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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Fair Value of Stock Options Estimated on Grant Date Using Assumptions

The fair value of stock options is estimated on the grant date using the Black-Scholes option pricing model using the following assumptions:

 

 

Year Ended December 31, 2024

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

61.4% to 67.0%

 

 

 

 

Dividend yield

 

 

 

 

 

 

Risk-free interest rate

 

3.6% to 4.5%

 

 

 

 

Expected term (in years)

 

5.5 to 7.5

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

3.68

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

34.7% to 38.6%

 

 

 

 

Dividend yield

 

 

 

 

 

 

Risk-free interest rate

 

3.5% to 4.5%

 

 

 

 

Expected term (in years)

 

5.5 to 7.5

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

1.49

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

31.5% to 34.5%

 

 

 

 

Dividend yield

 

 

 

 

 

 

Risk-free interest rate

 

1.4% to 3.7%

 

 

 

 

Expected term (in years)

 

5.5 to 9.1

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

1.09

 

Schedule of Stock Option Activity

Stock option activity for the year ended December 31, 2024 was as follows:

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

Number of
Options

 

 

Exercise
Price
per Option

 

 

Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

(thousands)

 

 

 

 

 

(years)

 

 

(millions)

 

Outstanding at December 31, 2023

 

 

19,791

 

 

$

6.25

 

 

 

7.4

 

 

$

15.7

 

Granted

 

 

371

 

 

 

5.77

 

 

 

 

 

 

 

Exercised

 

 

(277

)

 

 

4.99

 

 

 

 

 

 

 

Forfeited/Expired

 

 

(2,261

)

 

 

8.74

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

17,624

 

 

$

5.94

 

 

 

6.1

 

 

$

6.9

 

Exercisable at December 31, 2024

 

 

8,794

 

 

$

7.09

 

 

 

4.7

 

 

$

1.4

 

Schedule of Information Regarding Fully Vested and Expected to Vest Stock Options

Information regarding fully vested and expected to vest stock options as of December 31, 2024 was as follows:

Exercise Price

 

Number of
Options

 

 

Weighted
Average
Remaining
Contractual
Life

 

 

 

(share data in thousands)

 

 

(years)

 

$2.87 - $4.66

 

 

6,865

 

 

 

7.96

 

$5.02 - $7.53

 

 

6,740

 

 

 

4.25

 

$8.00 - $12.00

 

 

3,132

 

 

 

4.15

 

$12.47 - $18.71

 

 

592

 

 

 

3.66

 

$22.08 - $33.12

 

 

295

 

 

 

2.96

 

 

 

 

17,624

 

 

 

 

Schedule of Restricted Stock Units Activity

RSU activity for the year ended December 31, 2024 was as follows:

(share data in thousands, except per share data)

 

Number of
RSUs
(share data in
thousands)

 

 

Weighted Average
Grant Date
Fair Value
per Share

 

Unvested balance, December 31, 2023

 

 

541

 

 

$

5.95

 

Granted

 

 

91

 

 

 

6.59

 

Forfeited

 

 

(18

)

 

 

5.49

 

Vested

 

 

(346

)

 

 

6.35

 

Unvested balance, December 31, 2024

 

 

268

 

 

$

5.71

 

Schedule of Weighted Average Assumptions Used in Determining Fair Value Performance-based Market Condition Share Awards Outstanding

The weighted average assumptions used in determining the fair value for the performance-based market condition share awards granted in 2020 and 2019 and remeasured at December 31, 2024 were as follows:

 

 

Grant Date

 

 

December 31,
2024

 

Expected volatility

 

 

41.7

%

 

 

69.8

%

Dividend yield

 

 

1.1

%

 

 

1.2

%

Risk-free interest rate

 

 

1.3

%

 

 

3.6

%