Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 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:

 

 

Nine Months Ended September 30,

 

2023

 

2022

Expected volatility

36.30% - 53.9%

 

34.33% - 52.72%

Risk-free interest rate

4.53% - 5.26%

 

0.07% - 1.54%

Expected term (in years)

0.49 - 0.50

 

0.49 - 0.50

Expected dividend yield

None

 

None

Summary of Stock Option Activity

A summary of our 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, 2022

 

15,651,622

 

 

 

9,882,278

 

 

 

25,533,900

 

 

$

2.31

 

Granted

 

1,704,740

 

 

 

-

 

 

 

1,704,740

 

 

$

8.90

 

Exercised

 

(4,585,715

)

 

 

(1,729,694

)

 

 

(6,315,409

)

 

$

0.72

 

Forfeited

 

(228,332

)

 

 

(7,682

)

 

 

(236,014

)

 

$

11.34

 

Outstanding as of September 30, 2023

 

12,542,315

 

 

 

8,144,902

 

 

 

20,687,217

 

 

$

3.23

 

Options vested or expected to vest as of September 30, 2023

 

11,568,556

 

 

 

8,144,902

 

 

 

19,713,458

 

 

$

7.26

 

Options exercisable as of September 30, 2023

 

8,590,062

 

 

 

8,144,902

 

 

 

16,734,964

 

 

$

1.80

 

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, 2022

 

3,704,919

 

 

-

 

 

$

3.90

 

 

$

-

 

Non-vested as of September 30, 2023

 

3,952,253

 

 

 

-

 

 

$

4.26

 

 

$

-

 

Granted during the period

 

1,704,740

 

 

 

-

 

 

$

4.36

 

 

$

-

 

Vested during the period

 

1,266,754

 

 

 

-

 

 

$

3.24

 

 

$

-

 

Forfeited/canceled during the period

 

190,652

 

 

 

-

 

 

$

5.18

 

 

$

-

 

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

 

2,488,793

 

 

$

8.40

 

Vested

 

(638,365

)

 

$

13.58

 

Forfeited

 

(276,525

)

 

$

11.55

 

Unvested as of September 30, 2023

 

3,649,762

 

 

$

10.18

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of labor and chemicals

$

2,330

 

 

$

2,268

 

 

$

6,474

 

 

$

6,168

 

General and administrative

 

3,959

 

 

 

3,193

 

 

 

11,169

 

 

 

10,791

 

Total stock-based compensation expense

$

6,289

 

 

$

5,461

 

 

$

17,643

 

 

$

16,959

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Time Vesting Options

$

1,749

 

 

$

1,521

 

 

$

5,119

 

 

$

5,388

 

RSUs

 

4,344

 

 

 

3,587

 

 

 

11,784

 

 

 

10,505

 

2021 ESPP

 

196

 

 

 

353

 

 

 

740

 

 

 

1,066

 

Total stock-based compensation expense

$

6,289

 

 

$

5,461

 

 

$

17,643

 

 

$

16,959

 

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:

 

Nine Months Ended September 30,

 

2023

 

2022

Expected volatility

43.74% - 44.68%

 

35.63% - 35.87%

Risk-free interest rate

3.68% - 4.21%

 

2.96% - 3.34%

Expected term (in years)

6.0 - 6.26

 

6.0

Expected dividend yield

None

 

None