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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company has historically 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 that tie vesting to length of service with the Company and generally vest over a four-year period in annual and/or quarterly installments. 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 performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue or Adjusted EBITDA targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue and Adjusted EBITDA targets and have a range of payouts amongst other conditions. All stock-based compensation awards expire seven to ten years after the grant date thereof. 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 |
As of March 31, 2023, total unrecognized stock-based compensation expense of $689.8 million related to granted and unvested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 3.1 years. 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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