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Equity Awards and Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Options | The following is a summary of option activity under the Company’s applicable equity incentive plans and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:
|  |  | Exercise Price Per Share
| Options |  |  |  | Weighted
| Outstanding |  | Range |  | Average
Balance, December 31, 2019 | 18,691,667 |  |  | $2.00 – $5.74 |  | $ | 4.47 |
Option activity: |  |  |  |  |
Granted | 10,000 |  |  | 9.34 |  | 9.34 |
Exercised | (4,864,944) |  |  | 2.00 – 5.74 |  | 3.37 |
Canceled | (223,250) |  |  | 2.00 – 9.34 |  | 5.30 |
Balance, September 30, 2020 | 13,613,473 |  |  | $3.73 – $5.74 |  | $ | 4.85 |
The following is a summary of options outstanding and exercisable by exercise price under the Company’s applicable equity incentive plans as of September 30, 2020 and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:
|  |  |  | Weighted |  |
|  |  |  | Remaining |  |
|  | Number of |  | Contractual |  |
Exercise |  | Options |  | Life |  |
Prices |  | Outstanding |  | (in years) |  | Exercisable
$3.73 – $4.00 |  | 5,407,315 |  |  | 1.07 |  | 4,424,881 |
4.01 – 5.74 |  | 8,206,158 |  |  | 3.08 |  | 2,536,658 |
Total |  | 13,613,473 |  |  |  |  | 6,961,539 |
The following is a summary of the intrinsic value of options outstanding and exercisable under the Company’s applicable equity incentive plans as of September 30, 2020 and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:
|  |  |  |  |  |  | Weighted
|  |  | Weighted |  |  |  | Remaining
|  |  | Average |  | Aggregate |  | Contractual
| Number of |  | Exercise |  | Intrinsic |  | Life
| Options |  | Price |  | Value |  | (in years)
Options as of September 30, 2020 |  |  |  |  |  |  |
Outstanding | 13,613,473 |  |  | $ | 4.85 |  |  | $ | 361,441 |  |  | 2.3
Exercisable | 6,961,539 |  |  | $ | 4.40 |  |  | $ | 187,962 |  |  | 1.7
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense was as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
IPO vested restricted stock and RSU expense | $ | 15,445 |  |  | $ | — |  | $ | 15,445 |  |  | $ | — |
Stock option expense | 2,893 |  |  | 1,575 |  | 5,849 |  |  | 4,795 |
Restricted stock expense | 2,067 |  |  | 446 |  | 2,104 |  |  | 1,251 |
Stock grants expense | — |  |  | — |  | 219 |  |  | — |
Total pre-tax expense | $ | 20,405 |  |  | $ | 2,021 |  | $ | 23,617 |  |  | $ | 6,046 |
Schedule of Valuation Assumptions |
| Nine Months Ended |  | Year Ended
| September 30, |  | December 31,
| 2020 |  | 2019
Expected volatility | 31.04% |  | 29.57%
Expected dividend yield | 1.11% |  | 1.38%
Risk-free interest rate | 1.31% |  | 2.48%
Expected term (in years) | 3.75 |  | 3.75
Weighted average grant date fair value of options issued | $2.49 |  | $1.66

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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