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Stock-Based Compensation
 6 Months Ended
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-basedPSPLTIPTotalWeighted Average Exercise Price of OptionsWeighted Average FMV
of
RSUs
OptionsRSUsOptionsRSUsOptionsRSUs
Outstanding at December 31, 202114,695 4,195 2,354 1,488 11,671 19,343 53,746 $5.46 $49.94 
Granted200 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, 202213,185 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, 2022Three months ended June 30, 2021
OptionsRSUsTotalOptionsRSUsTotal
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, 2022Six months ended June 30, 2021
OptionsRSUsTotalOptionsRSUsTotal
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.