Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
The fair value of each stock option award granted during the year ended December 31, 2020 was estimated as of the grant date using a trinomial lattice model. Weighted average assumptions used during the years ended December 31, 2022, 2021 and 2020 are as follows:
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2022 |
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2021 |
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2020 |
| Expected term (in years) |
3.0 – 5.5 |
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1.2 – 5.5 |
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3.8 – 5.5 |
| Risk-free interest rate (%) |
1.4% - 4.5% |
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0.2% - 1.3% |
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0.2% - 1.7% |
| Expected volatility (%) |
41.9% - 66.7% |
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38.7% - 51.4% |
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39.9% - 44.6% |
| Dividend yield (%) |
— |
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— |
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— |
| Weighted average fair value/share at grant date |
$6.42 |
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$18.87 |
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$8.88 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
The status of the stock options are summarized as follows:
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Number
of Shares
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Weighted
Average Exercise
Price
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Outstanding at December 31, 2019 |
5,318,759 |
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$ |
9.97 |
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| Granted |
845,120 |
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28.33 |
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| Exercised |
(2,310,934) |
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7.96 |
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| Forfeited |
(67,004) |
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16.37 |
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Outstanding at December 31, 2020 |
3,785,941 |
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15.21 |
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| Granted |
1,232,056 |
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42.13 |
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| Exercised |
(1,372,564) |
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9.97 |
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| Forfeited |
(684,238) |
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29.70 |
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Outstanding at December 31, 2021 |
2,961,195 |
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25.46 |
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| Granted |
4,494,333 |
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14.49 |
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| Exercised |
(949,259) |
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10.87 |
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| Forfeited |
(2,291,652) |
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26.50 |
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Outstanding at December 31, 2022 |
4,214,617 |
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16.48 |
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Exercisable at December 31, 2022 |
873,808 |
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27.53 |
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| Schedule of Nonvested Share Activity |
The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2022, as well as options granted, vested, and forfeited during the year were as follows:
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Number of Options |
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Weighted Average
Grant Date Fair Value
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Non-vested at December 31, 2021 |
1,292,839 |
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$ |
13.93 |
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| Granted |
4,494,333 |
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6.42 |
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| Vested |
(684,633) |
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$ |
12.41 |
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| Forfeited |
(1,761,730) |
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10.27 |
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Non-vested at December 31, 2022 |
3,340,809 |
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$ |
6.11 |
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| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable |
The following table summarizes information about the options outstanding at December 31, 2022:
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Options Outstanding |
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Options Exercisable |
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Range of
Exercise
Prices ($)
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Number
Outstanding
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Weighted
Average
Remaining
Contractual
Life (Years)
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Weighted
Average
Exercise
Price
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Number
Exercisable
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Weighted
Average
Remaining
Contractual
Life (Years)
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Weighted
Average
Exercise
Price
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7.34 – 8.13 |
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876,001 |
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6.42 |
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$ |
8.04 |
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7,881 |
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0.16 |
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$ |
8.03 |
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8.14 – 11.34 |
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863,300 |
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5.91 |
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9.40 |
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89,470 |
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0.28 |
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9.32 |
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11.35 – 12.61 |
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504,781 |
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6.05 |
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11.87 |
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47,294 |
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0.48 |
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11.94 |
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12.62 – 21.40 |
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943,249 |
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5.45 |
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14.19 |
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207,971 |
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1.97 |
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18.22 |
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21.41 – 55.40 |
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1,027,286 |
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4.34 |
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33.98 |
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521,192 |
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3.19 |
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36.08 |
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4,214,617 |
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5.55 |
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16.48 |
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873,808 |
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2.43 |
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27.53 |
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| Schedule of Share-based Compensation, Restricted Stock Units Award Activity |
The number of shares and weighted average grant date fair values of restricted non-vested common stock at the beginning and end of 2022, 2021 and 2020, as well as stock awards granted, vested, and forfeited during the year were as follows:
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Number of
Restricted
Shares
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Weighted Average
Grant Date
Fair Value
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Nonvested at December 31, 2019 |
335,298 |
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$ |
15.75 |
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| Granted |
149,012 |
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28.45 |
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| Vested |
(184,127) |
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12.90 |
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| Forfeited |
(8,292) |
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20.75 |
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Nonvested at December 31, 2020 |
291,891 |
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23.82 |
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| Granted |
936,648 |
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39.52 |
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| Vested |
(213,777) |
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32.83 |
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| Forfeited |
(163,359) |
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38.58 |
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Nonvested at December 31, 2021 |
851,403 |
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36.00 |
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| Granted |
2,865,727 |
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14.16 |
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| Vested |
(413,747) |
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33.19 |
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| Forfeited |
(1,308,522) |
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24.57 |
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Nonvested at December 31, 2022 |
1,994,861 |
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12.71 |
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