Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.20.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company granted the following stock-based awards:
 
 
Three Months Ended
 March 31,
 
 
2020
 
2019
Stock options
 

 
17,000

Restricted stock awards and restricted stock units
 
53,600

 
98,492


The stock options and restricted stock awards and units granted during the three months ended March 31, 2020 and 2019 were granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder approved plan.

In settlement of vested performance stock units granted in 2018, during the three months ended March 31, 2019 the Company issued 98,492 shares of restricted stock, which was equal to the number of vested 2018 performance stock units multiplied by the performance goals achievement of 100.0%. At December 31, 2019, there were 40,599 shares of common stock underlying the outstanding 2018 performance stock units that were subject to vesting upon the achievement of performance goals for the performance period of January 1, 2019 to December 31, 2019. The outstanding unvested 2018 performance stock units were canceled on February 10, 2020 upon determination by the Compensation Committee of the Company's Board of Directors that the performance metric for the 2019 performance period was not achieved. Accordingly, as of March 31, 2020, there were no performance stock units outstanding.
The Company recognized the following expense related to its share-based payment arrangements (in thousands):
 
 
Three Months Ended
 March 31,
 
 
2020
 
2019
Stock-based compensation cost, before income tax benefit:
 
 

 
 

Stock options
 
$
69

 
$
94

Restricted stock awards and restricted stock units
 
176

 
132

Performance stock units
 

 
5

Total stock-based compensation
 
$
245

 
$
231

 
 
 
 
 
 
 
Three Months Ended
 March 31,
 
 
2020
 
2019
Stock-based compensation cost included in:
 
 

 
 

Cost of revenues
 
$
5

 
$
8

Operating expenses
 
240

 
223

Total stock-based compensation
 
$
245

 
$
231