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 following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the nine months ended September 30, 2023:
Awards Weighted Average Grant Date Fair Value
(in thousands)
Nonvested, at December 31, 2022
 1,625  $ 8.82 
Granted 298  8.28 
Vested (375) 8.68 
Forfeited —  — 
Nonvested, at September 30, 2023
 1,548  $ 8.75 
The following table presents a summary of the Company’s stock options activity for the nine months ended September 30, 2023:
Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value
(in thousands) (in years) (in thousands)
Options outstanding at December 31, 2022
 684  $ 8.82 
Granted 228  6.46 
Exercised (4) 8.83 
Forfeited (205) 8.73 
Options outstanding at September 30, 2023
 703  $ 8.09  8.75 $ 636 
Options exercisable at September 30, 2023
 163  $ 8.82  8.36 $ 28 

Stock-based compensation expense totaled $0.9 million and $2.2 million during the three and nine months ended September 30, 2023, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2022, stock-based compensation expense was $0.9 million and $2.8 million, respectively.
The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years):
September 30, 2023
(in thousands, except period)
Unvested units 1,548 
Remaining cost on unvested units $ 2,995 
Remaining vesting period 3.25 years
Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value. The expense associated with the PSUs also incorporates the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends.