Stock-based Compensation |
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| Stock-based Compensation | Stock-based Compensation 2022 Plan Executive Incentive Awards – Market condition awards – Liability-classified awards Certain restricted stock unit (“RSU”) awards granted by the Company are subject to market conditions. These market condition awards are issued upon the achievement (at varying levels) of certain market capitalization thresholds. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding each market capitalization achievement date. These awards are liability-classified and require fair value remeasurement at the end of each reporting period. During the first quarter of 2025, the Company issued RSUs to certain executives upon the achievement of a certain market capitalization threshold. Upon achievement of that market capitalization threshold, the Company issued an aggregate of 228,785 fully vested RSUs to the executives with a total fair value of $4,173. During the first quarter of 2025, a market condition award of the Company's Chief Executive Officer was modified to lower a certain market capitalization threshold and establish a date for the modified market capitalization threshold to be met, unless extended by the compensation committee prior to such date. This award was remeasured to its fair value at March 31, 2025. No other market condition awards were granted or forfeited during the three months ended March 31, 2025. The Company used the Monte Carlo simulation model to value the liability-classified awards. The key inputs into the Monte Carlo simulation as of March 31, 2025, and December 31, 2024, were as follows:
(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards. (2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards. (3)The Company has not historically paid any cash dividends on its common stock. Key Performance Indicator (“KPI”) awards KPI awards will be issued upon the satisfaction of certain KPIs as determined annually by the Board. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding the issue date. The issue date shall occur no later than 120 days after the end of the applicable year. These awards are liability-classified and require fair value remeasurement at the end of each reporting period. The fair value of the KPI awards is based on the fixed dollar amount that is probable of being paid. During the first quarter of 2024, the Compensation Committee of the Board approved KPI awards and measurement frameworks related to the fiscal year ending December 31, 2024. In March 2025, the Compensation Committee of the Board determined that as of December 31, 2024, such KPIs were achieved. A total of 238,400 shares were issued in the first quarter of 2025 with a total fair value of $3,609. Stock-based compensation expense of $526 related to the service provided through March 31, 2025, was recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations and comprehensive income (loss). No KPI awards were forfeited during the three months ended March 31, 2025. Time-based Awards Activity The following table summarizes the unvested time-based RSU activity during the three months ended March 31, 2025:
2020 Plan Stock options The following table summarizes the stock option activity for the three months ended March 31, 2025:
Stock-based compensation information The following table summarizes stock-based compensation expenses for the three months ended March 31, 2025 and 2024:
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