Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events |
17. Subsequent Events Restricted Stock Units During April and May 2021, the Company granted approximately 1,068,519 RSUs with an aggregate grant date fair value of approximately $14,843. These RSUs generally vest in equal annual installments over four years from the grant date. The Company granted approximately 690,948 performance RSUs with an aggregate grant date fair value of approximately $9,577 during April and May 2021. The aggregate grant date fair value of the performance RSUs assuming target achievement was approximately $7,234. The number of performance RSUs that will vest will be determined upon the achievement of certain financial targets for 2021, and vesting will then occur in equal annual installments over one- and four-year periods from the grant date. The actual number of shares issued upon vesting could range between 0% and 100% of the number of awards granted. The grant date fair value of the stock subject to the performance RSUs is amortized to expense on an accelerated basis over the period of vesting. The weighted-average vesting period for these performance RSUs is approximately 3.2 years from the date of grant. Additionally, on May 4, 2021, in connection with the appointment of a new president and chief executive officer, the Company granted approximately 248,826 RSUs and approximately 106,640 performance RSUs. These stock awards were granted from authorized capital and not from the Company’s stock plans. The RSUs vest in equal annual installments over four years starting on May 10, 2021. The performance RSUs vest in a single installment no earlier than May 10, 2024 if the Company’s per share stock price is at least $23 for a period of 20 consecutive trading days between May 10, 2023 and May 10, 2026. Common Stock During April and May 2021, RSUs vested resulting in the issuance of approximately 664,589 shares of the Company’s common stock. Commitments In April 2021, the Company entered into a non-cancellable sublease agreement for part of one building on its headquarters campus. The sublease term expires May 31, 2028 and may be renewed at the option of the sublessee through November 30, 2031. Payments to the Company under the sublease are less than its current obligation for the asset. Accordingly, the Company expects to recognize an impairment of the financing lease ROU asset during the second quarter of 2021. The Company is currently assessing this asset for impairment and estimates the impairment expense to be between $3,000 and $4,000. |