|3 Months Ended
Mar. 31, 2023
|Share-Based Payment Arrangement [Abstract]
At March 31, 2023, the intrinsic value of the outstanding options was $.
During the three months ended March 31, 2023, the Company granted stock options to board members to purchase a total of stock options as replacement awards related to forfeited restricted stock units. The options have an average exercise price of $ per share, expire in five years, and vested on the grant date. The total fair value of these options at grant date was $ using the Black-Scholes Option Pricing model. The total stock compensation expense recognized relating to the vesting of stock options for the three months ended March 31, 2023 amounted to $367. As of March 31, 2023, the total unrecognized share-based compensation expense was $, which is expected to be recognized as part of operating expense through December 2025.
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award; the expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.