Annual report pursuant to Section 13 and 15(d)

Compensation Plans (Tables)

v3.22.1
Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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) 2021 2020
Stock options - Class A common stock $ 4,204  $ 1,592 
Restricted shares - Class A common stock 1,009  43 
Restricted stock units (RSUs) - Class A common stock 53  40 
Common units of the Operating Company 449  (822)
Total equity-based compensation expense $ 5,715  $ 853 
Total remaining unrecognized compensation expense as of December 31, 2021 was as follows:
Remaining Unrecognized Compensation Expense
December 31, 2021		 Weighted Average Period over which Remaining Unrecognized Compensation Expense is Expected to be Recognized
(in thousands) (in years)
Stock options - Class A common stock $ 1,291  0.5
Restricted shares - Class A common stock 10  0.2
Restricted stock units (RSUs) - Class A common stock 28  3.1
Common units of the Operating Company —  0
Total remaining unrecognized compensation expense $ 1,329 
Schedule of Stock Option Valuation Assumptions
The fair value of the stock option awards granted during the years ended December 31, 2021 and 2020 was determined on the grant date using the Black-Scholes valuation model based on the following ranges of weighted-average assumptions:
December 31, 2021 December 31, 2020
Expected volatility (1)
100% - 107%
96% - 103%
Expected dividend yield (2)
 — —
Expected term (3)
5.25 - 6.25 years
5.15 - 6.25 years
Risk-free interest rate (4)
0.78% - 1.37%
0.23% - 1.72%
(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, 2021 and 2020 is as follows:
Stock Options
Number of Options Weighted-Average
Exercise Price
Outstanding as of December 31, 2019 629,773  $ 8.98 
Granted 949,126  3.72 
Exercised —  — 
Forfeited (204,927) 6.94 
Outstanding as of December 31, 2020 1,373,972  5.47 
Granted 4,789,317  3.14 
Exercised (101,066) 2.40 
Forfeited (743,305) 4.30 
Outstanding as of December 31, 2021 5,318,918  $ 3.59 
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, 2019 816,659 
Granted — 
Vested (368,489)
Forfeited (244,266)
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 —