Equity-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Compensation Related Costs [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The fair value of the stock option awards during the nine months ended September 30, 2019 was determined on the grant dates using the Black-Scholes valuation model based on the following ranges of weighted-average assumptions:
September 30, 2019
Expected volatility (1)
Expected dividend yield (2)
Expected term (3)
2.50 - 3.75 years
Risk-free interest rate (4)
1.44% - 2.40%   
(1)Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.
(2)The Company has 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 nine months ended September 30, 2019 is as follows:
Stock Options
Outstanding at beginning of period —   
Granted 654,284   
Exercised —   
Forfeited (21,437)  
Outstanding at end of period 632,847