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Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense The following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three months ended March 31, 2022 and 2021, and associated with the issuance of restricted shares of common stock and vesting of stock options, which are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):
Three Months Ended
March 31,
20222021
Stock options$780 $589 
Restricted stock2,275 757 
Total stock-based compensation expense$3,055 $1,346 
Schedule of Stock Option Transactions Under Stock Option Plans
The Company’s outstanding stock options consisted of the following:
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in millions)
Options outstanding at January 1, 2022813,965 $22.74 3.20$41.6 
Options granted
75,271 55.07 — — 
Options exercised
(38,500)17.37 — 0.9 
Options forfeited
— — — — 
Options outstanding at March 31, 2022850,736 $25.84 2.94$22.8 
Options exercisable at March 31, 2022591,725 $9.33 1.79$20.7 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
During the three months ended March 31, 2022, the Company granted 75,271 stock options to certain ApolloMed employees and Board members. The options granted during the three months ended March 31, 2022 were recognized at fair value, as determined using the Black-Scholes option pricing model as follows:
March 31, 2022
Expected term
2.00 years - 2.25 years
Expected volatility
71.47% - 75.15%
Risk-free interest rate
1.02% - 1.06%
Market value of common stock
$20.23 - $22.73
Annual dividend yield
0 %
Forfeiture rate
0 %
Schedule of Outstanding Warrants
The Company’s outstanding warrants consisted of the following:
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in millions)
Warrants outstanding at January 1, 20221,001,740 10.49 0.9463.1 
Warrants granted— — — — 
Warrants exercised(86,235)10.49 — 3.6 
Warrants expired/forfeited— — — — 
Warrants outstanding at March 31, 2022915,505 $10.49 0.69$34.8 

Exercise Price Per Share
Warrants
Outstanding
Weighted
Average
Remaining
Contractual Life
Warrants
Exercisable
Weighted
Average
Exercise Price
Per Share
$10.00 470,8270.69470,827 $10.00 
11.00 444,6780.69444,678 $11.00 
$ 10.00 – 11.00
915,505 0.69915,505 $10.49