Stock Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Stock Based Compensation |
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| Schedule of valuation assumptions |
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|
Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
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|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Dividend yield |
|
— |
% |
— |
% |
|
0 |
% |
0 |
% |
Expected volatility |
|
— |
% |
— |
% |
|
65 |
% |
70 |
% |
Risk-free interest rate |
|
— |
% |
— |
% |
|
4.35 |
% |
3.60 |
% |
Expected term |
|
— |
|
— |
|
|
5.79 years |
|
5.79 years |
|
|
| Schedule of stock option activity |
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Weighted |
|
Weighted |
|
|
|
|
|
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Average |
|
Average |
|
Aggregate |
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|
|
|
Exercise |
|
Contractual |
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Intrinsic |
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|
Number of |
|
Price |
|
Remaining Term |
|
Value |
|
|
shares |
|
Per Share |
|
(in years) |
|
(in thousands) |
Outstanding as of January 1, 2024 |
|
|
2,730,068 |
|
$ |
20.88 |
|
|
6.29 |
|
$ |
10,638 |
Granted |
|
|
34,170 |
|
|
24.71 |
|
|
|
|
|
|
Exercised |
|
|
(246,599) |
|
|
6.51 |
|
|
|
|
|
|
Forfeited, expired or cancelled |
|
|
(34,840) |
|
|
155.16 |
|
|
|
|
|
|
Outstanding as of September 30, 2024 |
|
|
2,482,799 |
|
$ |
20.48 |
|
|
5.94 |
|
$ |
20,224 |
Exercisable as of September 30, 2024 |
|
|
2,037,185 |
|
$ |
19.73 |
|
|
5.44 |
|
$ |
18,416 |
|
| Schedule of grant date fair values of PSUs granted |
The range of grant date fair values of the PSUs granted in 2023 was estimated as follows:
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Derived |
Hurdle Price |
|
Number of |
|
Fair Value |
|
Service Period |
Per PSU |
|
PSUs |
|
Per Share |
|
(in years) |
$ |
30.00 |
|
|
243,550 |
|
$ |
11.42-17.45 |
|
|
0.69-2.59 |
$ |
35.00 |
|
|
91,239 |
|
$ |
10.16-16.07 |
|
|
0.93-2.59 |
$ |
40.00 |
|
|
60,024 |
|
$ |
9.07-14.84 |
|
|
1.12-2.59 |
$ |
45.00 |
|
|
53,787 |
|
$ |
8.12-13.72 |
|
|
1.27-2.59 |
|
|
|
|
448,600 |
|
|
|
|
|
|
The grant date fair values of the PSUs granted in January 2024 and April 2024 was estimated as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derived |
Hurdle Price |
|
Number of |
|
Fair Value |
|
Service Period |
Per Share |
|
PSUs |
|
Per Share |
|
(in years) |
$ |
30.00 |
|
|
165,900 |
|
$ |
18.42-19.71 |
|
|
0.46-0.74 |
$ |
35.00 |
|
|
55,290 |
|
$ |
17.24-17.67 |
|
|
0.66-0.96 |
$ |
40.00 |
|
|
34,029 |
|
$ |
15.85-16.14 |
|
|
0.82-1.15 |
$ |
45.00 |
|
|
29,781 |
|
$ |
14.20-15.13 |
|
|
0.95-1.31 |
|
|
|
|
285,000 |
|
|
|
|
|
|
|
| Schedule of performance shares, outstanding activity |
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
Average |
|
|
|
|
Grant Date |
|
|
Number of |
|
Fair Value |
|
|
Unvested PSUs |
|
Per Share |
Unvested balance as of January 1, 2024 |
|
|
448,600 |
|
$ |
15.40 |
Granted |
|
|
285,000 |
|
|
17.60 |
Vested |
|
|
— |
|
|
— |
Forfeited |
|
|
— |
|
|
— |
Unvested balance as of September 30, 2024 |
|
|
733,600 |
|
$ |
16.26 |
|
| Summary of stock-based compensation expense |
The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the condensed consolidated statements of operations (in thousands):
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Total stock-based compensation expense |
|
$ |
2,590 |
|
$ |
2,717 |
|
$ |
8,136 |
|
$ |
6,450 |
|