Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of stock option activity under our equity plans

A summary of stock option activity under our equity plans for the nine months ended September 30, 2021 follows:





Number of Shares

 



Weighted Average Exercise Price

 



Weighted Average Remaining Contractual Term (Years)

 



Aggregate Intrinsic Value

 

Balance, December 31, 2020



 

11,008,533

 



$

13.94

 



 

8.4

 



$

105,341,482

 

Granted



 

37,500

 

 

 

45.41

 



 

 



 

 

Exercised



 

(363,064

)

 

 

3.28

 



 

 



 

15,744,316

 

Balance, March 31, 2021



 

10,682,969

 



 

14.41

 



 

 



 

249,345,242

 

Granted



 

-

 



 

 



 

 



 

 

Exercised

 

 

(200,532

)

 

 

3.39

 

 

 

 

 

 

5,616,689

 

Balance, June 30, 2021



 

10,482,437

 



 

14.62

 



 

 



 

109,293,775

 

Granted

 

 

283,396

 

 

 

11.15

 

 

 

 

 

 

 

Exercised

 

 

(91,523

)

 

 

3.28

 

 

 

 

 

 

1,207,973

 

Forfeited

 

 

(32,050

)

 

 

 

 

 

 

 

 

 

Balance, September 30, 2021

 

 

10,642,260

 

 

 

14.67

 

 

 

 

 

 

60,733,771

 

Exercisable



 

4,511,251

 



 

4.79

 



 

5.47

 



 

52,112,514

 

Vested and expected to vest



 

10,642,260

 



$

14.67

 



 

8.12

 



$

60,733,771

 

Schedule of share based compensation activity

The following table provides additional information regarding the cash-settleable stock options:

 

 

Accounting Grant Date

 

 

 

July 23, 2021

 

 

July 23, 2021

 

 

August 12,2021

 

Number of stock options

 

 

244,073

 

 

 

1,154,616

 

 

 

312,258

 

Exercise price

 

$

18.24

 

 

$

24.20

 

 

$

24.20

 

Vesting date(s)

 

July 23, 2022

 

 

February 1, 2024

 

 

February 1, 2024

 

 

 

 

 

 

July 23, 2023

 

 

 

 

 

 

July 23, 2024

 

 

 

 

 

 

 

September 30, 2021 fair value

 

$

6.68

 

 

$

5.25

 

 

$

5.27

 

Schedule of option award on the date of grant using the Black-Scholes option We have estimated the fair values of our option awards on the date of grant using the Black-Scholes option pricing model with the following assumptions:





Three Months Ended September 30,

 

 

2021

Expected annual dividend yield (1)



0.00%

Expected volatility (2)



45.4%

Risk-free rate (3)



0.88% to 0.97%

Expected option term (years) (4)



6

 

 

(1) We have not paid and do no currently anticipate paying a cash dividend on our common stock.

(2) We estimated the expected volatility using the mean stock price for selected peer public companies over a historic timeframe similar to the expected return.

(3) We estimated the risk-free rate of return using the U.S. Treasury yield curve in effect as of the valuation date.

(4) We estimated the expected term using the "simplified" method described in SEC Staff Accounting Bulletin 14,