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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Recognition of Share-Based Compensation related to Employees | Share-based compensation expense is recognized in cost of services, product and technology expense, and selling, general, and administrative expense, in the accompanying condensed consolidated statements of operations and comprehensive income as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Share-based compensation expense |  |  |  |  |  |
Cost of services |  | $ | 275 |  |  | $ | 274 |
Product and technology expense |  |  | 457 |  |  |  | 204 |
Selling, general, and administrative expense |  |  | 1,326 |  |  |  | 1,381 |
Total share-based compensation expense |  | $ | 2,058 |  |  | $ | 1,859 |
Summary of outstanding stock option grants issued | A summary of the option and profits interests activity for the three months ended March 31, 2023 is as follows
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2022 |  | Grants outstanding |  |  | 2,843,342 |  |  | $ | 6.66 |  |  |  |  |
|  | Grants exercised |  |  | (85,760 | ) |  | $ | 6.68 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (250,856 | ) |  | $ | 6.69 |  |  |  |  |
March 31, 2023 |  | Grants outstanding |  |  | 2,506,726 |  |  | $ | 6.66 |  |  | 6.8 Years |  | $18.3 million
March 31, 2023 |  | Grants vested |  |  | 806,379 |  |  | $ | 6.64 |  |  | 6.6 Years |  | $5.9 million
March 31, 2023 |  | Grants unvested |  |  | 1,700,347 |  |  | $ | 6.67 |  |  |  |  |
2021 Equity Plan [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | The fair value for stock options granted for the three months ended March 31, 2023 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
|  | Options |
Expected stock price volatility |  |  | 35.48 | %
Risk-free interest rate |  |  | 4.22 | %
Expected term (in years) |  |  | 6.25 |
Fair-value of the underlying unit |  | $ | 13.70 |
Summary of Option Unit Activity | A summary of the option activity for the three months ended March 31, 2023 is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value |
December 31, 2022 |  | Grants outstanding |  |  | 4,311,662 |  |  | $ | 15.24 |  |  |  |  |  |
|  | Grants issued |  |  | 71,099 |  |  | $ | 13.70 |  |  |  |  |  |
March 31, 2023 |  | Grants outstanding |  |  | 4,382,761 |  |  | $ | 15.21 |  |  | 8.4 Years |  | $0.0 million |
March 31, 2023 |  | Grants vested |  |  | 1,392,123 |  |  | $ | 15.16 |  |  | 8.3 Years |  |  | — |
March 31, 2023 |  | Grants unvested |  |  | 2,990,638 |  |  | $ | 15.23 |  |  |  |  |  |
Summary of the RSU activity | A summary of the restricted stock units (“RSU”) activity for the three months ended March 31, 2023 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2022 |  | Nonvested RSUs |  |  | 472,332 |  |  | $ | 16.00 |
|  | Granted |  |  | 21,202 |  |  | $ | 13.70 |
|  | Vested |  |  | (5,077 | ) |  | $ | 16.33 |
March 31, 2023 |  | Nonvested RSUs |  |  | 488,457 |  |  | $ | 15.90 |
2021 Equity Plan [Member] | Restricted Stock [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Restricted Stock Activity | A summary of the restricted stock activity for the three months ended March 31, 2023 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2022 |  | Nonvested restricted stock |  |  | 2,281,300 |  |  | $ | 3.85 |
|  | Vested |  |  | (326,670 | ) |  | $ | 3.85 |
March 31, 2023 |  | Nonvested restricted stock |  |  | 1,954,630 |  |  | $ | 3.85 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance 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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