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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions used in Determining Fair Value

Below are the assumptions used for the years ended December 31, 2021, 2020 and 2019 in determining the fair value of each option award:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Expected volatility

 

52% - 55%

 

 

51% - 56%

 

 

46-49%

 

Expected dividends

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

5.75 - 6.25

 

 

5.75 - 6.0

 

 

5.75

 

Risk-free rate

 

0.47% - 1.20%

 

 

0.35% - 1.66%

 

 

1.73-2.53%

 

 

2011 and 2021 Plans  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option Activity

The following summarizes the Company’s stock option plan and the activity under the 2011 and 2021 Plans for the year ended December 31, 2021:

 

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

Outstanding December 31, 2020

 

 

4,759,530

 

 

$

4.55

 

 

 

7.84

 

Granted

 

 

3,467,069

 

 

 

14.63

 

 

 

 

Exercised

 

 

(236,706

)

 

 

1.88

 

 

 

 

Forfeited or expired

 

 

(36,875

)

 

 

5.89

 

 

 

 

Outstanding December 31, 2021

 

 

7,953,018

 

 

$

9.02

 

 

 

8.16

 

Exercisable December 31, 2021

 

 

3,497,825

 

 

$

4.22

 

 

 

6.48

 

Vested and expected to vest at
   December 31, 2021

 

 

7,953,018

 

 

$

9.02

 

 

 

8.16

 

2021 Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of RSU Activity RSU activity under the 2021 Plan is as follows for the year ended December 31, 2021:

 

 

 

Equity Option Awards

 

 

Weighted-
Average
Grant-Date Fair value per Unit

 

Nonvested as of December 31, 2020

 

 

 

 

$

 

Granted

 

 

79,886

 

 

 

18.84

 

Vested

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Nonvested as of December 31, 2021

 

 

79,886

 

 

$

18.84