Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
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 Plan during the period presented as follows:

 

 

 

Year Ended December 31,

 

 

2021

Expected volatility

 

34.33% - 38.64%

Risk-free interest rate

 

0.05% - 0.07%

Expected term (in years)

 

0.35 - 0.49

Expected dividend yield

 

None

 

Time Vesting Options

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 as follows:

 

 

 

Year Ended December 31,

 

 

2021

 

2020

 

2019

Expected volatility

 

34.13% - 44.89%

 

26.62% - 30.84%

 

51.00%

Risk-free interest rate

 

0.63% - 1.34%

 

0.43% - 1.00%

 

2.01%

Expected term (in years)

 

5.2 - 6.5

 

6.5

 

6.5

Expected dividend yield

 

None

 

None

 

None

Summary of Stock Option Activity

A summary of the Company’s stock option activity during the most recent 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, 2020

 

 

19,958,043

 

 

 

13,341,504

 

 

 

33,299,547

 

 

$

0.78

 

Granted

 

 

3,209,630

 

 

 

747,936

 

 

 

3,957,566

 

 

$

10.24

 

Exercised

 

 

(4,593,349

)

 

 

(1,812,693

)

 

 

(6,406,042

)

 

$

0.70

 

Forfeited

 

 

(60,968

)

 

 

(37,152

)

 

 

(98,120

)

 

$

3.01

 

Outstanding as of December 31, 2021

 

 

18,513,356

 

 

 

12,239,595

 

 

 

30,752,951

 

 

$

2.01

 

Options vested or expected to vest as of
   December 31, 2021

 

 

17,836,369

 

 

 

12,239,595

 

 

 

30,075,964

 

 

$

0.94

 

Options exercisable as of December 31, 2021

 

 

13,246,864

 

 

 

12,239,595

 

 

 

25,486,459

 

 

$

0.84

 

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 most recent period presented is 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, 2020

 

 

3,450,607

 

 

 

13,341,504

 

 

$

0.96

 

 

$

0.59

 

Non-vested as of December 31, 2021

 

 

5,266,469

 

 

 

 

 

$

3.45

 

 

 

 

Granted during the period

 

 

3,209,630

 

 

 

747,936

 

 

$

5.12

 

 

$

2.26

 

Vested during the period

 

 

1,337,992

 

 

 

14,052,288

 

 

$

0.86

 

 

$

14.37

 

Forfeited/canceled during the period

 

 

60,968

 

 

 

37,152

 

 

$

1.24

 

 

$

1.27

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s RSU activity during the periods presented as follows:

 

 

 

Restricted Stock Units

 

 

Weighted-Average Grant Date Fair Value

 

Unvested as of December 31, 2020

 

 

 

 

$

 

Granted

 

 

1,755,045

 

 

 

15.14

 

Vested

 

 

(7,680

)

 

 

15.00

 

Forfeited

 

 

(64,288

)

 

 

15.03

 

Unvested as of December 31, 2021

 

 

1,683,077

 

 

$

15.14

 

Summary of Stock-Based Compensation Expense

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

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Cost of labor and chemicals

 

$

36,500

 

 

$

 

 

$

 

General and administrative

 

 

180,079

 

 

 

1,493

 

 

 

2,365

 

Total stock-based compensation expense

 

$

216,579

 

 

$

1,493

 

 

$

2,365

 

Income tax (benefit) provision for stock-based compensation expense

 

$

(50,932

)

 

$

(372

)

 

$

(528

)

 

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

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Time Vesting Options

 

$

5,662

 

 

$

1,493

 

 

$

2,365

 

Performance Vesting Options

 

 

201,985

 

 

 

 

 

 

 

RSUs

 

 

6,585

 

 

 

 

 

 

 

2021 ESPP

 

 

2,347

 

 

 

 

 

 

 

Total stock-based compensation expense

 

$

216,579

 

 

$

1,493

 

 

$

2,365

 

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 as follows:

 

 

 

Year Ended December 31,

 

 

2021

 

2020

 

2019

Expected volatility

 

34.13% - 44.89%

 

26.62% - 30.84%

 

51.00%

Risk-free interest rate

 

0.63% - 1.34%

 

0.43% - 1.00%

 

2.01%

Expected term (in years)

 

5.2 - 6.5

 

6.5

 

6.5

Expected dividend yield

 

None

 

None

 

None