Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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:
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Expected volatility |
49.59% |
|
53.90% |
Risk-free interest rate |
5.38% |
|
4.53% |
Expected term (in years) |
0.49 |
|
0.49 |
Expected dividend yield |
None |
|
None |
|
| Summary of Stock Option Activity |
A summary of our stock option activity during the period presented is as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2023 |
|
11,744,894 |
|
|
|
7,705,114 |
|
|
|
19,450,008 |
|
|
$ |
3.21 |
|
Granted |
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
Exercised |
|
(1,741,496 |
) |
|
|
(2,374,795 |
) |
|
|
(4,116,291 |
) |
|
$ |
0.65 |
|
Forfeited |
|
(80,902 |
) |
|
|
- |
|
|
|
(80,902 |
) |
|
$ |
9.32 |
|
Outstanding as of March 31, 2024 |
|
9,922,496 |
|
|
|
5,330,319 |
|
|
|
15,252,815 |
|
|
$ |
3.87 |
|
Options vested or expected to vest as of March 31, 2024 |
|
9,543,934 |
|
|
|
5,330,319 |
|
|
|
14,874,253 |
|
|
$ |
7.43 |
|
Options exercisable as of March 31, 2024 |
|
6,787,551 |
|
|
|
5,330,319 |
|
|
|
12,117,870 |
|
|
$ |
2.31 |
|
|
| 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2023 |
|
3,629,454 |
|
|
- |
|
$ |
4.39 |
|
|
$ |
- |
|
Non-vested as of March 31, 2024 |
|
3,134,947 |
|
|
- |
|
$ |
4.54 |
|
|
$ |
- |
|
Granted during the period |
|
- |
|
|
- |
|
$ |
- |
|
|
$ |
- |
|
Vested during the period |
|
445,598 |
|
|
- |
|
$ |
3.51 |
|
|
$ |
- |
|
Forfeited/canceled during the period |
|
48,909 |
|
|
- |
|
$ |
4.15 |
|
|
$ |
- |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes our RSU activity since December 31, 2023:
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2023 |
|
3,718,505 |
|
|
$ |
9.98 |
|
Granted |
|
3,203 |
|
|
$ |
8.98 |
|
Vested |
|
(139,409 |
) |
|
$ |
9.26 |
|
Forfeited |
|
(117,665 |
) |
|
$ |
9.58 |
|
Unvested as of March 31, 2024 |
|
3,464,634 |
|
|
$ |
10.02 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the condensed consolidated statements of operations for the periods presented is as follows:
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Cost of labor and chemicals |
$ |
2,473 |
|
|
$ |
2,050 |
|
General and administrative |
|
3,773 |
|
|
|
3,311 |
|
Total stock-based compensation expense |
$ |
6,246 |
|
|
$ |
5,361 |
|
Total stock-based compensation expense, by award type, recorded in the condensed consolidated statements of operations for the periods presented is as follows:
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
Time Vesting Options |
$ |
1,577 |
|
|
$ |
1,596 |
|
RSUs |
|
4,407 |
|
|
|
3,479 |
|
2021 ESPP |
|
262 |
|
|
|
286 |
|
Total stock-based compensation expense |
$ |
6,246 |
|
|
$ |
5,361 |
|
|
| 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 2021 Plan during the periods presented:
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Expected volatility |
- |
|
43.74% |
Risk-free interest rate |
- |
|
4.21% |
Expected term (in years) |
- |
|
6.26 |
Expected dividend yield |
- |
|
None |
|