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SHARE-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATIONWe maintain an equity incentive plan, the 2020 Equity Incentive Plan, or the 2020 Plan, for the issuance and grant of equity awards (restricted stock, restricted stock units, or RSUs, and incentive and nonqualified stock options) to our officers, directors, employees and certain advisors. As of March 31, 2021, we had 30.0 million common shares authorized and available for issuance under the 2020 Plan. The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (dollars in millions)
Share-based compensation expense: |  |  |  |  |  |  |
Loss and loss adjustment expenses |  |  |  |  | $ | 0.1 |  |  | $ | 0.4 |
Sales and marketing |  |  |  |  | — |  |  | 1.0 |
Other insurance expense |  |  |  |  | 0.1 |  |  | 0.9 |
Technology and development |  |  |  |  | 0.3 |  |  | 5.2 |
General and administrative |  |  |  |  | 1.8 |  |  | 18.2 |
Total share-based compensation expense |  |  |  |  | $ | 2.3 |  |  | $ | 25.7 |
The following table provides total share-based compensation expense by type of award:
| Three Months Ended March 31,
| 2021 |  | 2020
| (dollars in millions)
Share-based compensation expense: |  |  |
Restricted stock unit expense | $ | 0.6 |  |  | $ | — |
Stock option expense | 1.7 |  |  | 25.7 |
Total share-based compensation expense | $ | 2.3 |  |  | $ | 25.7 |
In March 2020, a current investor completed a tender offer for common stock from vested shareholders, many of whom were employees or members of the Board of Directors. To encourage participation, the tender offer was made at a price in excess of the fair value of our common stock. As a result, we recognized $25.1 million of share-based compensation expense during the three months ended March 31, 2020. As of March 31, 2021, there was $7.6 million and $8.6 million of unrecognized compensation cost related to unvested stocks options and restricted stock units, respectively. The remaining costs are expected to be recognized over a period of six and four years, respectively. Restricted Stock Units A summary of RSU activity for the three months ended March 31, 2021 is as follows:
|  | March 31, 2021
Restricted Stock Units |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Aggregate Intrinsic Value
|  | (in millions, except exercise price and term amounts)
Nonvested at January 1, 2021 |  | 0.4 |  |  | $ | 18.41 |  |  | $ | 6.2 |
Granted |  | 0.1 |  |  | 16.02 |  |  |
Vested |  | — |  |  | 17.27 |  |  | 0.3 |
Forfeited, expired or canceled |  | — |  |  | 21.49 |  |  |
Nonvested at March 31, 2021 |  | 0.5 |  |  | $ | 17.75 |  |  | $ | 6.7 |
Stock Options A summary of option activity for the three months ended March 31, 2021 is as follows:
| March 31, 2021
Options | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
| (in millions, except exercise price and term amounts)
Outstanding and exercisable at January 1, 2021 | 10.4 |  |  | $ | 2.39 |  |  | 7.75 |  | $ | 137.7 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1.2) |  |  | 2.00 |  |  |  |  | 12.1 |
Forfeited, expired or canceled | (0.7) |  |  | 4.80 |  |  |  |  |
Outstanding and exercisable at March 31, 2021 | 8.5 |  |  | $ | 2.24 |  |  | 7.17 |  | $ | 88.5 |

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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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