Share-based compensation |
3 Months Ended |
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Mar. 31, 2022 | |
| Share-based Payment Arrangement [Abstract] | |
| Share-based compensation | Share-based compensation During the three months ended March 31, 2022 and March 31, 2021, the Company recognized $1.1 million and $2.5 million, respectively, of share-based compensation expense.
On November 11, 2019, the Company received shareholder approval for the Amended and Restated 2019 Incentive Award Plan (the “Amended 2019 Plan”). The Amended 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock or cash-based awards or a dividend equivalent award. The total number of shares currently authorized for issuance under the Amended 2019 Plan is 5,614,637.
Stock options
Options granted under the Amended 2019 Plan vest over a period of to three years. All vested options are exercisable and may be exercised through the ten-year anniversary of the grant date (or such earlier date described in the applicable award agreement). The fair value of an option award is estimated on the date of grant using the Black–Scholes option valuation model. During the three months ended March 31, 2022 and March 31, 2021, the Company granted 525,000 and 929,834 stock options, respectively, under the Amended 2019 Plan.
As of March 31, 2022 and December 31, 2021, the Company had 3,206,683 and 2,684,041 stock options outstanding, respectively.
Stock awards
In February 2022, the Company granted 218,345 shares of common stock to members of its board of directors under the Amended 2019 Plan as compensation for annual board service. The stock awards were immediately vested and, as such, the Company recorded share-based compensation expense of $0.5 million upon issuance.
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