INNOVATE Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
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(14) Share-Based Compensation
- Share-based Compensation
Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.4 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and was $0.8 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively.
All grants are time based and vest either immediately or over a period established at grant, typically with a requisite service period oftwo tothree years for the employee to vest in the stock-based award, subject to discretion by Compensation Committee of the Board of Directors. There are no other substantive conditions for vesting. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures as they are incurred, using the straight-line basis.
Restricted Stock
A summary of INNOVATE’s restricted stock activity is as follows:
| Shares | Weighted Average Grant Date Fair Value | |
|---|---|---|
| Unvested - December 31, 2022 | 1,141,806 | $2.56 |
| Granted | 506,955 | $2.57 |
| Vested | (1,023,032) | $2.32 |
| Unvested - December 31, 2023 | 625,729 | $2.95 |
| Granted | 1,294,940 | $0.59 |
| Vested | (402,704) | $2.76 |
| Unvested - June 30, 2024 | 1,517,965 | $0.98 |
The aggregate vesting date fair value of the restricted stock awards which vested during the six months ended June 30, 2024 and 2023 was $0.3 million and $1.4 million, respectively. As of June 30, 2024, the total unrecognized stock-based compensation expense related to unvested restricted stock awards was $1.3 million and is expected to be recognized over the remaining weighted-average period of 1.5 years.
Stock Options
A summary of INNOVATE’s stock option activity is as follows:
| Shares | Weighted Average Exercise Price | |
|---|---|---|
| Outstanding - December 31, 2022 | 4,995,150 | $5.02 |
| Expired | (352,339) | $3.12 |
| Outstanding and exercisable- December 31, 2023 | 4,642,811 | $5.17 |
| Expired | (4,465,491) | $5.20 |
| Outstanding and exercisable - June 30, 2024 | 177,320 | $4.32 |
As of June 30, 2024, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were zero and approximately 4.1 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximatelyten years. As of June 30, 2024, there wereno unvested stock options andno unrecognized stock-based compensation expense related to unvested stock options.
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