Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

Stock Based Compensation
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
The 2016 Plan authorizes the Company’s Board of Directors or the compensation committee of the Company’s Board of Directors to grant restricted stock, restricted stock units, stock appreciation rights, stock options and performance awards. There are 4.5 million shares of common stock reserved for issuance under the 2016 Plan.

Restricted Stock Units

The fair value of restricted stock unit awards was determined based on the fair market value of the Company’s common stock on the date of the grant. This value is amortized over the vesting period.
A summary of the status and changes of the unvested shares of restricted stock under the 2016 Plan is presented below.
Number of Unvested Restricted Shares Weighted Average Grant-Date Fair Value
Unvested shares as of January 1, 2021 1,914,782  $ 1.21 
Granted 128,205  3.90 
Vested (914,782) 1.52 
Forfeited —  — 
Unvested shares as of December 31, 2021 1,128,205  1.27 
Granted 228,310  2.19 
Vested (628,205) 1.54 
Forfeited —  — 
Unvested shares as of September 30, 2022 728,310  $ 1.32 

As of September 30, 2022, there was $0.6 million of total unrecognized compensation cost related to the unvested restricted stock. The cost is expected to be recognized over a weighted average period of approximately 0.6 years.
Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $0.2 million and $0.7 million for the three and nine months ended September 30, 2022, respectively, and $0.3 million and $1.0 million for the three and nine months ended September 30, 2021, respectively.