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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | NOTE 10. Stock-Based Compensation Restricted Stock Units (“RSUs”). RSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. RSUs are subject to graded vesting, generally ranging between one and four years and the fair value of the RSUs is equal to the Company’s common stock price on the date of grant. RSU activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value):
|  | Number of RSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2019 |  |  | 943 |  |  | $ | 24.68 |
Granted |  |  | 3,167 |  |  |  | 5.40 |
Vested and delivered |  |  | (220 | ) |  |  | 24.80 |
Forfeited |  |  | (87 | ) |  |  | 22.82 |
Outstanding as of March 31, 2020 (1) |  |  | 3,803 |  |  |  | 8.66 |
| (1) | The outstanding balance as of March 31, 2020 includes 80 RSUs that were vested, but not yet delivered.
Performance Stock Units (“PSUs”). PSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting. The fair value of the PSUs is equal to the Company’s common stock price on the date of grant. T he percentage of PSUs that shall vest will range from 0% to 200% of the number of PSUs granted based on the Company’s future performance related to certain revenue targets; adjusted earnings before interest, income taxes, depreciation and amortization targets; margin targets; and/or share price over a one to three-year performance period. These PSUs are subject to cliff vesting at the end of the respective performance period. PSU activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value):
|  | Number of PSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2019 |  |  | 953 |  |  | $ | 26.60 |
Granted (1) |  |  | 715 |  |  |  | 5.40 |
Vested and delivered |  |  | — |  |  |  | — |
Forfeited or cancelled (1) |  |  | (775 | ) |  |  | 27.13 |
Outstanding as of March 31, 2020 |  |  | 893 |  |  |  | 8.78 |
| (1) | Included in "Forfeited or cancelled" are 558 shares that were cancelled and replaced by new grants during the three months ended March 31, 2020.
Stock Options. Stock options represent the right to purchase shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. Stock options are subject to three-year cliff vesting and expire 10 years from the grant date. Stock option activity for the three months ended March 31, 2020 is as follows (in thousands, except for weighted-average grant date fair value):
|  | Number of Options |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2019 |  |  | — |  |  | $ | — |
Granted |  |  | 513 |  |  |  | 2.80 |
Vested and delivered |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Outstanding as of March 31, 2020 |  |  | 513 |  |  |  | 2.80 |
The fair value of the stock options granted during the three months ended March 31, 2020 are estimated on the grant date using the Black-Scholes option pricing model, using the following assumptions:
Risk-free interest rate |  | 1.01 | %
Weighted-average volatility |  | 53.08 | %
Dividend yield |  | 0 | %
Expected years until exercise | 6.5 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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