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Common Stock | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Common Stock | Common Stock Restricted Stock Units The summary of restricted stock unit ("RSU") activity is as follows (in thousands, except per share data):
| Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Nonvested units as of December 31, 2021 | 17,116 |  |  | $ | 45.75 |  |  | $ | 730,528 |
Granted | 15,099 |  |  | 38.10 |  |  |
Vested | (3,602) |  |  | 50.39 |  |  |
Canceled | (1,007) |  |  | 44.26 |  |  |
Nonvested units as of March 31, 2022 | 27,606 |  |  | $ | 40.99 |  |  | $ | 1,058,641 |
Included in the grants for the three months ended March 31, 2022 are approximately 942,000 performance based restricted stock units (“PSUs”). Included in these PSUs were the following: i.PSUs that have performance criteria tied to the Company’s stock performance. The Company valued these PSUs using a Monte Carlo valuation model and took into consideration the likelihood of the market criteria being achieved. The resulting fair value expense is amortized over the life of the PSU award. ii.PSUs that have performance criteria tied to the achievement of certain performance milestones. Compensation cost associated with these PSUs are recognized based on the estimated number of shares that the Company ultimately expects will vest and amortized on a straight-line basis over the requisite service period of each performance milestone. Each reporting period, the Company assesses the probability that the performance criteria will be met and records expense for those shares for which vesting is probable. All PSUs are subject to a continuous service condition in addition to certain performance criteria. The fair value as of the respective vesting dates of RSUs that vested during the three months ended March 31, 2022 and 2021 was $148.6 million and $307.5 million, respectively. In connection with RSUs that vested in the three months ended March 31, 2022, the Company withheld 43,800 shares and remitted cash payments of $1.8 million on behalf of the RSU holders to the relevant tax authorities. As of March 31, 2022, the total unrecognized compensation cost was $965.7 million. The Company expects to recognize this expense over the remaining weighted-average period of 1.7 years. The Company recognizes compensation expense on the RSUs granted prior to the effectiveness of its IPO Registration Statement on March 28, 2019 using the accelerated attribution method. Generally, RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. 2019 Employee Stock Purchase Plan In March 2019, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2019 Employee Stock Purchase Plan (the “ESPP”). The initial ESPP went into effect on March 27, 2019 and was amended on July 26, 2021. Subject to any limitations contained therein, the ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. The ESPP provides for consecutive, overlapping 12-month offering periods, subject to certain reset provisions as defined in the plan. The initial offering period ran from March 28, 2019 through June 30, 2020. A total of 6,000,000 shares of Class A common stock were initially reserved for issuance under the ESPP. On January 1, 2020, an additional 3,025,957 shares of Class A common stock were reserved for issuance under the ESPP. On January 1, 2021, an additional 3,237,371 shares of Class A common stock were reserved for issuance under the ESPP. On January 1, 2022, an additional 3,449,382 shares of Class A common stock were reserved for issuance under the ESPP. As of March 31, 2022, 2,267,947 shares of Class A common stock have been purchased under the 2019 ESPP. The number of shares reserved under the 2019 ESPP will automatically increase on the first day of each calendar year beginning on January 1, 2020 in a number of shares equal to the least of (i) 7,000,000 shares of Class A common stock, (ii) one percent of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the administrator of the 2019 ESPP.

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