stock Incentive Plans [Abstract]  
Stock Incentive Plans 13. STOCK INCENTIVE PLANS

Stock Option Plans

During the three months ended September 30, 2020 and 2019, the Company recorded compensation expense related to stock options of approximately $282,000 and $408,000, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded compensation expense related to stock options of approximately $853,000 and $1,470,000, respectively. As of September 30, 2020, the total unrecognized compensation cost related to non-vested stock options granted was $1,716,000 and is expected to be recognized over a weighted average period of 2.27 years. The following table presents a summary of stock option activity for the three months ended September 30, 2020 and 2019:

Three Months Ended

September 30,

2020

2019

Weighted

Weighted

Average

Average

Exercise

Exercise

Options

Price ($)

Options

Price ($)

Options outstanding at beginning of period

1,043,297

29.84

912,430

36.04

Grants

2,450

5.46

5,412

12.65

Forfeitures

(4,760)

28.29

(37,748)

47.34

Exercises

Options outstanding at period end

1,040,987

29.79

880,094

35.41

Options exercisable at period end

764,151

36.91

648,880

42.25

Weighted average per share fair value of options granted during the period

$

3.48

$

7.65

The following table presents a summary of stock option activity for the nine months ended September 30, 2020 and 2019:

Nine Months Ended

September 30,

2020

2019

Weighted

Weighted

Average

Average

Exercise

Exercise

Options

Price ($)

Options

Price ($)

Options outstanding at beginning of period

871,472

35.46

830,100

39.41

Grants

198,731

6.70

126,948

13.45

Forfeitures

(29,216)

42.00

(76,954)

42.31

Exercises

Options outstanding at period end

1,040,987

29.79

880,094

35.41

Options exercisable at period end

764,151

36.91

648,880

42.25

Weighted average per share fair value of options granted during the period

$

4.17

$

8.34

The following table provides additional information related to outstanding stock options, exercisable stock options and stock options that were expected to vest as of September 30, 2020:

Weighted

Weighted

Average

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Shares

Price ($)

Term

Value ($)

(In thousands)

Outstanding

1,040,987

29.79

5.94 years

1

Exercisable

764,151

36.91

4.92 years

Outstanding, vested and expected to vest

1,007,268

30.48

5.84 years

1

The following table provides additional information related to outstanding stock options, exercisable stock options and stock options that were expected to vest as of December 31, 2019:

Weighted

Weighted

Average

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Shares

Price ($)

Term

Value ($)

(In thousands)

Outstanding

871,472

35.46

5.83 years

4

Exercisable

674,952

41.25

5.04 years

Outstanding, vested and expected to vest

849,285

36.00

5.75 years

3

As of September 30, 2020, 239,565 shares remain available for grant under the 2019 Omnibus Incentive Plan.

Employee Stock Purchase Plan

During the three months ended September 30, 2020 and 2019, the Company recorded compensation expense related to its employee stock purchase plan of approximately $13,000 and $6,000, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded compensation expense related to its employee stock purchase plan of approximately $51,000 and $17,000, respectively.

Restricted Stock and Restricted Stock Units

A summary of restricted stock and restricted stock units (RSU) transactions under the plans are as follows:

Three Months Ended

September 30,

2020

2019

Weighted

Weighted

Restricted

Average

Restricted

Average

Stock & RSUs

Grant Date

Stock & RSUs

Grant Date

RSUs

Fair Value ($)

RSUs

Fair Value ($)

Restricted stock & RSUs outstanding at beginning of period

30,086

3.12

36,763

13.15

Grants

Vested units

Forfeitures

Restricted stock & RSUs outstanding at period end

30,086

3.12

36,763

13.15

Nine Months Ended

September 30,

2020

2019

Weighted

Weighted

Restricted

Average

Restricted

Average

Stock & RSUs

Grant Date

Stock & RSUs

Grant Date

RSUs

Fair Value ($)

RSUs

Fair Value ($)

Restricted stock & RSUs outstanding at beginning of period

36,763

13.15

60,041

17.30

Grants

30,086

3.12

36,763

13.15

Vested units

(36,763)

13.15

(60,041)

17.29

Forfeitures

Restricted stock & RSUs outstanding at period end

30,086

3.12

36,763

13.15

Employee stock-based compensation expense related to restricted stock and RSUs recognized in accordance with ASC 718, Compensation - Stock Compensation (ASC 718) was $22,000 and $90,000 for the three months ended September 30, 2020 and 2019, respectively. Employee stock-based compensation expense related to RSUs recognized in accordance with ASC 718 was $170,000 and $416,000 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the total unrecognized compensation cost related to restricted stock was $47,000 and is expected to be recognized over a weighted average period of 0.44 years.