Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
	Unrecognized Stock- Based Compensation		Weighted-Average Remaining Vesting Period (Years)
Employees and directors	$	30,415	2.10

Summary of Restricted Stock Activity

A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2023 is as follows:


	RSA			RSU			PRSU
Balance at January 1, 2023		3,391,082			141,963			668,188
Granted		3,273,263			73,855			576,240	(1)
Vested		(1,498,171	)		(26,837	)		(83,158	) (2)
Forfeited		(11,885	)		(233	)		(24,955	) (2)

Balance at March 31, 2023		5,154,289			188,748			1,136,315

(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 37% to 56% (average 47%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 3.8%; and (vi) an expected dividend yield of 0%.

(2)

The payout on PRSUs vesting in January 2023 was 77%. The remainder of the awards were forfeited.