Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

12. STOCK-BASED COMPENSATION

Omnibus Incentive Plan

At the Company's 2022 Annual Meeting of Stockholders (the "2022 Annual Meeting"), Company stockholders approved the Company's Amended and Restated Omnibus Incentive Plan (as may be amended or restated from time to time, the “Incentive Plan”), as further described in the Company's Definitive Proxy Statement for the 2022 Annual Meeting, filed with the SEC on April 29, 2022.

Stock-based compensation $5,705 and $3,268 was recognized during the three months ended March 31, 2023 and 2022, respectively.

 

The number of units awarded under the Incentive Plan are generally based on a weighted average of the Class A Common Stock in the days leading up to the grant. Fair values for restricted stock units ("RSUs") and performance stock units ("PSUs") based on the Company’s operating performance are valued based on the price of the Class A Common Stock at the time of grant. Fair values for options are calculated using a Black-Scholes option pricing model and PSUs with market conditions are fair valued using a Monte Carlo simulation model. The following table represents activity within the Incentive Plan for the three months ended March 31, 2023:

Type

 

Vesting Conditions

 

Units Granted

 

 

Weighted Average Grant Date Fair Value

 

 

Weighted Average Strike Price

Restricted Stock Unit

 

Service-based

 

 

582,353

 

 

$

22.31

 

 

n/a

Performance Stock Unit

 

Service and performance-based

 

 

169,444

 

 

$

17.09

 

 

n/a

The following table represents outstanding equity awards as of March 31, 2023:

 

Type

 

Vesting Conditions

 

Units Outstanding

 

 

Weighted Average Grant Date Fair Value

 

 

Weighted Average Strike Price

 

Restricted Stock Unit

 

Service-based

 

 

1,044,475

 

 

$

35.95

 

 

n/a

 

Performance Stock Unit

 

Service and performance-based

 

 

205,286

 

 

$

24.74

 

 

n/a

 

Performance Stock Unit

 

Service and market-based

 

 

336,991

 

 

$

27.90

 

 

n/a

 

Options

 

Service-based

 

 

1,051,512

 

 

$

20.84

 

 

$

25.73