Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.19.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company granted the following stock-based awards:
 
Three Months Ended
 September 30,
 
Nine Months Ended
 September 30,
 
2019
 
2018
 
2019
 
2018
Stock options
14,000

 
3,500

 
39,000

 
544,000

Restricted stock awards and restricted stock units
25,900

 

 
222,588

 
180,000

Performance stock units

 

 

 
168,500


The stock options and restricted stock awards granted during the three and nine months ended September 30, 2019 and 2018 were granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder approved plan.
The Company granted performance stock units during 2018 ("2018 Performance Stock Units") and 2017 ("2017 Performance Stock Units"). The 2018 Performance Stock Units consisted of 147,741 units outstanding as of December 31, 2018, of which 98,492 vested during the nine months ended September 30, 2019. In settlement of the vested 2018 Performance Stock Units, during the nine months ended September 30, 2019, the Company issued 98,492 shares of restricted stock upon vesting, which was equal to the number of 2018 Performance Stock Units vested multiplied by the percentage achievement of the performance goals of 100.0%. At September 30, 2019, there were 40,599 shares of common stock underlying the outstanding 2018 Performance Stock Units that may become vested upon the achievement of performance goals for the performance period of January 1, 2019 to December 31, 2019.
The 2017 Performance Stock Units consisted of 140,493 units outstanding as of December 31, 2017, of which 116,168 vested during the nine months ended September 30, 2018. In settlement of the vested 2017 Performance Stock Units, during the nine months ended September 30, 2018, the Company issued 25,726 shares upon vesting, which was equal to the number of 2017 Performance Stock Units vested multiplied by the weighted percentage achievement of the performance goals for the 2017 Incentive Plan of approximately 22.1%. With the vesting and settlement of the 2017 Performance Stock Units in shares, the 2017 Performance Stock Units terminated.
The Company recognized the following expense related to its share-based payment arrangements (in thousands):
 
 
Three Months Ended
 September 30,
 
Nine Months Ended
 September 30,
 
 
2019
 
2018
 
2019
 
2018
Stock-based compensation cost, before income tax benefit:
 
 

 
 

 
 

 
 

Stock options
 
$
85

 
$
105

 
$
255

 
$
225

Restricted stock awards and restricted stock units
 
134

 
140

 
384

 
458

Performance stock units
 

 
84

 
5

 
84

Total stock-based compensation
 
$
219

 
$
329

 
$
644

 
$
767

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 September 30,
 
Nine Months Ended
 September 30,
 
 
2019
 
2018
 
2019
 
2018
Stock-based compensation cost included in:
 
 

 
 

 
 

 
 

Cost of revenues
 
$
6

 
$
8

 
$
20

 
$
26

Operating expenses
 
213

 
321

 
624

 
741

Total stock-based compensation
 
$
219

 
$
329

 
$
644

 
$
767