Share-based compensation |
9 Months Ended |
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Sep. 30, 2021 | |
| Share-based Payment Arrangement [Abstract] | |
| Share-based compensation | Share-based compensation During the three and nine months ended September 30, 2021 the Company recognized $0.7 million and $3.5 million, respectively, of share-based compensation expense. During the three and nine months ended September 30, 2020, the Company recognized $1.5 million and $7.0 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, restricted stock units, other stock or cash-based awards or a dividend equivalent award. The Amended 2019 Plan authorized the issuance 1,083,334 shares of common stock which was increased to 1,500,000 after the Halo acquisition; the Amended 2019 Plan also provides for an annual increase on the first day of each calendar year beginning on January 1, 2021 and ending on and including January 1, 2029, equal to the lesser of (A) 10% of the shares of common stock outstanding (on an as-converted basis) on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of common stock as determined by the Board. The total number of shares currently authorized for issuance under the Amended 2019 Plan is 2,700,000.
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 a 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 nine months ended September 30, 2021 and September 30, 2020, the Company granted 1,429,408 and 50,002 stock options, respectively under the Amended 2019 Plan. Restricted stockIn March 2020, the Company issued 75,000 shares of restricted common stock to three non-employee directors in return for services provided in their capacity as directors and issued 993 restricted shares of common stock to an officer of the Company. The restricted shares were immediately vested and as such, the Company recorded share-based compensation expense of $0.5 million upon issuance.
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