Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Stock-Based Compensation Plans

The Company's 2018 Equity Incentive Plan, 2020 Equity Incentive Plan and Earnout Plan are described in the Company's 2020 Form 10-K.

Share-Based Compensation Expense

The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statement of Operations for the three and nine months ended September 30, 2021.

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Share-based compensation award type:
Stock Options 283  354  1,004  1,067 
RSUs 2,981  135  7,133  135 
Total Shared Based Compensation Expense 3,264  489  8,137  1,202 

The Company recognized share-based compensation expense in general and administrative expense.
Stock Options

The following table is a summary of options activity for the Company’s stock incentive plans for the nine months ended September 30, 2021:
Stock Options
Weighted-Average
Exercise Price
  
Weighted-Average
Remaining
Contractual
Term (Years)
 Aggregate Intrinsic Value
Balance as of December 31, 2020 896,888  $ 5.22  3.96 $ 2,889 
Granted 64,736  $ 13.81  9.48 — 
Exercised (40,942) $ 0.24  —  $ 434 
Forfeited (40,736) $ 10.75  —  — 
Expired (87,300) $ 9.40  —  — 
Balance as of September 30, 2021 792,646  $ 5.96  3.91 $ 1,430 
Vested and expected to vest as of September 30, 2021 781,365  $ 5.89  3.92 $ 1,460 
Vested and exercisable as of September 30, 2021 435,013  $ 6.24  3.60 $ 743 

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares for all stock options that had exercise prices lower than the fair value of the Company’s common shares.

The weighted-average grant-date fair value per share of share-based awards granted during the nine months ended September 30, 2021 was $9.97.

Restricted Share Units
Time-based Restricted Share Units
The fair value for time-based RSUs is based on the closing price of the Company’s common shares on the grant date.

The following table summarizes the changes in the Company’s time-based restricted share unit activity during the nine months ended September 30, 2021:

Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2020 78,634  $ 3.25 
Granted 592,213  12.61 
Vested (12,824) 9.96 
Canceled/forfeited (14,862) 7.50 
Non-vested as of September 30, 2021
 643,161  $ 11.64 
Market-based Restricted Share Units

During the nine months ended September 30, 2021, the Company granted RSUs with both a market condition and a service condition (market-based RSUs) to the Company’s employees. The market-based condition for these awards requires that the Company’s common shares maintain a closing price equal to or greater than $12.50 or $15.00 per share for any 20 trading days within any consecutive 30 trading day period on or before December 18, 2022 or December 18, 2024, respectively. Provided that the market-based condition is satisfied, and the respective employee remains employed by the Company, the market-based
restricted share units will vest in four equal annual installments on the applicable vesting date. The RSUs with the closing-price condition of $12.50 or more was met in the three months ended March 31, 2021.

The following table presents the weighted-average assumptions used in the Monte Carlo simulation model to determine the fair value of the market-based restricted share units granted in the nine months ended September 30, 2021:

Weighted Average Assumptions
Grant date share price $ 13.68 
Risk-free interest rate 0.5  %
Expected dividend yield 0.0  %
Expected volatility 90  %
Expected life (in years)
2.4 - 3.5

The following table summarizes the changes in the Company’s market-based restricted share unit activity during the nine months ended September 30, 2021:
Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2020 —  $ — 
Granted 1,256,785  13.06 
Vested —  — 
Canceled/forfeited (53,275) 13.65 
Non-vested as of September 30, 2021 1,203,510  $ 13.03 

No market-based RSUs vested during the nine months ended September 30, 2021.