v3.22.2.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company, historically, has issued three types of stock-based compensation: Time-Based awards, Long Term Incentive Plan (“LTIP”) awards and Performance-Based Stock Compensation Plan (“PSP”) awards. Time-Based awards are equity awards which generally vest over a 4-year period. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are short-term performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue, Adjusted EBITDA or share price targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue targets and have a range of payouts amongst other conditions.
The following table shows restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2022:
Time-basedPSPLTIPTotalWeighted Average Exercise Price of OptionsWeighted Average FMV
of
RSUs
OptionsRSUsOptionsRSUsOptionsRSUs
Outstanding at December 31, 202114,695 4,195 2,354 1,488 11,671 19,343 53,746 $5.46 $49.94 
Granted200 10,485 — 2 — 1,080 11,767 31.40 20.68 
Exercised options / vested RSUs(1,661)(2,139)(54)(2,671)(169)(6,251)(12,945)2.85 44.03 
Change in awards due to performance-based multiplier— — — 1,806 — — 1,806 — 33.69 
Forfeited(154)(971)(5)(26)— (501)(1,657)4.71 35.06 
Outstanding at September 30, 202213,080 11,570 2,295 599 11,502 13,671 52,717 $5.84 $39.10 

As of September 30, 2022, total unrecognized stock-based compensation expense of $471.9 million related to granted and unvested share-based compensation arrangements is expected to be recognized over a weighted-average period of 2.0 years. The following table shows stock compensation expense for the three and nine months ended September 30, 2022 and 2021:
Three months ended September 30, 2022Three months ended September 30, 2021
OptionsRSUsTotalOptionsRSUsTotal
Time Based (1)
$3,577 $25,924 $29,501 $3,787 $15,512 $19,299 
PSP (2)
—11,368 11,368 — 18,537 18,537 
LTIP (2)
—85,169 85,169 — 137,828 137,828 
Total$3,577 $122,461 $126,038 $3,787 $171,877 $175,664 
Nine months ended September 30, 2022Nine months ended September 30, 2021
OptionsRSUsTotalOptionsRSUsTotal
Time Based (1)
$11,271 $74,693 $85,964 $10,254 $45,003 $55,257 
PSP (2)
— 68,499 68,499 — 53,941 53,941 
LTIP (2)
— 294,173 294,173 — 390,048 390,048 
Total$11,271 $437,365 $448,636 $10,254 $488,992 $499,246 

(1) Time-based awards vest and are expensed over a defined service period.
(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria. During the three months ended March 31, 2022, the Company recorded a cumulative catch-up adjustment of $20.7 million in additional stock-based compensation expense related to its updated expectation on achieving higher revenue targets than originally estimated for certain PSP awards which have a range of payouts.