Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

v3.22.1
Stock Based Compensation
 3 Months Ended
Mar. 31, 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 —  — 
Vested (500,000) 0.93 
Forfeited —  — 
Unvested shares as of March 31, 2022 628,205  $ 1.54 

As of March 31, 2022, there was $0.5 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 0.8 years.
Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $0.2 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively.