Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.23.1
Stock-based Compensation
3 Months Ended
Mar. 31, 2023
Stock-based Compensation  
Stock-based Compensation

Note 13. Stock-based Compensation

The Company’s 2019 Omnibus Stock Incentive Plan (the “2019 Plan”) provides for granting stock options, restricted stock awards, and restricted stock units to employees, directors, contractors and consultants of the Company. As of March 31, 2023, there were approximately 159,000 shares available for future grants under the 2019 Plan.

Restricted Stock Awards

Following is the restricted stock award activity for the three months ended March 31, 2023:

    

    

Weighted Average

Grant Date

Shares

Fair Value

Nonvested at December 31, 2022

 

1,375,145

$

14.23

Granted

 

651,618

 

4.32

Released

 

(2,866)

 

Forfeited

 

(49,069)

 

12.77

Nonvested at March 31, 2023

 

1,974,828

10.98

Restricted Stock Unit Awards

During 2022, the Company commenced granting restricted stock units to employees and agents.

Following is the restricted stock unit award activity for the three months ended March 31, 2023:

    

    

Weighted Average

Grant Date

Shares

Fair Value

Nonvested at December 31, 2022

 

392,564

$

6.58

Granted

 

894,891

 

4.28

Released

 

 

Forfeited

 

(12,852)

 

6.05

Nonvested at March 31, 2023

 

1,274,603

$

4.97

Stock Option Awards

There were no stock option awards granted during the three month period ended March 31, 2023.

Stock-based Compensation expense

Stock-based compensation expense related to all awards issued under the Company’s stock compensation plans for the three months ended March 31, 2023 and 2022 was as follows (amounts in thousands):

Three Months

March 31, 

    

2022

    

2021

Commission and other agent-related cost

$

998

832

Operations and support

202

71

Technology and development

 

22

2

General and administrative

1,507

1,457

Marketing

91

45

Total stock-based compensation

$

2,820

$

2,407

The Company capitalized $0 and $51,000 of stock-based compensation expense associated with the cost of developing software for internal use during the three months ended March 31, 2023 and 2022, respectively.

At March 31, 2023, the total unrecognized compensation cost related to non-vested restricted stock awards was $11.0 million, which is expected to be recognized over a period of approximately 1.2 years.

At March 31, 2023, the total unrecognized compensation related to unvested restricted stock units was $4.9 million which the Company expects to recognize over a period of approximately 1.6 years.

At March 31, 2023, the total unrecognized compensation related to unvested stock option awards granted was $0.2 million which the Company expects to recognize over a period of approximately three months.