Annual report pursuant to Section 13 and 15(d)

Compensation Plans (Tables)

v3.23.4
Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Compensation Related Costs [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award We recognized equity-based compensation expense as follows:
For the year ended December 31,
(in thousands) 2022 2021
Stock options - Class A common stock $ 1,098  $ 4,204 
Restricted shares - Class A common stock 517  1,009 
Restricted stock units (RSUs) - Class A common stock 11  53 
Common units of the Operating Company —  449 
Total equity-based compensation expense $ 1,626  $ 5,715 
Total remaining unrecognized compensation expense as of December 31, 2022 was as follows:
Remaining Unrecognized Compensation Expense
December 31, 2022		 Weighted Average Period over which Remaining Unrecognized Compensation Expense is Expected to be Recognized
(in thousands) (in years)
Stock options - Class A common stock $ 206  1.6
Restricted shares - Class A common stock 201  1.4
Total remaining unrecognized compensation expense $ 407 
Schedule of Stock Option Valuation Assumptions
The fair value of the stock option awards granted during the years ended December 31, 2022 and 2021 was determined on the grant date using the Black-Scholes valuation model based on the following ranges of weighted-average assumptions:
For the year ended December 31,
2022 2021
Expected volatility (1)
100% - 100%
100% - 107%
Expected dividend yield (2)
 — —
Expected term (3)
5.88 - 6.05 years
5.25 - 6.25 years
Risk-free interest rate (4)
1.62% - 3.31%
0.78% - 1.37%
(1)Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
(2)We assumed a dividend yield of zero as management has no plans to declare dividends in the foreseeable future.
(3)Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.
(4)The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
Schedule of Stock Option Activity
A summary of stock option activity for the years ended December 31, 2022 and 2021 is as follows:
Stock Options
Number of Options Weighted-Average
Exercise Price
Outstanding as of December 31, 2020 68,699  $ 109.40 
Granted 239,466  62.80 
Exercised (5,053) 48.00 
Forfeited (37,165) 86.00 
Outstanding as of December 31, 2021 265,947  71.80 
Granted 129,106  9.34 
Exercised —  — 
Forfeited (167,201) 17.59 
Outstanding as of December 31, 2022 227,852  $ 58.88 
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table provides a summary of the unvested Common Units outstanding and related transactions:
Common Units
Subject to Vesting
Unvested Common Units as of December 31, 2020 203,904 
Granted — 
Vested (198,758)
Forfeited (5,146)
Unvested Common Units as of December 31, 2021 —