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Stock-based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
Cash Awards
During the three months ended March 31, 2022, less than 0.1 million Qualtrics Rights and Move SAP RSUs vested and were settled for $2.7 million in cash. During the three months ended March 31, 2021, 1.7 million Qualtrics Rights and Move SAP RSUs vested and were settled for $72.0 million in cash. The unrecognized expense related to Qualtrics Rights and Move SAP RSUs was $2.4 million and $4.4 million as of March 31, 2022 and December 31, 2021, and will be recognized over a remaining vesting period of up to two years.
Equity Awards
Qualtrics RSUs
The following table sets forth the outstanding Qualtrics RSUs and related activity for the three months ended March 31, 2022:
Number of RSUs (in thousands)Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 202182,164 $43.11 
Granted16,070 28.74 
Vested(17,617)37.60 
Forfeited/Canceled(938)39.23 
Outstanding as of March 31, 202279,679 $40.14 
The total fair value of RSUs that vested during the three months ended March 31, 2022 and 2021 was $529.8 million and $50.2 million, respectively. As of March 31, 2022, there was $2,674 million of unrecognized stock-based compensation expense related to outstanding Qualtrics RSUs which is expected to be recognized over a weighted-average period of 2.9 years.
Qualtrics Options
On October 1, 2021, in connection with the acquisition of Clarabridge, Inc., the Company assumed the outstanding Clarabridge stock option plans and converted all outstanding stock options into Qualtrics options. The following table sets forth the outstanding common stock options and related activity for the three months ended March 31, 2022:
Number of Options (in thousands)Weighted-Average Exercise Price per ShareWeighted-Average Remaining Term (years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20211,855 $4.84 6.3$56,684 
Exercised(123)4.32 
Forfeited/Expired(18)6.21 
Outstanding as of March 31, 20221,714 $4.86 6.0$40,602 
Vested and exercisable at March 31, 2022877 $4.48 5.9$21,094 
The intrinsic value represents the excess of the estimated fair value of the Company's common stock on the date of exercise over the exercise price of each option. The intrinsic value of options as of March 31, 2022 is based on the
market closing price of the Company's Class A common stock on that date.The aggregate intrinsic value of options exercised was $3.0 million for the three months ended March 31, 2022.
As of March 31, 2022, there was $18.4 million of unrecognized stock-based compensation expense related to outstanding stock options which is expected to be recognized over a weighted-average period of 2 years.
Qualtrics Employee Stock Purchase Plan (ESPP)
In December 2020, the Company's board of directors approved the ESPP, which became effective in January 2021. Each employee who is a participant in the ESPP may purchase shares by authorizing contributions at a minimum of 1% up to a maximum of 20% of his or her compensation for each pay period. Accumulated contributions will be used to purchase shares on the last business day of the purchase period at a price equal to 85% of the fair market value of the shares on the first business day of the offering period (our initial public offering price) or the last business day of the offering period, whichever is lower, provided that no more than a number of shares of Class A common stock determined by dividing $15,000 by the fair market value of the shares on the first business day of the offering period (or a lesser number as established by the plan administrator in advance of the purchase period) may be purchased by any one employee during each purchase period. The Company recognized compensation expense associated with the ESPP of $5.1 million and $2.9 million during the three months ended March 31, 2022 and 2021, respectively.