Annual report pursuant to Section 13 and 15(d)

Accounting for Share-Based Payments (Tables)

v3.23.1
Accounting for Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity in the Company’s Stock Option Plans
Transactions related to stock options for the year ended December 31, 2022 are summarized as follows:
Weighted
Average
Exercise
Price		 Options
Outstanding		 Weighted
Average
Contractual
Term
(in years)		 Intrinsic
Value of
Options
Outstanding at December 31, 2021 $ 13.04  143,828  6.0 $ 487,011 
Exercised 9.67  (18,098)
Canceled, forfeited, or expired 11.71  (7,588)
Outstanding at December 31, 2022 $ 13.66  118,142  5.2 $ — 
Vested and expected to vest at December 31, 20221
$ 13.00  5,665  7.1 $ — 
Exercisable options $ 13.69  112,477  5.1 $ — 
1Includes outstanding vested and nonvested options
Schedule of Stock Awards Plan Activity
Transactions related to restricted stock awards for the year ended December 31, 2022 are summarized as follows:
Shares Weighted Average
Grant Date Fair Value
Nonvested at December 31, 2021 43,581  $ 9.82 
Granted 72,110  18.19 
Vested (24,641) 7.75 
Forfeited (11,947) 13.33 
Nonvested at December 31, 2022 79,103  $ 17.31 
Transactions related to inducement stock awards as of December 31, 2022 were as follows:
Units Weighted-Average Grant Date Fair Value
Outstanding December 31, 2021 30,856  $ 8.11 
Vested (9,170) 2.21 
Outstanding December 31, 2022 21,686  $ 10.61 
Schedule of Nonvested Performance- based Units Activity
The performance stock units are divided into tranches, each one vesting on the date the thirty-day volume-weighted average price of the Company's common stock `meets or exceeds the price target as set forth in the table below:
Shares Volume Weighted Average Price Target
Tranche I 9,663  $ 22.50 
Tranche II 50,000  25.00 
Tranche III 40,000  27.50 
Tranche IV 30,000  30.00 
Tranche V 30,000  $ 35.00 
Transactions related to performance stock units for the year ended December 31, 2022 were as follows:
Units Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2021 —  $ — 
Granted 159,663  3.92 
Outstanding at December 31, 2022 159,663  $ 3.92