Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Estimated Grant-date Fair Value of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP during the periods presented:

 

 

Six Months Ended June 30,

 

2022

Expected volatility

34.33% - 52.72%

Risk-free interest rate

0.07% - 1.54%

Expected term (in years)

0.49 - 0.50

Expected dividend yield

None

Summary of Stock Option Activity

A summary of the Company’s stock option activity during the period presented is as follows:

 

 

Time Vesting Options

 

 

Performance Vesting Options

 

 

Total Number of Stock Options

 

 

Weighted-Average Exercise Price

 

Outstanding as of December 31, 2021

 

18,513,356

 

 

 

12,239,595

 

 

 

30,752,951

 

 

$

2.01

 

Granted

 

412,703

 

 

-

 

 

 

412,703

 

 

$

12.31

 

Exercised

 

(1,882,265

)

 

 

(1,206,077

)

 

 

(3,088,342

)

 

$

0.98

 

Forfeited

 

(198,939

)

 

-

 

 

 

(198,939

)

 

$

7.29

 

Outstanding as of June 30, 2022

 

16,844,855

 

 

 

11,033,518

 

 

 

27,878,373

 

 

$

2.24

 

Options vested or expected to vest as of June 30, 2022

 

16,304,373

 

 

 

11,033,518

 

 

 

27,337,891

 

 

$

6.74

 

Options exercisable as of June 30, 2022

 

12,596,452

 

 

 

11,033,518

 

 

 

23,629,970

 

 

$

1.14

 

Schedule of Weighted Average Grant Date Fair Value of Stock Options

The number and weighted-average grant date fair value of stock options during the period presented are as follows:

 

 

Number of Stock Options

 

Weighted-Average
Grant Date Fair Value

 

 

Time Vesting Options

 

 

Performance Vesting Options

 

Time Vesting Options

 

 

Performance Vesting Options

 

Non-vested as of December 31, 2021

 

5,266,469

 

 

-

 

$

3.45

 

 

$

-

 

Non-vested as of June 30, 2022

 

4,248,403

 

 

-

 

$

3.68

 

 

$

-

 

Granted during the period

 

412,703

 

 

-

 

$

4.89

 

 

$

-

 

Vested during the period

 

(1,231,830

)

 

-

 

$

3.14

 

 

$

-

 

Forfeited/canceled during the period

 

(198,939

)

 

-

 

$

3.19

 

 

$

-

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s RSU activity since December 31, 2021:

 

 

Restricted Stock Units

 

 

Weighted-Average Grant Date Fair Value

 

Unvested as of December 31, 2021

 

1,683,077

 

 

$

15.14

 

Granted

 

1,126,748

 

 

$

12.28

 

Vested

 

(457,372

)

 

$

15.00

 

Forfeited

 

(94,797

)

 

$

15.03

 

Unvested as of June 30, 2022

 

2,257,656

 

 

$

13.75

 

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense, by caption, recorded in the unaudited condensed consolidated statements of operations and comprehensive income for the periods presented is as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of labor and chemicals

$

2,029

 

 

$

31,442

 

 

$

3,900

 

 

$

31,442

 

General and administrative

 

3,950

 

 

 

171,789

 

 

 

7,598

 

 

 

172,099

 

Total stock-based compensation expense

$

5,979

 

 

$

203,231

 

 

$

11,498

 

 

$

203,541

 

 

Total stock-based compensation expense, by award type, recorded in the unaudited condensed consolidated statements of operations and comprehensive income for the periods presented is as follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Time Vesting Options

$

1,947

 

 

$

964

 

 

$

3,867

 

 

$

1,274

 

Performance Vesting Options

 

-

 

 

 

201,985

 

 

 

-

 

 

 

201,985

 

RSUs

 

3,692

 

 

 

282

 

 

 

6,918

 

 

 

282

 

2021 ESPP

 

340

 

 

 

-

 

 

 

713

 

 

 

-

 

Total stock-based compensation expense

$

5,979

 

 

$

203,231

 

 

$

11,498

 

 

$

203,541

 

Time Vesting Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Estimated Grant-date Fair Value of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of Time Vesting Options granted under the 2014 Plan and 2021 Plan during the periods presented:

 

Six Months Ended June 30,

 

2022

 

 

2021

Expected volatility

35.63% - 35.87%

 

 

40.83% - 44.75%

Risk-free interest rate

2.96% - 3.34%

 

 

0.9% - 1.19%

Expected term (in years)

 

6.0

 

 

6.43 - 6.5

Expected dividend yield

None

 

 

None

Performance Vesting Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Estimated Grant-date Fair Value of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of Performance Vesting Options granted under the 2014 Plan during the periods presented:

 

Six Months Ended June 30,

 

2022

 

2021

Expected volatility

-

 

60.00%

Risk-free interest rate

-

 

0.63%

Expected term (in years)

-

 

5.2

Expected dividend yield

-

 

None