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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Compensation |
Share-Based Compensation | 14. Share-Based Compensation The following table presents the Group’s share-based compensation expense by type of award: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | (Amounts in Thousands)
​ |  | 2020 |  | 2021 |  | 2022 |  | 2022
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Share options | ​ | 21,837 | ​ | 18,081 | ​ | 24,195 | ​ | 3,508
Non-vested restricted shares | ​ | 37,952 | ​ | 32,956 | ​ | 18,105 | ​ | 2,625
Total share-based compensation | ​ | 59,789 | ​ | 51,037 | ​ | 42,300 | ​ | 6,133
​ During the year ended December 31, 2017, the Group adopted its 2017 share incentive plan (the “2017 Plan”). Under the 2017 Plan, the maximum aggregate number of shares in respect of which options, restricted shares, or restricted share units may be issued shall be 2,800,000 shares. The term of any options, restricted shares, or restricted share units granted under the 2017 Plan shall not exceed ten years. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months. During the year ended December 31, 2022, the Group adopted its 2022 share incentive plan (the “2022 Plan”). Under the 2022 Plan, the maximum aggregate number of shares in respect of which options, restricted shares, or restricted share units may be issued shall be 3,000,000 shares. The term of any options, restricted shares, or restricted share units granted under the 2022 Plan shall not exceed ten years. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months. Share Options: No options were granted for the years ended December 31, 2020. The weighted-average grant-date fair value of options granted during the year ended December 31, 2021 and 2022 was RMB306.56 and RMB181.04 (US$26.25) per share. There were 134,639, 37,606 and 6,009 options exercised during the years ended December 31, 2020, 2021 and 2022, respectively. The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted: ​
​ | ​ | ​ | ​
​ |  | 2022 |
Average risk-free rate of return |  | 3.0~4.1 | %
Weighted average expected option life |  | 7.85 | years
Estimated volatility |  | 67.1~67.5 | %
Average dividend yield |  | Nil |
​ The following table summarizes option activity during the year ended December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted |  | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Value of
​ | ​ | options | ​ | Price | ​ | Term | ​ | Options
​ |  | ​ |  | RMB |  | Years |  | RMB
Outstanding as of January 1, 2022 | ​ | 433,968 | ​ | 474.97 | ​ | 7.9 | ​ | 18,389
Granted | ​ | 558,935 | ​ | 198.71 | ​ | ​ | ​ | ​
Exercised | ​ | (6,009) | ​ | 257.59 | ​ | ​ | ​ | ​
Forfeited or expired | ​ | (61,421) | ​ | 460.62 | ​ | ​ | ​ | ​
Outstanding as of December 31, 2022 | ​ | 925,473 | ​ | 310.49 | ​ | 8.4 | ​ | 8,379
Exercisable as of December 31, 2022 | ​ | 242,581 | ​ | 401.05 | ​ | 6.0 | ​ | —
​ The aggregate intrinsic value of options exercised during the year ended December 31, 2022 was RMB1,223. As of December 31, 2022, there was RMB112,243 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 3.93 years. Non-vested Restricted Shares: A summary of non-vested restricted share activity during the year ended December 31, 2022 is presented below: ​
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ |  | Number of |  | average
​ |  | non-vested |  | grant-
​ |  | restricted |  | date fair
Non-vested restricted shares | ​ | shares |  | value
​ | ​ | ​ |  | RMB
Non-vested as of January 1, 2022 |  | 150,834 | ​ | 324.12
Granted |  | 4,000 | ​ | 224.85
Vested |  | (32,312) | ​ | 493.62
Forfeited |  | (32,667) | ​ | 427.29
Non-vested as of December 31, 2022 |  | 89,855 | ​ | 300.59
​ The total fair value of non-vested restricted shares vested during the year ended December 31, 2022 was RMB9,672. As of December 31, 2022, there was RMB28,161 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 4.63 years.

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