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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the six months ended June 30, 2023 is as follows:

 

						Number of Shares						Weighted Average Exercise Price
Outstanding at December 31, 2022						4,214,617						$	16.48
Granted						1,502,768						$	17.34
Exercised						(135,101)						$	10.07
Forfeited						(818,558)						$	19.77
Outstanding at June 30, 2023						4,763,726						$	16.37
Exercisable at June 30, 2023						1,231,330						$	23.06

Schedule of Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the six months ended June 30, 2023 was estimated as of the grant date using a Black-Scholes model with the following assumptions:

			Six Months Ended June 30, 2023
Expected term (in years)			4.0 - 6.5
Risk-free interest rate (%)			3.3% - 4.4%
Expected volatility (%)			53.3% - 67.9%
Dividend yield (%)			—
Weighted average grant date fair value per share			$9.05

Schedule of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the six months ended June 30, 2023 is as follows:

						Number of Restricted Shares						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022						1,994,861						$	12.71
Granted						845,735						$	17.19
Vested						(451,523)						$	14.32
Forfeited						(333,682)						$	15.75
Nonvested at June 30, 2023						2,055,391						$	13.68

A summary of the PSU activity under the Company’s plans for the six months ended June 30, 2023 is as follows:

						Number of Stock Units						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022						—						$	—
Granted						305,105						$	21.83
Vested						—						$	—
Forfeited						—						$	—
Nonvested at June 30, 2023						305,105						$	21.83

Schedule of Fair Value of PSU Award Granted

The fair value of each PSU granted during the six months ended June 30, 2023 was estimated as of the grant date using a Monte Carlo with the following assumptions:

			Six Months Ended June 30, 2023
Expected term (in years)			3.0
Risk-free interest rate (%)			3.6% - 4.0%
Expected volatility (%)			68.4% - 69.9%
Dividend yield (%)			—
Weighted average grant date fair value per share			$21.83

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Schedule of Share-Based Payment Award, Equity Instruments Other Than Options , Valuation Assumptions

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Tabular disclosure of share-based payment arrangement.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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