Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Share-based compensation expense recorded for each type of award is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Time-Based Restricted Stock Units	$	638	$	—	$	1,329	$	—
Performance-Based Restricted Stock Units	277		—		830		—
Stock Options	183		—		567		—
Class B Common Units	—		—		—		2,676
Total share-based compensation expense	$	1,098	$	—	$	2,726	$	2,676

During the three and nine months ended September 30, 2021 and 2020, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional

responsibilities of the awarded unit holders in the accompanying condensed consolidated statements of operations and comprehensive income as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
General and administrative	$	925	$	—	$	2,252	$	2,633
Selling and marketing	89		—		271		12
Cost of services	45		—		102		25
Research and development	39		—		101		6
Total	$	1,098	$	—	$	2,726	$	2,676

The unrecognized share-based compensation expense at September 30, 2021 was as follows:

	Unrecognized Share-based Compensation Expense		Weighted Average Amortization Period
	(in thousands)
Time-Based Restricted Stock Units	$	7,571	3.18 years
Stock Options	2,467		3.25 years
Performance-Based Restricted Stock Units	2,490		2.25 years
Total unrecognized share-based compensation expense	$	12,528	3.01 years

Share-based Payment Arrangement, Activity

The following table provides information related to the Company’s share-based compensation award activity for the nine months ended September 30, 2021:

	Time-Based Restricted Stock Units			Stock Options			Performance-Based Restricted Stock Units
	Number of Awards	Weighted Average Fair Value at Grant Date		Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Fair Value at Grant Date
Outstanding as of December 31, 2020	109,920	$	28.20	199,764	$	33.56	—	$	—
Granted	153,594	38.72		—	—		99,289	33.44
Vested/Exercised	—	—		—	—		—	—
Forfeited	—	—		(3,868)	33.56		—	—
Outstanding as of September 30, 2021	263,514	$	34.33	195,896	$	33.56	99,289	$	33.44