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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized for the periods presented:
| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Equity Awards |  |  |  |  |  |  |
Restricted stock | $ | 10,673 |  |  | $ | 3,439 |  |  |  |  |
Stock option awards | 1 |  |  | 31 |  |  |  |  |
Performance stock units | 7,197 |  |  | 2,003 |  |  |  |  |
Other stock-based compensation expense(1) | — |  |  | 72 |  |  |  |  |
Total stock-based compensation - equity awards | 17,871 |  |  | 5,545 |  |  |  |  |
Liability Awards |  |  |  |  |  |  |
Performance stock units | — |  |  | 13,720 |  |  |  |  |
Total stock-based compensation expense | $ | 17,871 |  |  | $ | 19,265 |  |  |  |  |
(1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of January 1, 2023, the Company no longer offers the ESPP.
Schedule of Restricted Stock Activity | The following table provides information about restricted stock activity during the three months ended March 31, 2023:
| Restricted Stock |  | Weighted Average Fair Value
Unvested balance as of December 31, 2022 | 8,182,705 |  |  | $ | 6.03 |
Granted | 359,322 |  |  | 8.73 |
Vested | (928,649) |  |  | 8.91 |
Forfeited | (293,863) |  |  | 7.58 |
Unvested balance as of March 31, 2023 | 7,319,515 |  |  | 6.22 |
Summary of Stock Option Activity | The following table provides information about stock option awards outstanding during the three months ended March 31, 2023:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022 | 2,056,467 |  |  | $ | 15.44 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (39,333) |  |  | 5.88 |  |  |  |  | $ | 168 |
Forfeited | — |  |  | — |  |  |  |  |
Expired | (502,000) |  |  | 15.17 |  |  |  |  |
Outstanding as of March 31, 2023 | 1,515,134 |  |  | 15.77 |  |  | 3.9 |  | $ | 497 |
Exercisable as of March 31, 2023 | 1,501,132 |  |  | 15.92 |  |  | 3.9 |  | $ | 353 |
Schedule of Variable Performance Stock Units Valuation Assumptions | The following table summarizes the key assumptions and related information used to determine the fair value of performance stock units granted during the three months ended March 31, 2023:
|  | 2023 Awards
Number of PSUs granted |  | 237,097
Weighted average fair value |  | $16.68
Number of simulations |  | 10,000,000
Expected implied stock volatility |  | 59.2%
Risk-free interest rate |  | 4.1%

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + 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 (c) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + 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 (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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