Stock-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Note 11 – Stock-Based Compensation A summary of stock option activity related to the Company’s standard employee incentive plan (excluding options awarded under the Long-Term Incentive Plan (LTIP) – Note 12) for the nine months ended September 30, 2023, is as follows:
The weighted average remaining contractual term for all options as of September 30, 2023, and December 31, 2022, was 6.75 years and 7.28 years, respectively. As of September 30, 2023, there were 1,913,522 options that were fully vested and exercisable at a weighted average exercise price of $7.10 per share. The weighted average remaining contractual term of the vested options is 6.0 years. As of September 30, 2023, there were 997,786 unvested options exercisable at a weighted average exercise price of $8.53 per share. The weighted average remaining contractual term of the unvested options is 8.2 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. As of September 30, 2023, the Company had $6,071,652 of unrecognized stock compensation expense, which will be recognized over a weighted average period of 2.0 years. During the nine months ended September 30, 2023, the Company issued 96,525 shares of common stock to its five independent board members as part of their annual retainer for services covering the period of July 2023 to June 2024. The fair market value on the date of those awards of the stock issued was $5.18, resulting in an aggregate fair value of approximately $500,000. The fair market value of these awards is expensed over twelve (12) months, beginning on July 1, 2023. For the three months ended September 30, 2023, and 2022, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s LTIP, of $1,110,331 and $1,157,556, respectively. For the nine months ended September 30, 2023, and 2022, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s LTIP, of $3,322,961 and $3,730,899, respectively. |
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