EQUITY-BASED COMPENSATION EXPENSE (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the restricted common shares activity during the three months ended March 31, 2022:

	Restricted Common Shares
Unvested, December 31, 2021	1,653
Vested	(866)
Forfeited	(12)
Unvested, March 31, 2022	775

The following table summarizes the RSU activity during the three months ended March 31, 2022:

	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2021	6,329	$	10.48
Granted	3,238	3.87
Vested(1)	(3,265)	6.28
Forfeited	(498)	6.09
Unvested, March 31, 2022	5,804	$	9.36

(1)Includes 1,260 vested shares that were withheld to cover tax obligations and were subsequently canceled.

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the three months ended March 31, 2022:

	Options Outstanding
(in thousands, except per share amounts)	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value(1)
Outstanding, December 31, 2021	—	$	—	—	$	—
Granted	1,331	$	4.10
Outstanding, March 31, 2022	1,331	$	4.10	5.0	$	—
Exercisable at March 31, 2022	—	$	4.10	5.0	$	—

(1)Based on the amount by which the closing market price of our Class A common stock exceeds the exercise price on each date indicated.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

We determine the fair value of stock options on the grant date using a Black-Scholes option pricing model. The fair value of stock options granted during the three months ended March 31, 2022 was calculated on the date of grant using the following weighted-average assumptions:

	Three Months Ended March 31, 2022
Risk-free interest rate	2.6	%
Expected term (years)	3.75
Dividend yield	0	%
Expected volatility	70.0	%

Schedule of Share-based Compensation

The following table details the equity-based compensation expense by type of award for the periods presented:

	Three Months Ended March 31,
(in thousands)	2022		2021
RSUs(1)	$	5,533	$	—
Restricted Common Shares	155		2,487
Stock Options	27		—
Total equity-based compensation expense	$	5,715	$	2,487

(1)Includes RSUs issued for the 2021 annual performance bonus, which is included in “Accounts payable and accrued liabilities” on the unaudited Condensed Consolidated Balance Sheet at December 31, 2021. These RSUs vested at issuance with a value of $7,959, which reflects a change in estimate of $632 that is included as a reduction to equity-based compensation expense and is included within “General and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022.