Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based CompensationOn October 8, 2020, the Company’s stockholders approved the 2020 Omnibus Incentive Plan, which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 85,850,000 shares of Class A common stock.

During the nine months ended September 30, 2021, activity under the 2020 Omnibus Incentive Plan is summarized in the table below:


	Employee RS	Director RSUs	Employee RSUs	Employee NQSOs	Fixed Value RSUs(1)
Nonvested as of December 31, 2020	1,468,750	42,847	—	—	—
Awarded	133,689	87,275	2,882,509	2,450,104	259,067
Vested	(930,564)	(48,061)	(265,173)	—	—
Forfeited	(671,875)	—	—	—	—
Nonvested as of September 30, 2021	—	82,061	2,617,336	2,450,104	259,067

(1)The number of nonvested Fixed Value RSUs is an estimate based on the price of the Company's Class A common stock as of the grant date, the actual number of shares issued pursuant to the Fixed Value RSUs will be based on the volume weighted average trading price of the common stock of the Company over the preceding 30 consecutive trading days prior to the grant's vesting date, which will occur at the earliest on January 31, 2022.

On August 4, 2021, the Company granted $2.0 million of Fixed Value RSUs to the chief executive officer as part of the side letter agreement entered into on the same date. The required service period of the grant is the time between the grant date and the earliest vesting date of January 31, 2022, and the compensation cost related to the grant will be amortized ratably over the service period. This grant is accounted for as liability-classified award because the obligation is based on fixed monetary amount that was known at inception of the obligation, to be settled with a variable number of shares of our common stock.

Compensation cost charged to expense related to share-based compensation arrangements was $4.8 million and $13.2 million and $262.4 million and $299.6 million for the three and nine months ended September 30, 2021 and 2020, respectively.