Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2022
Equity [Abstract]  


Restricted Stock Units

The 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided, the 2013 Plan provides for an aggregate of 2,600,000 shares of the Company’s common stock to be available for distribution. The Company’s Compensation Committee generally has the authority to administer the 2013 Plan, determine participants who will be granted awards, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to employees, directors and consultants of the Company and its subsidiaries. As of June 30, 2022, there were 1,212,938 shares of common stock available for issuance under the 2013 Plan.

A summary of restricted stock unit activity for the six months ended June 30, 2022 is as follows (each restricted stock unit issued by the Company represents the right to receive one share of the Company’s common stock): 

    Number of Shares     Weighted-Average Grant Date Fair Value  
Balance of restricted stock units outstanding at December 31, 2021     12,500     $ 3.36  
Grants of restricted stock units     670,000       1.92  
Vested restricted stock units     (22,500 )     (2.55 )
Balance of restricted stock units outstanding at June 30, 2022     660,000     $ 1.93  


Restricted stock unit compensation expense was $178,000 and $59,000 for the three months ended June 30, 2022 and 2021, respectively. Restricted stock unit expense was $233,000 and $118,000 for the six months ended June 30, 2022 and June 30, 2021.

The Company has an aggregate of $1,087,000 of unrecognized restricted stock unit compensation as of June 30, 2022 to be expensed over a weighted average period of 2.61 years.

All of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of June 30, 2022 and December 31, 2021, there was $0 and $72,000 accrued for dividend equivalent rights which were included in other accrued expenses.