Mister Car Wash Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 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:


	Three Months Ended March 31,
	2022
Expected volatility	34.33%
Risk-free interest rate	0.07%
Expected term (in years)	0.49
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	-			-				-		$	-
Exercised		(853,231	)		(633,496	)		(1,486,727	)	$	0.86
Forfeited		(113,330	)	-				(113,330	)	$	9.79
Outstanding as of March 31, 2022		17,546,795			11,606,099			29,152,894		$	2.04
Options vested or expected to vest as of March 31, 2022		16,839,236			11,606,099			28,445,335		$	3.36
Options exercisable as of March 31, 2022		12,686,120			11,606,099			24,292,219		$	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 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 March 31, 2022		4,738,227		-	$	3.58	$	-
Granted during the period	-			-	$	-	$	-
Vested during the period		(414,912	)	-	$	1.53	$	-
Forfeited/canceled during the period		(113,330	)	-	$	4.51	$	-

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		-		$	-
Vested		-		$	-
Forfeited		(53,941	)	$	15.03
Unvested as of March 31, 2022		1,629,136		$	15.15

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 March 31,
	2022		2021
Cost of labor and chemicals	$	1,871	$	-
General and administrative		3,648		310
Total stock-based compensation expense	$	5,519	$	310

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 March 31,
	2022		2021
Time Vesting Options	$	1,920	$	310
RSUs		3,226		-
2021 ESPP		373		-
Total stock-based compensation expense	$	5,519	$	310

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:


	Three Months Ended March 31,
	2022	2021
Expected volatility	-	40.83%
Risk-free interest rate	-	0.90%
Expected term (in years)	-	6.5
Expected dividend yield	-	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:


	Three Months Ended March 31,
	2022	2021
Expected volatility	-	60.00%
Risk-free interest rate	-	0.63%
Expected term (in years)	-	5.2
Expected dividend yield	-	None