Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.23.3
Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Activity
The table below presents the activity of stock options under the Plan:
Shares Weighted-Average Grant Date Fair Value per Share Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2022
 2,153,591  $ 2.70  $ 7.22  8.6
Granted —  —  — 
Expired (13,001) 3.28  9.86 
Forfeited (37,999) 2.81  7.74 
Outstanding as of September 30, 2023
 2,102,591  $ 2.69  $ 7.20  7.9
Schedule of Monte-Carlo Simulation Following Assumptions
The fair value of PSUs granted under the Plan was estimated on the grant date using the Monte Carlo simulation model with the following assumptions:
2023 Grants
Valuation date stock price
 $ 2.63 
Remaining term of performance period
 2.49 years
Expected volatility 81.00  %
Risk-free rate of return 4.70  %
Expected annual dividend yield —  %
Schedule of Nonvested Restricted Stock Units Activity
The table below presents the activity of restricted stock units under the Plan:
Restricted Shares Weighted-Average Grant Date Fair Value per Share Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value
Unvested as of December 31, 2022
 2,282,778  $ 6.30  1.3 $ 4,520 
Granted 1,846,112  2.62 
Vested (585,463) 3.35 
Forfeited (215,781) 6.33 
Unvested as of September 30, 2023
 3,327,646  $ 5.48  1.3 $ 9,617 
Schedule of Stock Compensation Expense
The table below presents the equity-based compensation expense recorded for the following periods:
Three Months Ended Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Cost of sales
Incentive Units $ —  $ —  $ —  $ 181 
Stock Options 13  17  105  42 
Restricted Stock Units 681  594  1,952  1,760 
Performance-based Restricted Stock Units
 6  —  6  — 
Total cost of sales $ 700  $ 611  $ 2,063  $ 1,983 
Selling, general and administrative expenses
Incentive Units $ —  $ —  $ —  $ 2,171 
Stock Options 417  511  1,161  1,199 
Restricted Stock Units 1,124  1,396  2,883  3,319 
Performance-based Restricted Stock Units
 210  —  210  — 
Total selling, general and administrative expenses $ 1,751  $ 1,907  $ 4,254  $ 6,689 
Total equity-based compensation expense $ 2,451  $ 2,518  $ 6,317  $ 8,672