Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.23.3
Stock-based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation 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. On August 28, 2023, the Company’s shareholders approved an amendment to the 2019 Plan that increased the share reserve of the 2019 Plan by 1,700,000 shares from 4,060,778 shares to 5,760,778 shares. As of September 30, 2023, there were approximately 1,033,690 shares available for future grants under the 2019 Plan.
Restricted Stock Awards
Following is the restricted stock award activity for the three and nine months ended September 30, 2023:
Shares Weighted Average
Grant Date
Fair Value
Nonvested at December 31, 2022 1,375,145 $ 14.23 
Granted 651,618 4.32 
Released (2,866) 6.55 
Forfeited (49,069) 12.77 
Nonvested at March 31, 2023 1,974,828 10.98 
Granted 61,514 4.51 
Released (27,464) 6.06 
Forfeited (29,300) 14.36 
Nonvested at June 30, 2023 1,979,578 $ 10.83 
Granted 68,761 4.33 
Released (42,794) 6.81 
Forfeited (23,948) 14.62 
Nonvested at September 30, 2023 1,981,597 $ 10.65 
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 and nine months ended September 30, 2023:
Shares Weighted Average
Grant Date
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 
Granted 88,481 4.53 
Released (17,080) 7.84 
Forfeited (45,510) 5.45 
Nonvested at June 30, 2023 1,300,494 $ 5.07 
Granted 750,921 5.25 
Released (9,405) 5.30 
Forfeited (64,024) 5.10 
Nonvested at September 30, 2023 1,977,986 $ 5.13 
Stock Option Awards
There were no stock option awards granted during the nine-month period ended September 30, 2023.
Stock-based Compensation expense
Stock-based compensation expense related to all awards issued under the Company’s stock compensation plans for the three and nine months ended September 30, 2023 and 2022 was as follows (amounts in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2023 2022 2023 2022
Commission and other agent-related cost $ 903  $ 476  $ 2,971  $ 2,102 
Operations and support 155  509  391  949 
Technology and development 55  125  127  203 
General and administrative 2,124  932  5,525  3,010 
Marketing 83  81  311  206 
Total stock-based compensation $ 3,320  $ 2,123  $ 9,325  $ 6,470 
The Company capitalized $0.4 million of stock-based compensation expense associated with the cost of developing software for internal use during the three and nine months ended September 30, 2023.
The Company capitalized approximately $0.1 million of stock-based compensation expense associated with the cost of developing software for internal use during each of the three and nine months ended September 30, 2022.
At September 30, 2023, the total unrecognized compensation cost related to nonvested restricted stock awards was $6.4 million, which is expected to be recognized over a period of approximately 0.7 years.
At September 30, 2023, the total unrecognized compensation related to nonvested restricted stock units was $7.2 million which the Company expects to recognize over a period of approximately 1.2 years.
At September 30, 2023, the stock options granted were fully expensed.