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Stock-Based Compensation (Tables)

3 Months Ended

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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Schedule of Share-based payment award, Variable Performance Stock Units, Valuation Assumptions

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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.

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