Note 15. Stock-Based Compensation

Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company granted stock-based awards to certain employees in the U.S. and U.K. All awards in the U.S. are restricted stock awards while awards granted to employees in the U.K. are stock options with exercise prices of $0.01. Regardless of where the awards were granted, the awards generally vest pursuant to one of the following four conditions:

Included in the table below is a summary of the unvested awards outstanding at July 31, 2022, including the location, type of award, shares outstanding, unrecognized compensation expense, and the date that expense will be recognized through. The total stock compensation expense recognized for restricted stock awards for the three-month periods ended  July 31, 2022 and 2021 was $1.2 million and $1.1 million, respectively. The total stock compensation expense recognized for stock options for the three-month periods ended  July 31, 2022 and 2021 was $0.2 million. The total stock compensation expense recognized for restricted stock awards for the nine-month periods ended July 31, 2022 and 2021 was $3.7 million and $4.6 million, respectively. The total stock compensation expense recognized for stock options for the nine-month periods ended July 31, 2022 and 2021 was $0.5 million and $0.6 million, respectively. In addition, while the table below provides a date through which expense will be recognized on a straight-line basis, if at such time the market-based stock awards, vest earlier than the Monte Carlo simulation derived service period, expense recognition will be accelerated.

During the first quarter of fiscal 2022, the Company granted 69,491 stock awards that have a market-based vesting condition. The assumptions used in the Monte Carlo Simulation for these grants were stock price on date of grant, a price target expiration date of December 6, 2023, expected volatility of 73% and a risk-free interest rate of 0.5%. No equity-based awards were granted during the second or third quarter of fiscal 2022.

Note: The $13/$16/$19 Market/Time Based shares noted above relate to the shares not exchanged in the October 29, 2020 modification discussed above.