Equity-Based Compensation |
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Equity-Based Compensation |
11. Equity-Based Compensation Equity Compensation Plans A summary of the option activity under the Company’s equity compensation plans is as follows:
A summary of RSU activity is as follows:
The fair value of RSUs vested during the three months ended March 31, 2023 was $5.9 million. No RSUs vested during the three months ended March 31, 2022.
On January 1, 2023, the number of shares available for issuance under the 2021 Incentive Award Plan (the “2021 Plan”) increased by 15,608,106 pursuant to the terms of the 2021 Plan. As of March 31, 2023, 11,663,071 shares of Class A Common Stock were available for issuance under the 2021 Plan.
Vested RSUs included shares of common stock that the Company withheld on behalf of certain employees to satisfy the minimum statutory tax withholding requirements, as defined by the Company. The Company withheld shares of common stock with an aggregate fair value and remitted taxes of $2.1 million during the three months ended March 31, 2023, which were classified as financing cash outflows in the unaudited condensed consolidated statements of cash flows. The Company canceled and returned these shares to the 2021 Plan, which are available under the plan terms for future issuance. Equity-Based Compensation Expense The fair value of each award as of the date of grant is estimated using a Black-Scholes option-pricing model. The following table summarizes the weighted-average assumptions used to determine the fair value of option grants:
Equity-based compensation expense for the three months ended March 31, 2023 and 2022 was as follows (in thousands):
In connection with the restructuring activity that took place during the three months ended March 31, 2023, the Company modified certain stock awards of terminated employees (approximately 102 employees). The modifications included; accelerating the vesting of any options that would have vested within three months of the employees termination date; and all vested options will be available for exercise for a total of six months after the employees’ termination date (that is, three months in addition to the standard three months per original agreement). As a result of these modifications, the Company recognized a $0.6 million reduction to equity-based compensation expense within general and administrative expense in the unaudited condensed consolidated statements of operations.
As of March 31, 2023, the total unrecognized equity-based compensation expense was $38.8 million, which will be recognized over a weighted-average remaining period of 2.88 years. |