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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

11. Stock-Based Compensation

Stock Options

A summary of the stock option activity is as follows:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Contractual

 

Intrinsic

 

(in thousands, except per share amounts and term information)

 

Shares

 

 

Price

 

 

Term

 

Value

 

Outstanding at December 31, 2021

 

 

13,568

 

 

$

7.55

 

 

7.3 years

 

$

341,929

 

Granted

 

 

1,163

 

 

 

17.17

 

 

 

 

 

 

Exercised

 

 

(749

)

 

 

4.94

 

 

 

 

 

 

Expired / Cancelled / Forfeited

 

 

(281

)

 

 

16.80

 

 

 

 

 

 

Outstanding at March 31, 2022

 

 

13,701

 

 

$

8.32

 

 

7.0 years

 

$

165,307

 

Granted

 

 

3,782

 

 

 

6.69

 

 

 

 

 

 

Exercised

 

 

(1,176

)

 

 

3.49

 

 

 

 

 

 

Expired / Cancelled / Forfeited

 

 

(386

)

 

 

9.47

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

15,921

 

 

$

8.26

 

 

7.9 years

 

$

8,326

 

Exercisable at June 30, 2022

 

 

6,849

 

 

$

6.31

 

 

6.5 years

 

$

8,318

 

The weighted average grant date fair value per share of stock options granted for the three and six months ended June 30, 2022 was $4.53 and $6.03, respectively.

For the three months ended June 30, 2022 and 2021, the stock-based compensation expense related to stock options was $3.6 million and $3.9 million, respectively. For the six months ended June 30, 2022 and 2021, the stock-based compensation expense related to stock options was $5.6 million and $8.1 million, respectively. At June 30, 2022, there is $44.0 million of total unrecognized stock-based compensation cost related to stock options, which is expected to be recognized over a weighted average remaining service period of 2.7 years.

Restricted Stock Awards and Restricted Stock Units

A summary of the Restricted Stock Awards and Restricted Stock Units (“RSUs”) activity is as follows:

 

 

 

Restricted

 

 

Restricted
Stock Units
for Class A

 

 

Restricted
Stock Units
for Class B

 

 

Weighted
Average

 

 

 

Stock

 

 

Common

 

 

Common

 

 

Grant Date

 

(in thousands, except per share amounts)

 

Awards

 

 

Stock

 

 

Stock

 

 

Fair Value

 

Nonvested restricted stock awards or restricted
   stock units at December 31, 2021

 

 

939

 

 

 

4,431

 

 

 

5,645

 

 

$

29.64

 

Granted

 

 

—

 

 

 

2,283

 

 

 

—

 

 

 

17.88

 

Vested

 

 

—

 

 

 

(309

)

 

 

(513

)

 

 

31.83

 

Forfeited

 

 

—

 

 

 

(201

)

 

 

—

 

 

 

38.32

 

Nonvested restricted stock awards or restricted
   stock units at March 31, 2022

 

 

939

 

 

 

6,204

 

 

 

5,132

 

 

$

27.15

 

Granted

 

 

—

 

 

 

8,256

 

 

 

—

 

 

 

6.80

 

Vested

 

 

(470

)

 

 

(546

)

 

 

(513

)

 

 

22.24

 

Forfeited

 

 

—

 

 

 

(472

)

 

 

—

 

 

 

22.91

 

Nonvested restricted stock awards or restricted
   stock units at June 30, 2022

 

 

469

 

 

 

13,442

 

 

 

4,619

 

 

$

18.60

 

Restricted Stock Units for Class A Common Stock

For the three months ended June 30, 2022 and 2021, the stock-based compensation expense related to RSUs for Class A common stock was $15.7 million and $12.3 million, respectively. For the six months ended June 30, 2022 and 2021, the stock-based compensation expense related to RSUs for Class A common stock was $29.5 million and $24.1 million, respectively. At June 30, 2022, there is $194.5 million of total unrecognized stock-based compensation cost related to these RSUs, which is expected to be recognized over a weighted average remaining service period of 3.5 years.

Restricted Stock Units for Class B Common Stock

In September 2020, our board of directors granted RSUs covering an aggregate of 24.6 million shares of Class B common stock to our Co-Chief Executive Officers (the “Founders Awards”), subject to the completion of our IPO and continued employment through the applicable vesting dates. Each of our Co-Chief Executive Officers received (i) 8.2 million RSUs that vest based on the achievement of certain stock price goals (the “Performance-Vesting Founders Awards”) and (ii) 4.1 million RSUs that vest and settle in equal quarterly installments over four years, subject to certain vesting acceleration terms (the “Time-Vesting Founders Awards”). The grant date fair value of these awards was $533.3 million. All of the Performance-Vesting Founders Awards vested in 2020 and we settled 0.7 million RSUs at that time sufficient to satisfy certain tax withholding obligations due in the year of vesting. The remaining 15.7 million Performance-Vesting Founders Awards shares will not be settled until October 2023 or, if earlier, upon a change in control event, as defined in the RSU agreements governing the Founders Awards.

For the three months ended June 30, 2022 and 2021, the stock-based compensation expense related to the Time-Vesting Founders Awards was $11.9 million and $24.0 million, respectively. For the six months ended June 30, 2022 and 2021, the stock-based compensation expense related to the Time-Vesting Founders Awards was $25.8 million and $54.0 million, respectively. At June 30, 2022, there is $43.6 million of total unrecognized stock-based compensation cost related to the Time-Vesting Founders Awards, which is expected to be recognized over a weighted average remaining service period of 1.2 years.