Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary Of Stock-Based Compensation Expense

Stock-based compensation expense is recognized in cost of revenues, corporate, technology and production systems, and selling, general, and administrative expense in the accompanying unaudited condensed consolidated statements of income and comprehensive income as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2022		2021		2022
(in thousands)
Stock-based compensation expense
Cost of revenues	$	—	$	411	$	—	$	824
Corporate technology and production systems	—		499		—		1,030
Selling, general and administrative	756		5,113		1,653		9,277
Total stock-based compensation expense	$	756	$	6,023	$	1,653	$	11,131

Share-based Payment Arrangement, Option, Activity

The table below provides a summary of service-based vesting options (“SVOs”) and performance-based stock options (“PSOs”) currently outstanding under the 2015 Plan for the six months ended June 30, 2022:

	Outstanding SVOs						Outstanding PSOs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value		Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
(in thousands, except shares and per share amounts)
Balances as of December 31, 2021	6,450,978	$	9.58	6.70	$	70,510	3,096,830	$	10.05	7.04	$	32,394
Exercised	(69,910)	9.57			886		(14,975)	9.68			154
Balances as of June 30, 2022 (1)	6,381,068	$	9.58	6.19	$	42,945	3,081,855	$	10.05	6.54	$	19,288

__________

(1)    All SVOs and PSOs are exercisable as of June 30, 2022.

The table below provides a summary of stock option activity under the 2021 Equity Plan for the six months ended June 30, 2022:

		Weighted Average Exercise Price		Weighted Average Contractual Term (in years)	Aggregate Intrinsic Value		Weighted Average Fair Value (per share)
	Number of Shares
	(in thousands, except share and per share amounts)
Outstanding at December 31, 2021	3,918,454	$	23.00	9.65	$	—
Granted	622,919	22.35					$	10.43
Forfeited / Cancelled	(36,635)	23.00
Outstanding at June 30, 2022	4,504,738	$	22.91	9.31	$	—

Share-based Payment Arrangement, Restricted Stock Activity

The table below provides a summary of restricted stock activity under the 2021 Equity Plan for the six months ended June 30, 2022:

		Weighted Average Fair Value (per share)
	Number of Shares
Unvested at December 31, 2021	1,779,716	$	23.01
Granted	800,473	21.45
Forfeited / Cancelled	(224,990)	22.96
Unvested at June 30, 2022	2,355,199	$	22.48

The table below provides a summary of restricted stock unit activity under the 2021 Equity Plan for the six months ended June 30, 2022:

	Number of Shares	Weighted Average Fair Value (per share)
Unvested at December 31, 2021	41,933	$	23.00
Granted	7,786	22.35
Forfeited / Cancelled	(3,263)	23.00
Unvested at June 30, 2022	46,456	$	22.89