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Equity Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option

The fair value of stock option awards granted during the period was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:

 

 

Nine Months Ended September 30,

 

 

 

2022

 

Stock price

 

$

3.37

 

Exercise Price

 

$

3.91

 

Expected term (years)(1)

 

 

6.25

 

Expected volatility (2)

 

 

62.5

%

Risk-Free interest rate (3)

 

 

2.7

%

Dividend yield (4)

 

 

0.0

%

(1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.

(2) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.

(3) The risk-free interest rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.

(4) We have assumed a dividend yield of zero as we have no plans to declare dividends in the foreseeable future.

 

The weighted average grant date fair value for stock options granted for the nine months ended September 30, 2022 was $1.95.
Summary of Stock Option Activity

The following is a summary of stock option activity for the nine months ended September 30, 2022:

 

Shares

 

 

Weighted average exercise price

 

 

Weighted average remaining life

 

 

Intrinsic value
(in thousands)

 

Outstanding Balance as of January 1, 2022

 

1,409,693

 

 

$

2.30

 

 

 

 

 

 

 

Granted

 

1,681,560

 

 

$

3.91

 

 

 

 

 

 

 

Exercised

 

(189,559

)

 

$

0.62

 

 

 

 

 

 

 

Forfeited and expired

 

(78,897

)

 

$

3.73

 

 

 

 

 

 

 

Balance as of September 30, 2022

 

2,822,797

 

 

$

3.32

 

 

 

8.1

 

 

$

5,245

 

Exercisable at the end of the period

 

967,780

 

 

$

1.24

 

 

 

5.5

 

 

$

3,619

 

Vested and expected to vest

 

2,822,797

 

 

$

3.32

 

 

 

8.1

 

 

$

5,245

 

 
Summary of Restricted Stock Unit Activity

The following is a summary of RSU activity for the nine months ended September 30, 2022:

 

Shares

 

 

 

Weighted average grant date fair value

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balance unvested shares at January 1, 2022

 

7,981,444

 

 

 

$

5.33

 

 

 

 

Granted

 

1,071,397

 

 

 

$

3.37

 

 

 

 

Vested

 

(6,259,440

)

 *

 

$

5.62

 

 

 

 

Forfeited

 

(38,814

)

 

 

$

6.58

 

 

 

 

Balance unvested at September 30, 2022

 

2,754,587

 

 

 

$

3.91

 

 

 

11,597

 

Expected to vest at September 30, 2022

 

2,754,587

 

 

 

$

3.91

 

 

 

11,597

 

*Shares vested includes 1,864,300 of RSUs which vested but are subject to a deferred settlement provision over the next three years.