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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation On July 20, 2021, OppFi established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. As of September 30, 2023, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan (including from outstanding awards) was 17,257,521 shares. As of September 30, 2023, OppFi had only granted awards in the form of options, restricted stock units (“RSU”), and performance stock units (“PSU”). Stock options: A summary of the Company’s stock option activity for the nine months ended September 30, 2023 is as follows:
| Stock Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 | 1,978,972 | $ | 12.99 |  | 8.7 | $ | — |
Granted | — | — |  | — | — |
Exercised | — | — |  | — | — |
Forfeited | (89,218) | 4.03 |  | — | — |
Outstanding as of September 30, 2023 | 1,889,754 | $ | 13.41 |  | 7.8 | $ | — |
Exercisable as of September 30, 2023 | 1,373,245 | $ | 14.18 |  | 7.8 | $ | — |
The Company recognized stock-based compensation expense related to stock options of $0.2 million and negative stock-based compensation expense related to stock options of $0.1 million due to forfeitures for the three months ended September 30, 2023 and 2022, respectively. The Company recognized stock-based compensation expense related to stock options of $0.5 million and negative stock-based compensation expense related to stock options of $0.1 million due to forfeitures for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, the Company had unrecognized stock-based compensation related to stock options of $1.1 million and $1.7 million, respectively, that is expected to be recognized over an estimated weighted average period of approximately 2.0 years and 2.8 years, respectively. Restricted stock units: A summary of the Company’s RSU activity for the nine months ended September 30, 2023 is as follows:
|  | Shares | Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2022 |  | 2,174,842 | $ | 4.23 |
Granted |  | 665,393 | 2.32 |
Vested |  | (809,561) | 3.94 |
Forfeited |  | (248,754) | 3.92 |
Unvested as of September 30, 2023 |  | 1,781,920 | $ | 3.55 |
The Company recognized stock-based compensation related to RSUs of $0.9 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $2.5 million and $1.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, total unrecognized compensation expense related to RSUs was $5.9 million and $8.1 million, respectively, which will be recognized over a weighted average vesting period of approximately 2.5 years and 2.9 years, respectively. Performance stock units: A summary of the Company’s PSU activity for the nine months ended September 30, 2023 is as follows:
|  | Shares | Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2022 |  | 329,738 | $ | 3.46 |
Granted |  | — | — |
Vested |  | (59,876) | 3.63 |
Performance adjustment (1) |  | (129,026) | 3.34 |
Forfeited |  | — | — |
Unvested as of September 30, 2023 |  | 140,836 | $ | 3.42 |
(1) This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets. The Company recognized stock-based compensation related to PSUs of $0.1 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $0.1 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, total unrecognized compensation expense related to PSUs was $0.2 million and $0.7 million, respectively, which will be recognized over a weighted average vesting period of approximately 2.5 years and 3.4 years, respectively. Employee Stock Purchase Plan: On July 20, 2021, the Company established the OppFi Inc. 2021 Employee Stock Purchase Plan (“ESPP”). The ESPP permits eligible employees to contribute up to 10% of their compensation, not to exceed the IRS allowable limit, to purchase shares of Class A Common Stock during six-month offerings. Eligible employees will purchase the shares at a price per share equal to the lesser of 85% of the fair market value of the Class A Common Stock on the first trading day of the offering period or the last trading day of the offering period. The offering periods begin each January 1 and July 1, with the initial offering period beginning on January 1, 2022. As of September 30, 2023, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP (including from outstanding awards) was 1,483,919. The maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP shall be cumulatively increased on each January 1, through and including January 1, 2030, by a number of shares equal to the smallest of (a) one percent of the number of shares of Class A Common Stock issued and outstanding on the immediately preceding December 31, (b) 2,400,000 shares, or (c) an amount determined by the Board. As of September 30, 2023, there were 234,249 shares of Class A Common Stock purchased under the ESPP. As of December 31, 2022, there were 44,627 shares of Class A Common Stock purchased under the ESPP. As of September 30, 2023 and December 31, 2022, ESPP employee payroll contributions accrued of $0.1 million and $0.2 million, respectively, are included within accrued expenses on the consolidated balance sheets. Payroll contributions accrued as of September 30, 2023 will be used to purchase shares at the end of the ESPP offering period ended December 31, 2023. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date. The Company recognized ESPP compensation expense of $23 thousand and $30 thousand for the three months ended September 30, 2023 and 2022, respectively, and $68 thousand and $63 thousand for the nine months ended September 30, 2023 and 2022, respectively.

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