v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationThe Company has historically 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 that tie vesting to length of service with the Company and generally vest over a four-year period in annual and/or quarterly installments. 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 performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue and/or Adjusted EBITDA targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue and Adjusted EBITDA targets and have a range of payouts amongst other conditions. All stock-based compensation awards expire seven to ten years after the grant date thereof.
The following table shows restricted stock unit (“RSU”) and stock option activity for the six months ended June 30, 2023:
Time-BasedPSPLTIPTotalWeighted Average Exercise Price of OptionsWeighted Average FMV
of
RSUs
OptionsRSUsOptionsRSUsOptionsRSUs
Outstanding at December 31, 202212,259 15,273 2,273 13,119 11,152 13,864 67,940 $6.17 $29.64 
Granted600 10,122 — 2,010 — 209 12,941 25.81 17.57 
Exercised options / vested RSUs(814)(3,590)(171)(1,715)— (8,316)(14,606)3.42 44.81 
Change in awards due to performance-based multiplier— — — 1,142 — — 1,142 — 60.25 
Forfeited(285)(888)— (127)— (108)(1,408)25.31 22.54 
Outstanding at June 30, 202311,760 20,917 2,102 14,429 11,152 5,649 66,009 $6.53 $22.03 

As of June 30, 2023, total unrecognized stock-based compensation expense of $670.4 million related to granted and unvested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.8 years. The following tables shows stock compensation expense for the three and six months ended June 30, 2023 and 2022:

Three months ended June 30, 2023Three months ended June 30, 2022
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$2,546 $38,752 $41,298 $3,830 $26,983 $30,813 
PSP (2)
— 35,872 35,872 —13,764 13,764 
LTIP (2)
— 12,023 12,023 —90,944 90,944 
Total$2,546 $86,647 $89,193 $3,830 $131,691 $135,521 

Six months ended June 30, 2023Six months ended June 30, 2022
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$6,390 $83,559 $89,949 $7,694 $48,769 $56,463 
PSP (2)
— 59,887 59,887 — 57,131 57,131 
LTIP (2)
— 56,757 56,757 — 209,004 209,004 
Total$6,390 $200,203 $206,593 $7,694 $314,904 $322,598 
(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 of achieving higher revenue targets than originally estimated for certain PSP awards which have a range of payouts.