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Equity Awards and Instruments (Tables)

9 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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