Stock-Based Employee Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8.Stock-Based Compensation

Refer to Note 13 contained in our Annual Report on Form 10-K for the year ended December 31, 2022 for further details regarding our equity plans.

The following table summarizes the stock option activity for the nine months ended September 30, 2023 (in thousands, except for share and per share amounts):
 

	Number of Options			Weighted- Average Exercise Price Per Share		Intrinsic Value		Weighted- Average Remaining Contractual Term (in years)
Outstanding, December 31, 2022		7,801,650		$	2.67	$	43,185		6.0
Exercised		(1,080,034	)		3.31
Forfeited		(113,185	)		7.25
Expired		(16,946	)		4.73
Outstanding, September 30, 2023		6,591,485		$	2.49	$	83,674		5.1
Exercisable, September 30, 2023		6,027,138		$	2.17	$	78,435		4.9

The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2023 (in thousands, except for share and per share amounts):

	Number of RSUs			Weighted- Average Grant-Date Fair Value
Outstanding, December 31, 2022		5,978,564		$	14.57
Granted		4,545,164		$	14.00
Vested		(2,132,397	)	$	14.33
Forfeited		(382,506	)	$	13.54
Outstanding, September 30, 2023		8,008,825		$	14.36

As of September 30, 2023 there was approximately $105.8 million of compensation expense related to the unvested portion of common stock options and restricted stock units that will be recorded as compensation expense over a weighted-average period of 2.6 years.

During the first quarter of 2022, the Company entered into an escrow agreement (the "Escrow Agreement") for certain compensatory share-based service awards. The Escrow Agreement authorized 620,877 shares of common stock to be issued and held in escrow. Shares will be released and distributed equally on a six-month schedule to the employee award recipients with the final vesting date on February 22, 2025. At September 30, 2023, there was approximately $3.7 million of compensation expense related to the unvested portion of escrow shares that will be recorded over 1.4 years.