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Stock-Based Employee Compensation | 9 Months Ended
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Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Employee Compensation | 7. Stock-Based Employee Compensation Effective March 20, 2015, the Company adopted the ACV Auctions Inc. 2015 Long-Term Incentive Plan (the "2015 Plan"). Employees, outside directors, consultants and advisors of the Company were eligible to participate in the 2015 Plan. The Plan allowed for the grant of incentive or nonqualified common stock options to purchase shares of the Company’s common stock and also to issue restricted shares of the common stock. Effective March 23, 2021, the Company adopted the ACV Auctions Inc. 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan became effective on the date of the underwriting agreement related to the IPO, and no further grants were made under the 2015 Plan. Employees, outside directors, consultants and advisors of the Company are eligible to participate in the 2021 Plan. The Plan allows the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other forms of awards. As of September 30, 2021, 12,719,849 shares were available for future grants of the Company's common stock. The following table summarizes the stock option activity for the nine months ended September 30, 2021 (in thousands, except for share and per share amounts):
|  | Number of Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Intrinsic Value |  |  | Weighted- Average Remaining Contractual Term (in years) |
Outstanding, December 31, 2020 |  |  | 9,933,348 |  |  | $ | 2.16 |  |  | $ | 129,358 |  |  |  | 7.80 |
Granted |  |  | 633,700 |  |  |  | 8.10 |  |  |  |  |  |  |
Exercised |  |  | (1,073,448 | ) |  |  | 1.02 |  |  |  |  |  |  |
Forfeited |  |  | (169,975 | ) |  |  | 4.46 |  |  |  |  |  |  |
Expired |  |  | (38,111 | ) |  |  | 2.08 |  |  |  |  |  |  |
Outstanding, September 30, 2021 |  |  | 9,285,514 |  |  | $ | 2.66 |  |  | $ | 141,393 |  |  |  | 7.23 |
Exercisable, September 30, 2021 |  |  | 5,574,039 |  |  | $ | 1.24 |  |  | $ | 92,813 |  |  |  | 6.32 |
Expected to Vest, September 30, 2021 |  |  | 3,711,475 |  |  | $ | 4.79 |  |  | $ | 48,579 |  |  |  | 8.60 |
The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2021 (in thousands, except for share and per share amounts):
|  | Number of RSUs |  |  | Weighted- Average Grant-Date Fair Value |
Outstanding, December 31, 2020 |  |  | 250,000 |  |  | $ | 10.52 |
Granted |  |  | 3,178,671 |  |  |  | 22.10 |
Vested |  |  | (178,513 | ) |  |  | 17.83 |
Forfeited |  |  | (10,260 | ) |  |  | 22.46 |
Outstanding, September 30, 2021 |  |  | 3,239,898 |  |  | $ | 21.44 |
As of September 30, 2021, there is approximately $84.0 million of compensation expense related to the unvested portion of common stock options and restricted stock units. The weighted-average remaining period of the compensation expense related to common stock options and restricted stock units are 2.39 and 3.49 years, respectively.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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