Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period

A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:


	March 31, 2020
	Unrecognized Stock- Based Compensation		Average Remaining Vesting Period (Years)
Employees and directors	$	17,760		1.91

Summary of Stock Options, Restricted Stock, Restricted Stock Unit and Performance Stock Unit Activity

A summary of stock-based compensation award activity during the three months ended March 31, 2020 is as follows:


	Stock Options			RSAs			RSUs			PRSUs
Balance at January 1, 2020		485,536			3,244,558			39,278			232,610
Granted		—			1,436,089			32,901			117,013	(1)
Exercised/vested		(107,000	)		(936,186	)		(27,130	)		—
Forfeitures		(63,536	)		(23,483	)		(1,993	)		—

Balance at March 31, 2020		315,000			3,720,978			43,056			349,623

(1)

Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. A Monte-Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) historical stock price volatilities ranging from 21% to 36% (average 26%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 1.47%; and (vi) an expected dividend yield of 0%