Note 14. Restricted Common Stock, Stock Options, Restricted Stock Units (“RSUs”) and Warrants

Stock-Based Compensation:

The Company’s stock-based compensation expenses recognized during the three months ended March 31, 2022 and 2021 were attributable to selling, general and administrative expenses, which are included in the accompanying unaudited condensed consolidated statements of operations.

The Company recognized stock-based compensation expense during the three months ended March 31, 2022 and 2021 as follows:

Restricted Common Stock Awards:

Performance-based RSUs

A summary of the Company’s unvested performance-based restricted stock units for the three months ended March 31, 2022 is presented here:

During the three months ended March 31, 2022, the Company awarded 365,500 performance-based restricted shares of common stock under the 2019 Equity Plan to employees, which are eligible to vest upon the successful completion of specified milestones related to added infrastructure capacity and financial targets over a three-year performance period ending on December 31, 2023.

The value of performance-based restricted stock grants is measured based on their fair market value on the date of grant and amortized over their respective estimated implicit service periods. As of March 31, 2022, there was approximately $31.0 million of total unrecognized compensation cost related to performance-based restricted stock awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately seven months.

Service-based RSUs

A summary of the Company’s unvested service-based restricted stock units for the three months ended March 31, 2022 is presented here:

The value of service-based restricted stock grants is measured based on their fair market value on the date of grant and amortized over their respective vesting periods. During the three months ended March 31, 2022, the fair value of awards granted totaled $1.0 million and as of March 31, 2022, there was approximately $1.9 million of total unrecognized compensation cost related to unvested service-based restricted common stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately five months.

Other Common Stock Purchase Warrants:

As of March 31, 2022, the Company issued a warrant to purchase up to 63,000 shares of the Company’s common stock at a purchase price of $48.37 per share to XMS Capital Partners, LLC (“XMS”) as partial payment for its advisory services in connection with the Company’s Whinstone Acquisition. The warrant can be exercised any time through August 12, 2026.

No warrants were issued during the three months ended March 31, 2022.