| Summary of stock option activity |
The following table shows restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Time-based | | PSP | | LTIP | | Total | | Weighted Average Exercise Price of Options | | Weighted Average FMV
of
RSUs | | Options | | RSUs | | Options | | RSUs | | Options | | RSUs | | | | | | | | Outstanding at December 31, 2021 | 14,695 | | | 4,195 | | | 2,354 | | | 1,488 | | | 11,671 | | | 19,343 | | | 53,746 | | | $ | 5.46 | | | $ | 49.94 | | | Granted | 200 | | | 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, 2022 | 13,080 | | | 11,570 | | | 2,295 | | | 599 | | | 11,502 | | | 13,671 | | | 52,717 | | | $ | 5.84 | | | $ | 39.10 | |
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| Summary of stock compensation expense |
The following table shows stock compensation expense for the three and nine months ended September 30, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2022 | | Three months ended September 30, 2021 | | Options | | RSUs | | Total | | Options | | RSUs | | Total | 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, 2022 | | Nine months ended September 30, 2021 | | Options | | RSUs | | Total | | Options | | RSUs | | Total | 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.
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