EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) |
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| Schedule of Stock Options Activity |
A summary of the status of the stock options as of December 31, 2022, 2021, and 2020 and changes during the years ended December 31, 2022, 2021, and 2020 is as follows:
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2022 |
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2021 |
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2020 |
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Options |
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Weighted-
Average
Exercise Price |
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Options |
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Weighted-
Average
Exercise Price |
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Options |
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Weighted-
Average
Exercise Price |
| Outstanding at beginning of year |
365,500 |
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$ |
3.61 |
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465,500 |
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$ |
3.26 |
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2,748,500 |
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$ |
6.28 |
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| Issued |
— |
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— |
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— |
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— |
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— |
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— |
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| Forfeited or rescinded |
— |
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— |
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— |
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— |
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(2,283,000) |
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6.89 |
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| Exercised |
(100,000) |
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2.00 |
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(100,000) |
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2.00 |
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— |
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— |
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| Outstanding at end of year |
265,500 |
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$ |
4.21 |
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365,500 |
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$ |
3.61 |
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465,500 |
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$ |
3.26 |
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| Exercisable at end of year |
265,500 |
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$ |
4.21 |
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365,500 |
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$ |
3.61 |
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455,300 |
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$ |
3.11 |
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| Schedule of Stock Options Outstanding |
The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2022:
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Options Outstanding |
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| Exercise price |
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Number
Outstanding |
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Weighted-
Average
Remaining
Contractual Life
(in years) |
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Number
Exercisable |
| $ |
2.00 |
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195,000 |
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1.00 |
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195,000 |
| 5.50 |
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5,000 |
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1.21 |
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5,000 |
| 14.54 |
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10,000 |
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2.74 |
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10,000 |
| 8.00 |
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4,500 |
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2.92 |
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4,500 |
| 6.42 |
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15,000 |
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3.34 |
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15,000 |
| 11.75 |
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36,000 |
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3.95 |
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36,000 |
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265,500 |
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1.63 |
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265,500 |
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| Schedule of Restricted Stock Shares Activity |
Following is a table reflecting the restricted stock grants during 2022, 2021 and 2020:
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| Grant date |
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# of shares of
restricted stock |
| October 1, 2020 |
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900,000 |
| October 26, 2020 |
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150,000 |
| December 15, 2020 |
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930,000 |
| April 30, 2021 |
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33,950 |
| June 17, 2021 |
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1,162,152 |
| July 6, 2021 |
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11,824 |
| July 12, 2021 |
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4,007 |
| September 1, 2021 |
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10,417 |
| September 8, 2021 |
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3,306 |
| February 9, 2022 |
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1,247,061 |
| April 13, 2022 |
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7,143 |
| May 10, 2022 |
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10,349 |
| June 16, 2022 |
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2,150 |
| July 14, 2022 |
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8,547 |
| August 29, 2022 |
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30,581 |
| September 1, 2022 |
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37,797 |
| September 19, 2022 |
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49,645 |
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| Schedule of Restricted Stock Grants |
A summary of the status of restricted stock grants and changes during the years ended December 31, 2022, 2021 and 2020 is as follows:
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2022 |
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2021 |
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2020 |
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Restricted stock |
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Weighted-
Average Grant
Date Fair Value |
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Restricted stock |
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Weighted-
Average Grant
Date Fair Value |
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Restricted stock |
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Weighted-
Average Grant
Date Fair Value |
| Outstanding at beginning of year |
2,572,596 |
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$ |
1.75 |
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2,132,297 |
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$ |
2.94 |
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1,341,889 |
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$ |
4.99 |
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| Granted |
1,393,273 |
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2.83 |
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1,225,656 |
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2.77 |
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1,980,000 |
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0.71 |
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| Forfeited or rescinded |
(31,185) |
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2.83 |
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0 |
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— |
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(9,200) |
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3.97 |
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| Vested |
(1,310,894) |
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1.79 |
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(785,357) |
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1.37 |
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(1,180,392) |
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4.97 |
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| Outstanding at end of year |
2,623,790 |
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$ |
2.29 |
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2,572,596 |
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$ |
1.75 |
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2,132,297 |
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$ |
2.94 |
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| Performance Stock Units Activity |
A summary of the status of the performance stock grants as of December 31, 2022 and 2021 along with changes during the year ended December 31, 2022 and 2021 are as follows:
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2022 |
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2021 |
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Performance
Stock Units |
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Weighted-
Average
Grant Date
Fair Value |
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Performance
Stock Units |
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Weighted-
Average
Grant Date
Fair Value |
| Outstanding at beginning of year |
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860,216 |
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$ |
3.87 |
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— |
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$ |
— |
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| Granted |
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860,216 |
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3.65 |
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860,216 |
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3.87 |
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| Forfeited or rescinded |
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— |
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— |
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— |
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— |
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| Vested |
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— |
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— |
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— |
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— |
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| Outstanding at end of year |
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1,720,432 |
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$ |
3.76 |
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860,216 |
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$ |
3.87 |
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| Defined Contribution Plan Disclosures |
The following table presents the matching contributions expense recognized for the Company’s 401(k) plan for the years ended December 31, 2022, 2021, and 2020:
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2022 |
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2021 |
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2020 |
| Employer safe harbor match |
284,094 |
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228,273 |
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138,997 |
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