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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three and nine months ended September 30, 2022 and 2021, and associated with the issuance of restricted shares of common stock and vesting of stock options, which are included in general and administrative expenses in the accompanying consolidated statements of operations (in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Stock options | $ | 947 |  |  | $ | 602 |  |  | $ | 2,868 |  |  | $ | 1,794 |
Restricted stock | 2,555 |  |  | 818 |  |  | 7,609 |  |  | 2,528 |
Total stock-based compensation expense | $ | 3,502 |  |  | $ | 1,420 |  |  | $ | 10,477 |  |  | $ | 4,322 |
Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2022 was $23.2 million. Options The Company’s outstanding stock options consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Options outstanding at January 1, 2022 | 813,965 |  |  | $ | 22.74 |  |  | 3.20 |  | $ | 41.6 |
Options granted | 87,488 |  |  | 51.21 |  |  | — |  |  | — |
Options exercised | (41,603) |  |  | 17.81 |  |  | — |  |  | 1.0 |
Options outstanding at September 30, 2022 | 859,850 |  |  | $ | 25.90 |  |  | 2.44 |  | $ | 16.5 |
Options exercisable at September 30, 2022 | 639,622 |  |  | $ | 12.07 |  |  | 1.56 |  | $ | 15.5 |
During the nine months ended September 30, 2022, options were exercised for 41,603 shares of the Company’s common stock, resulting in proceeds of $0.7 million. During the nine months ended September 30, 2021, options were exercised for 40,000 shares of the Company’s common stock, resulting in proceeds of $0.2 million. During the nine months ended September 30, 2022, the Company granted 87,488 stock options to certain ApolloMed employees and Board members. The options granted during the nine months ended September 30, 2022 were recognized at fair value, as determined using the Black-Scholes option pricing model as follows:
September 30, 2022 |
Expected term | 1.50 years - 2.25 years
Expected volatility | 71.47% - 82.05%
Risk-free interest rate | 1.02% - 2.47%
Market value of options | $17.47 - $23.42
Restricted Stock The Company grants restricted stock to officers and employees, which are earned based on service conditions. The grant date fair value of the restricted stock is that day’s closing market price of the Company’s common stock. During the nine months ended September 30, 2022, the Company granted restricted stock totaling 538,037 shares, including 295,721 shares of restricted stock with performance conditions, with a weighted average grant date fair value of $41.95. Shares of restricted stock with performance conditions are recognized to the extent the performance conditions are probable of being achieved. The grant date fair value of restricted stock and restricted stock with performance conditions that are probable of being achieved were $10.7 million and will be recognized on a straight-line basis over the awards’ vesting period. Warrants The Company’s outstanding warrants consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Warrants outstanding at January 1, 2022 | 1,001,740 |  |  | 10.49 |  |  | 0.94 |  | 63.1 |
Warrants granted | — |  |  | — |  |  | — |  |  | — |
Warrants exercised | (281,742) |  |  | 10.49 |  |  | — |  |  | 10.1 |
Warrants expired/forfeited | — |  |  | — |  |  | — |  |  | — |
Warrants outstanding at September 30, 2022 | 719,998 |  |  | $ | 10.49 |  |  | 0.19 |  | $ | 20.5 |
Exercise Price Per Share |  | Warrants Outstanding |  | Weighted Average Remaining Contractual Life |  | Warrants Exercisable |  | Weighted Average Exercise Price Per Share
$ | 10.00 |  |  | 370,280 |  | 0.19 |  | 370,280 |  |  | $ | 10.00 |
11.00 |  |  | 349,718 |  | 0.19 |  | 349,718 |  |  | $ | 11.00 |
$ 10.00 – 11.00 |  | 719,998 |  |  | 0.19 |  | 719,998 |  |  | $ | 10.49 |
During the nine months ended September 30, 2022 and 2021, common stock warrants were exercised for 281,742 and 624,760 shares of the Company’s common stock, respectively, which resulted in proceeds of approximately $2.0 million and $6.4 million, respectively. The exercise price ranged from $10.00 to $11.00 per share for the exercises during the nine months ended September 30, 2022, and $9.00 to $11.00 per share for the exercises during the nine months ended September 30, 2021, respectively.

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