Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of the Assumption Used in Determining the Fair Value of Stock Options

A summary of the assumptions used in determining the fair value of stock options follows:

	Nine months ended September 30, 2020
Expected volatility			27%
Expected option life in years			6.25
Expected dividend yield			0.08%
Risk-free interest rate			1.19%
Weighted-average fair value of stock options		$	3.80

Summary of Stock Option Activity

A summary of stock option activity follows:

	Options		Weighted-average exercise price per option			Weighted-average remaining contractual life in years		Aggregate intrinsic value(1)
Outstanding at January 1, 2020		—		$	—		—		$	—
Granted		7,269,365			11.77		9.43			—
Exercised		—			—		—			—
Forfeited and canceled		(300,325)			11.91		—			—
Outstanding at September 30, 2020		6,969,040			11.77		9.43		$	12.5

(1) The aggregate intrinsic value in the table above represents the difference between the Company’s most recent valuation and the exercise price of each in-the-money option on the last day of the period presented.

Summary of RSU Activity

A summary of the RSU activity through September 30, 2020 follows:

	Restricted stock units		Weighted-average fair value per unit
Outstanding at January 1, 2020		—		$	—
Granted		3,915,150			11.86
Exercised		—			—
Forfeited and canceled		(25,293)			8.50
Outstanding at September 30, 2020		3,889,857			11.88