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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table shows restricted stock unit (“RSU”) and stock option activity for the three months ended March 31, 2023:
| 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, 2022 | 12,259 |  |  | 15,273 |  |  | 2,273 |  |  | 13,119 |  |  | 11,152 |  |  | 13,864 |  |  | 67,940 |  |  | $ | 6.17 |  |  | $ | 29.64 |
Granted | 600 |  |  | 9,560 |  |  | — |  |  | 1,990 |  |  | — |  |  | 113 |  |  | 12,263 |  |  | 25.81 |  |  | 17.24 |
Exercised options / vested RSUs | (530) |  |  | (1,700) |  |  | (171) |  |  | (1,715) |  |  | — |  |  | (8,342) |  |  | (12,458) |  |  | 3.13 |  |  | 48.49 |
Change in awards due to performance-based multiplier | — |  |  | — |  |  | — |  |  | 1,142 |  |  | — |  |  | — |  |  | 1,142 |  |  | — |  |  | 60.25 |
Forfeited | — |  |  | (369) |  |  | — |  |  | (55) |  |  | — |  |  | (41) |  |  | (465) |  |  | 4.53 |  |  | 25.67 |
Outstanding at March 31, 2023 | 12,329 |  |  | 22,764 |  |  | 2,102 |  |  | 14,481 |  |  | 11,152 |  |  | 5,594 |  |  | 68,422 |  |  | $ | 6.71 |  |  | $ | 21.99 |
Summary of Stock Compensation Expense | The following table shows stock compensation expense for the three months ended March 31, 2023 and 2022:
| Three months ended March 31, 2023 |  | Three months ended March 31, 2022
| Options |  | RSUs |  | Total |  | Options |  | RSUs |  | Total
Time-based (1) | $ | 3,844 |  |  | $ | 44,807 |  |  | $ | 48,651 |  |  | $ | 3,864 |  |  | $ | 21,786 |  |  | $ | 25,650 |
PSP (2) | — |  |  | 24,015 |  |  | 24,015 |  |  | — |  | 43,367 |  |  | 43,367 |
LTIP (2) | — |  |  | 44,734 |  |  | 44,734 |  |  | — |  | 118,060 |  |  | 118,060 |
Total | $ | 3,844 |  |  | $ | 113,556 |  |  | $ | 117,400 |  |  | $ | 3,864 |  |  | $ | 183,213 |  |  | $ | 187,077 |
(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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