| Schedule of Restricted Stock Unit Activity |
Restricted Stock Unit activity was as follows during the periods indicated: | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Six Months Ended June 30, 2022 | | Restricted Stock Units | | Weighted Average Grant Date Fair Value | | Restricted Stock Units | | Unvested at beginning of period | 10,377,568 | | | $ | 45.81 | | | 4,853,795 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Granted | 6,134,671 | | | $ | 23.73 | | | 3,364,624 | | | Granted - performance-based | 509,824 | | | $ | 24.71 | | | — | | | Vested | (1,301,660) | | | $ | 49.07 | | | (421,582) | | | Forfeited | (1,670,581) | | | $ | 45.10 | | | (769,616) | | | Unvested at end of period | 14,049,822 | | | $ | 35.19 | | | 7,027,221 | |
Restricted Stock activity was as follows during the periods indicated: | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Six Months Ended June 30, 2022 | | Restricted stock | | Weighted Average Grant Date Fair Value | | Restricted stock | | Unvested at beginning of period | 858,560 | | | $ | 22.30 | | | 3,525,373 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Vested | (397,124) | | | $ | 14.63 | | | (1,561,966) | | | Forfeited | (10,768) | | | $ | 8.70 | | | (154,999) | | | Unvested at end of period | 450,668 | | | $ | 29.39 | | | 1,808,408 | |
|
| Schedule of Unvested Options Activity |
Options activity was as follows during the period indicated: | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Six Months Ended June 30, 2022 | | Options | | Weighted Average Exercise Price | | Options | | Outstanding at beginning of period | 323,002 | | | $ | 21.00 | | | 417,085 | | | | | | | | | | | | | | | Exercised | (17,322) | | | $ | 21.00 | | | (28,504) | | | Expired | (13,556) | | | $ | 21.00 | | | (3,400) | | | Forfeited | (4,190) | | | $ | 21.00 | | | (18,258) | | | Outstanding at end of period | 287,934 | | | $ | 21.00 | | | 366,923 | |
Options have a maximum contractual term of ten years. The aggregate intrinsic value and weighted average remaining contractual terms of Options outstanding and Options exercisable were as follows as of June 30, 2023: | | | | | | | June 30, 2023 | | Aggregate intrinsic value (in millions) | | | Unit Options outstanding | $ | 1.3 | | | Unit Options exercisable | $ | 1.2 | | | Weighted average remaining contractual term (in years) | | | Unit Options outstanding | 6.8 years | | Unit Options exercisable | 6.8 years |
|
| Schedule of Valuation Assumptions |
The fair value of the ESPP purchase was determined using the Black-Scholes option pricing model. The expected term for the purchases was based on the six-month offering period. We estimate the future stock price volatility based on the historical volatility of the Company with a lookback period commensurate with the expected term of the ESPP purchases. The risk-free rate is the implied yield available on U.S. Treasury zero-coupon bonds issued with a remaining term equal to the expected term. | | | | | | | | | | | | | Three and Six Months Ended June 30, | | 2023 | | 2022 | | Volatility | 50.4% | | 71.9% | | Expected term | 0.5 | | 0.5 | | Risk-free rate | 5.4% | | 2.2% | | Expected dividends | —% | | —% | | Weighted-average fair value per unit | $6.72 | | $9.56 |
|
| Schedule of Unamortized Equity-Based Compensation Costs |
As of June 30, 2023, unamortized equity-based compensation costs related to each equity-based incentive award described above is the following: | | | | | | | | | | | | | ($ in millions, period in years) | Amount | | Weighted Average Remaining Service Period | | Restricted Stock Units | $ | 370.5 | | | 2.6 | | Common Stock Options | 0.1 | | | 0.2 | | Restricted Stock | 4.4 | | | 0.8 | | | | | | | | | | | | | | HSKB Phantom Units | 10.8 | | | 2.3 | | Employee Stock Purchase Plan | 1.1 | | | 0.5 | | Total unamortized equity-based compensation cost | $ | 386.9 | | | 2.6 |
|