Stock-Based Compensation Plan
|3 Months Ended|
Mar. 31, 2021
|Stock-Based Compensation Plan [Abstract]|
|Stock-Based Compensation Plan||
NOTE 12. STOCK-BASED COMPENSATION PLAN
Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”), the Company’s Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2015 Plan will continue in effect until December 2025 unless terminated sooner.
During the three months ended March 31, 2021, the Company issued stock options for an aggregate of 400 shares under the 2015 Plan to an employee of the Company. The options issued during the three months ended March 31, 2021 generally vest and become exercisable over a period of three years and expire ten years from the date of the grant.
For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions:
(a)Expected volatility is based upon the Company’s historical volatility.
(b)The expected term was determined based upon the underlying terms of the awards and the category and employment history of employee award recipient.
The grant date fair value of the stock options granted during the three months ended March 31, 2021 was $2,352, which will be recognized over the vesting period of the options.
The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended March 31, 2021 and 2020 was $1,524 and $613, respectively. For the three months ended March 31, 2021 and 2020, the majority of stock-based compensation costs were classified as selling, general and administrative expenses.
As of March 31, 2021, there were 2,166 unvested stock options and unrecognized compensation cost of $8,619 related to unvested stock options, as well as 500 unvested restricted stock awards and unrecognized compensation costs of $1,898 related to unvested restricted stock awards.
Tabular disclosure of share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef