Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Assumptions for Options Granted

The following assumptions were used in the option valuation model for options granted during the years ended December 31,

	2020	2019 *	2018
Expected approximate volatility	38%	—%	35%
Expected dividends	None	None	None
Expected term (in years)	7	None	3-5
Risk-free rate	0.44% -1.19%	—%	2.41% - 2.62%
Stock price	N/A	N/A	$4 - $5

* there were no options granted in 2019

Summary of Options Granted and Range in Vesting Periods

A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the years ended December 31, are as follows:

	2020	2019 *	2018
Options granted	1,449,779	0	108,288
Vesting period (in years)	4 - 5	0	3 - 5

Schedule of Vested Stock Options

The following table sets forth of the activities of the Company’s vested stock options for the years ended December 31, 2020, 2019 and 2018.

Outstanding options	Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price
Outstanding at January 1, 2018	4,122,910	$	0.69	$	2.03
Granted	108,288	1.73		5.10
Exercised	(284,642)	0.40		1.15
Forfeited/expired	(114,132)	1.03		2.96
Outstanding at December 31, 2018	3,832,424	0.73		2.16
Granted	—	—		—
Exercised	(2,590,274)	0.62		1.84
Forfeited/expired	(13,751)	0.77		2.33
Outstanding at December 31, 2019	1,228,399	0.96		2.91
Granted	1,449,779	4.49		11.20
Exercised	(359,987)	0.69		2.33
Forfeited/expired	(68,580)	1.32		3.85
Outstanding at December 31, 2020	2,249,611	3.25		8.32

Summary of Nonvested Stock Options

A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2020, 2019 and 2018 is as follows.

Nonvested options	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2018	2,735,572	$	0.73
Granted	108,288	1.73
Vested	(1,032,910)	0.62
Forfeited	(101,361)	1.07
Nonvested at December 31, 2018	1,709,589	0.82
Granted	—	0.00
Vested	(547,537)	0.85
Forfeited	(13,751)	0.77
Nonvested at December 31, 2019	1,148,301	0.95
Granted	1,449,779	4.49
Vested	(496,464)	0.08
Forfeited	(68,580)	1.32
Nonvested at December 31, 2020	2,033,036	3.49

Schedule of Nonvested Restricted Stock Units Activity

The RSUs are valued using the stock price on the grant date. The following table sets forth the activities of the Company’s RSUs for the year ended December 31, 2020.

Non-vested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020	—	$	—
Granted	1,665,968	11.16
Vested	(4,960)	10.08
Forfeited	(25,259)	11.66
Nonvested at December 31, 2020	1,635,749	11.15