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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company, historically, has issued three types of stock-based compensation: Time-Based awards, Long Term Incentive Plan (“LTIP”) awards and Performance-Based Stock Compensation Plan (“PSP”) awards. Time-Based awards are equity awards which generally vest over a 4-year period. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are short-term performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue, Adjusted EBITDA or share price targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue targets and have a range of payouts amongst other conditions. The following table shows restricted stock unit (“RSU”) and stock option activity for the six months ended June 30, 2022:
| Time-based |  | PSP |  | LTIP |  | Total |  | Weighted Average Exercise Price of Options |  | Weighted Average FMV of RSUs
| Options |  | RSUs |  | Options |  | RSUs |  | Options |  | RSUs |  |  |  |  |  |
Outstanding at December 31, 2021 | 14,695 |  |  | 4,195 |  |  | 2,354 |  |  | 1,488 |  |  | 11,671 |  |  | 19,343 |  |  | 53,746 |  |  | $ | 5.46 |  |  | $ | 49.94 |
Granted | 200 |  |  | 9,270 |  |  | — |  |  | 2 |  |  | — |  |  | 434 |  |  | 9,906 |  |  | 31.40 |  |  | 21.96 |
Exercised options / vested RSUs | (1,592) |  |  | (1,299) |  |  | (54) |  |  | (2,671) |  |  | (169) |  |  | (6,251) |  |  | (12,036) |  |  | 2.70 |  |  | 44.96 |
Change in awards due to performance-based multiplier | — |  |  | — |  |  | — |  |  | 1,806 |  |  | — |  |  | — |  |  | 1,806 |  |  | — |  |  | 33.69 |
Forfeited | (118) |  |  | (549) |  |  | — |  |  | (6) |  |  | — |  |  | (281) |  |  | (954) |  |  | 4.76 |  |  | 39.29 |
Outstanding at June 30, 2022 | 13,185 |  |  | 11,617 |  |  | 2,300 |  |  | 619 |  |  | 11,502 |  |  | 13,245 |  |  | 52,468 |  |  | $ | 5.83 |  |  | $ | 40.48 |
As of June 30, 2022, total unrecognized stock-based compensation expense of $608.4 million related to granted and unvested share-based compensation arrangements is expected to be recognized over a weighted-average period of 1.9 years. The following table shows stock compensation expense for the three and six months ended June 30, 2022 and 2021:
| Three months ended June 30, 2022 |  | Three months ended June 30, 2021
| Options |  | RSUs |  | Total |  | Options |  | RSUs |  | Total
Time Based (1) | $ | 3,830 |  |  | $ | 26,983 |  |  | $ | 30,813 |  |  | $ | 4,034 |  |  | $ | 15,223 |  |  | $ | 19,257 |
PSP (2) | — |  | 13,764 |  |  | 13,764 |  |  | — |  |  | 19,090 |  |  | 19,090 |
LTIP (2) | — |  | 90,944 |  |  | 90,944 |  |  | — |  |  | 133,392 |  |  | 133,392 |
Total | $ | 3,830 |  |  | $ | 131,691 |  |  | $ | 135,521 |  |  | $ | 4,034 |  |  | $ | 167,705 |  |  | $ | 171,739 |
| Six months ended June 30, 2022 |  | Six months ended June 30, 2021
| Options |  | RSUs |  | Total |  | Options |  | RSUs |  | Total
Time Based (1) | $ | 7,694 |  |  | $ | 48,769 |  |  | $ | 56,463 |  |  | $ | 6,467 |  |  | $ | 29,491 |  |  | $ | 35,958 |
PSP (2) | — |  |  | 57,131 |  |  | 57,131 |  |  | — |  |  | 35,404 |  |  | 35,404 |
LTIP (2) | — |  |  | 209,004 |  |  | 209,004 |  |  | — |  |  | 252,220 |  |  | 252,220 |
Total | $ | 7,694 |  |  | $ | 314,904 |  |  | $ | 322,598 |  |  | $ | 6,467 |  |  | $ | 317,115 |  |  | $ | 323,582 |
(1) Time-based awards vest and are expensed over a defined service period. (2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria. During the three months ended March 31, 2022, the Company recorded a cumulative catch-up adjustment of $20.7 million in additional stock-based compensation expense related to its updated expectation on achieving higher revenue targets than originally estimated for certain PSP awards which have a range of payouts.

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