Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Option Awards
Following is a summary of stock option activities for the nine months ended September 30, 2023:
Options Weighted
Average
Exercise Price
Weighted
Average
Grant Date
Fair Value
Weighted
Average
Remaining
Life
(years)
Intrinsic
Value
Outstanding – January 1, 2023 7,603,864  $ 0.19  $ 0.21  4.6 $ 25,795 
Granted —  —  — 
Exercised (348,013) 0.18  0.23 
Forfeited —  —  — 
Outstanding – September 30, 2023
7,255,851  $ 0.19  $ 0.21  3.8 $ 17,429 
Exercisable as of September 30, 2023
7,255,851  $ 0.19  $ 0.21  3.8 $ 17,429 
For the three months ended September 30, 2023 and 2022, the Company recorded no stock option expense. As of September 30, 2023, there are no remaining stock options subject to amortization.
Restricted Stock

During the three months ended September 30, 2023, the Company granted an aggregate of 400,058 of the Company's restricted stock units (“RSUs”) to various employees, officers, directors, consultants, and service providers under the Blade Air Mobility, Inc. 2021 Omnibus Incentive Plan. The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant. The Company's current default tax withholding method for the vesting of RSUs is the sell-to-cover method, under which shares with a market value equivalent to the estimated tax withholding obligation are withheld from the holder of the RSUs upon vesting and sold on behalf of such holder to cover their applicable tax withholding liability, and the cash proceeds from such sales are then remitted by the Company to the applicable tax authorities. This approach is used for the vesting of RSUs held by the majority of the Company’s employees, including all of the Company’s Section 16 “officers” as defined by Section 16 of the Securities and Exchange Act of 1934, as amended.

Restricted Stock Units
Weighted Average Grant Date
Fair Value
Non-vested – January 1, 2023 7,466,636  $ 5.52 
Granted
675,293  3.55 
Vested
(1,830,986) 6.31 
Forfeited
(202,145) 6.03 
Non-vested – September 30, 2023
6,108,798  $ 5.05 
As of September 30, 2023, unamortized stock-based compensation costs related to restricted share arrangements was $27,200 and will be recognized over a weighted average period of 2.9 years.
Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2023 2022 2023 2022
Software development
$ 147  $ 189  $ 608  $ 718 
General and administrative(1)
2,903  1,439  7,915  4,657 
Selling and marketing
280  57 486  252
Total stock-based compensation expense
$ 3,330  $ 1,685  $ 9,009  $ 5,627 
________
(1) For the nine months ended September 30, 2023, the Company included a credit of $339 in connection with the settlement of the equity-based portion of contingent consideration related to the acquisition of Trinity Air Medical, Inc. that was paid in the first quarter of 2023 in respect of 2022 results.