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Stock-Based Awards (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 |
|  | Unrecognized Stock- Based Compensation |  |  | Average Remaining Vesting Period (Years) |
Employees and directors |  | $ | 16,488 |  |  |  | 1.70 |
Summary of Stock-Based Compensation Activity | A summary of stock-based compensation award activity during the three months ended March 31, 2021 is as follows:
|  | Stock Options |  |  | RSAs |  |  | RSUs |  |  | PRSUs |
Balance at January 1, 2021 |  |  | 305,000 |  |  |  | 3,580,743 |  |  |  | 39,408 |  |  |  | 341,312 |
Granted |  |  | — |  |  |  | 1,501,123 |  |  |  | 29,389 |  |  |  | 257,043 | (1)
Exercised/vested |  |  | (75,000 | ) |  |  | (1,243,763 | ) |  |  | (15,136 | ) |  |  | — |
Forfeitures |  |  | (115,000 | ) |  |  | (7,302 | ) |  |  | — |  |  |  | — |
Balance at March 31, 2021 |  |  | 115,000 |  |  |  | 3,830,801 |  |  |  | 53,661 |  |  |  | 598,355 |
(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 34% to 57% (average 44%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 0.17%; and (vi) an expected dividend yield of 0%.

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