Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

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			—