Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2022 is as follows:

 

	Number of Shares	Weighted Average Exercise Price
Options outstanding at December 31, 2021	2,961,195	$	25.46
Options granted	1,218,481	$	25.03
Less:
Options exercised	471,609	$	13.70
Options forfeited	747,269	$	29.56
Options outstanding at March 31, 2022	2,960,798	$	26.11
Exercisable at March 31, 2022	1,343,021	$	19.37

Summary of Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the three months ended March 31, 2022 was estimated as of the grant date using a Black-Scholes model with the following weighted average assumptions:

	Three Months Ended March 31, 2022
Expected term (in years)	4 - 5.5
Risk-free interest rate (%)	1.6%
Expected volatility (%)	42% - 49%
Dividend yield (%)	—
Weighted average grant date fair value per share	$9.98

Summary of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the three months ended March 31, 2022 is as follows:

	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021	851,403	$	36.00
Granted	516,014	$	25.67
Vested	(171,687)	$	35.13
Forfeited	(357,205)	$	30.71
Nonvested at March 31, 2022	838,525	$	32.07