Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| 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, |
|
Three Months Ended March 31, |
|
2023 |
|
2022 |
Expected volatility |
53.90% |
|
34.33% |
Risk-free interest rate |
4.53% |
|
0.07% |
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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|
|
|
|
|
|
|
|
|
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|
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Time Vesting Options |
|
|
Performance Vesting Options |
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|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2022 |
|
15,651,622 |
|
|
|
9,882,278 |
|
|
|
25,533,900 |
|
|
$ |
2.31 |
|
Granted |
|
1,167,755 |
|
|
|
- |
|
|
|
1,167,755 |
|
|
$ |
9.25 |
|
Exercised |
|
(735,682 |
) |
|
|
(698,822 |
) |
|
|
(1,434,504 |
) |
|
$ |
0.77 |
|
Forfeited |
|
(102,398 |
) |
|
|
- |
|
|
|
(102,398 |
) |
|
$ |
11.48 |
|
Outstanding as of March 31, 2023 |
|
15,981,297 |
|
|
|
9,183,456 |
|
|
|
25,164,753 |
|
|
$ |
2.68 |
|
Options vested or expected to vest as of March 31, 2023 |
|
15,461,613 |
|
|
|
9,183,456 |
|
|
|
24,645,069 |
|
|
$ |
3.40 |
|
Options exercisable as of March 31, 2023 |
|
11,562,966 |
|
|
|
9,183,456 |
|
|
|
20,746,422 |
|
|
$ |
1.26 |
|
|
| 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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|
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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, 2022 |
|
3,704,919 |
|
|
- |
|
$ |
3.90 |
|
|
$ |
- |
|
Non-vested as of March 31, 2023 |
|
4,396,028 |
|
|
- |
|
$ |
4.25 |
|
|
$ |
- |
|
Granted during the period |
|
1,167,755 |
|
|
- |
|
$ |
4.56 |
|
|
$ |
- |
|
Vested during the period |
|
377,684 |
|
|
- |
|
$ |
1.58 |
|
|
$ |
- |
|
Forfeited/canceled during the period |
|
98,962 |
|
|
- |
|
$ |
5.03 |
|
|
$ |
- |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes our RSU activity since December 31, 2022:
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2022 |
|
2,075,859 |
|
|
$ |
13.55 |
|
Granted |
|
575,672 |
|
|
$ |
9.25 |
|
Vested |
|
(4,296 |
) |
|
$ |
11.64 |
|
Forfeited |
|
(104,288 |
) |
|
$ |
13.27 |
|
Unvested as of March 31, 2023 |
|
2,542,947 |
|
|
$ |
12.59 |
|
|
| 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:
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|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
Cost of labor and chemicals |
$ |
2,050 |
|
|
$ |
1,871 |
|
General and administrative |
|
3,311 |
|
|
|
3,648 |
|
Total stock-based compensation expense |
$ |
5,361 |
|
|
$ |
5,519 |
|
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, |
|
|
2023 |
|
|
2022 |
|
Time Vesting Options |
$ |
1,596 |
|
|
$ |
1,920 |
|
RSUs |
|
3,479 |
|
|
|
3,226 |
|
2021 ESPP |
|
286 |
|
|
|
373 |
|
Total stock-based compensation expense |
$ |
5,361 |
|
|
$ |
5,519 |
|
|
| 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, |
|
2023 |
|
2022 |
Expected volatility |
43.74% |
|
- |
Risk-free interest rate |
4.21% |
|
- |
Expected term (in years) |
6.26 |
|
- |
Expected dividend yield |
None |
|
- |
|