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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of weighted average assumptions used in the Black-Scholes-Merton option-pricing model
The weighted average assumptions used in the Black-Scholes-Merton option-pricing model for the units granted during the three months ended March 31, 2022 and three months ended March 31, 2021 Stock Options are provided in the following table:
20222021
Valuation assumptions:  
Expected dividend yield— %— %
Expected volatility35.00 %
38.60% to 40.20%
Risk-free interest rate
2.33% to 2.44%
0.76% to 1.12%
Expected term (years)
6.07 to 6.65
7.00
Summary of stock option activity
Stock option activity during the periods indicated is as follows:
Stock optionsNumber of sharesWeighted average exercise priceWeighted average remaining contractual termAggregate intrinsic value (in thousands)
Balance at January 1, 20226,921,180 $0.88 
Granted1,385,108 7.09 
Exercised/Cashed-Out— — 
Forfeited(190,621)1.23 
Expired(526)
Balance at March 31, 2022
8,115,141 $1.94 8.87$42,151 
Vested Options Exercisable at March 31, 2022
1,858,885 $0.86 7.58$11,662 
Stock optionsNumber of sharesWeighted average exercise priceWeighted average remaining contractual termAggregate intrinsic value (in thousands)
Balance at January 1, 20218,683,952$0.85 
Granted407,903 0.86 
Exercised— — 
Forfeited(385,697)0.86 
Expired— — 
Balance at March 31, 2021
8,706,158 $0.85 8.73$80 
Vested Options Exercisable at March 31, 2021
1,014,914 $0.85 8.15$— 
Summary of the activity for the RSAs
A summary of the activity for the RSUs and RSAs for the three months ended March 31, 2022 and 2021, respectively, are shown in the following table:
Number of shares
Balance at January 1, 20221,291,492 
Granted727,424 
Vested(27,188)
Forfeited— 
Balance at March 31, 2022
1,991,728 
Number of shares
Balance at January 1, 20211,390,839 
Granted— 
Vested— 
Forfeited— 
Balance at March 31, 2021
1,390,839 
Schedule of share-based payment award, earnout shares, valuation assumptions The assumptions used in the Monte-Carlo Simulation model for the Earnout Shares granted on the Closing Date are provided in the following table:
November 12, 2021
Valuation assumptions
Expected dividend yield— %
Expected volatility35.00 %
Risk-free interest rate0.85 %
Share-based payment arrangement, outstanding award, activity, excluding option
A summary of the activity for the Employees Earnout Shares for the three months ended March 31, 2022 is shown in the following table:
Number of shares
Balance at January 1, 2022$1,602,435 
Granted— 
Forfeited(41,578)
Balance at March 31, 2022
$1,560,857