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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company's stock-based compensation awards are under the 2016 LTIP and issue new shares upon the vesting of stock units under this plan. In October 2020, the Company amended the 2016 LTIP to increase the total number of shares available for issuance from 4,500,000 to 9,400,000 (equivalent to 7,459,913 shares after the stock split in November 2020) and extended the term to September 30, 2030. Our 2016 LTIP provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock and dividend equivalent rights to our senior executives, directors, employees, and other eligible service providers.
The stock options granted under the 2016 LTIP expire no more than 10 years after the date of grant. No stock options granted under the 2016 LTIP are outstanding as of December 31, 2022. Approximately 0.4 million shares of our common stock were reserved for future grants as of December 31, 2022 under the 2016 LTIP.
The Company records stock-based compensation related to accrued compensation in which it intends to settle in shares of the Company's common stock. However, it is the Company's discretion whether this compensation will ultimately be paid in stock or cash, as it has the right to dictate the form of these payments up until the date they are paid. In addition, stock-based compensation expense includes an immaterial increase of $1.3 million for the year ended December 31, 2022, to correct a prior period error. There were no income tax benefits recognized on the share-based compensation expense for these periods.
Table 16.1: Details of Stock-based Compensation Expense
For the Year Ended December 31,
202220212020
(in thousands)
Cost of sales - services$3,497 $2,640 $— 
Sales and marketing4,668 7,189 — 
Research and development3,806 3,268 — 
General and administrative52,689 47,134 4 
Total $64,660 $60,231 $4 
Table 16.2: Service-Based RSU and Performance-Based RSU Award Activity
Service-Based RSUPerformance-Based RSUTotalWeighted-Average Grant Date Fair Value
Unvested outstanding units as of December 31, 20213,030,608 492,727 3,523,335 $34.24 
Granted3,987,911 — 3,987,911 9.89 
Vested(3,068,525)— (3,068,525)21.39 
Forfeited(379,912)(155,942)(535,854)32.95 
Unvested outstanding units as of December 31, 20223,570,082 336,785 3,906,867 $19.53 
Our key assumptions used to calculate the grant date fair value of the PRSU awards in 2021 include a performance period ranging from 2.45 to 2.92 years, expected volatility between 57.4% - 58.8%, and a risk-free rate of 0.18% - 0.29%. The fair value at the grant date and derived service periods calculated for these market condition PRSUs were $19.12 - $30.84 and between 0.38 - 0.76 years, respectively.
As of December 31, 2022, the intrinsic value of the RSU and PRSUs outstanding, exercisable, and vested or expected to vest was $19.8 million. There was $26.8 million of total compensation costs related to stock-based awards not yet recognized as of December 31, 2022, which is expected to be recognized on a straight-line basis over a weighted-average remaining vesting period of 0.8 years.