Stock-based compensation expense recorded in the Consolidated Statements of Operations and Comprehensive Income for equity-classified stock-based awards was $15.0 million, $1.9 million, and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). Under the 2021 Plan, up to 13,737,500 shares of common stock may be granted to employees, directors and consultants in the form of stock options, restricted stock units and other stock-based awards. The terms of awards granted under the 2021 Plan are determined by the Compensation Committee of the Board of Directors, subject to the provisions of the 2021 Plan. As of December 31, 2021, there were 12,300,095 shares available for future issuance under the 2021 Plan.

Options granted under the 2021 Plan expire no later than ten years from the date of grant. The vesting period of stock options and restricted stock units granted under the 2021 Plan is generally three years from the date of grant.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	—	$	—	—	$	—
Granted	1,259,703	17.21
Exercised	—	—
Forfeited	—	—
Outstanding as of December 31, 2021	1,259,703	17.21		9.21	11,360
Options exercisable as of December 31, 2021	—	—		—	—
Options expected to vest as of December 31, 2021	1,259,703	$	17.21	9.21	$	11,360

The Company determined the fair value of these time-based stock options at the date of grant using the Black-Scholes option-pricing model. The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:


	2021
Weighted average fair value per share of options granted during the year	$	6.46
Assumptions:
Risk-free interest rate	1.07		%
Expected life (years)	6
Expected dividend yield	—		%
Expected volatility	37.5		%

The risk-free interest rate was based on the U.S. Treasury yield curve at date of grant over the expected term of these stock options. The expected volatility was based upon comparable public company historical volatility. The expected life was based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method”, as prescribed in SEC's Staff Accounting Bulletin (SAB) No. 107, as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.

At December 31, 2021, the total unrecognized compensation cost related to the stock options granted under the 2021 Plan was $6.0 million, to be recognized over a weighted-average period of 2.28 years.


	Number of Shares	Weighted- Average Grant- Date Fair Value
Outstanding as of December 31, 2020	—	$	—
Granted	180,388	17.80
Forfeited	(2,686)	17.00
Vested and Converted to Common	—	—
Outstanding as of December 31, 2021	177,702	$	17.81

At December 31, 2021, the total unrecognized compensation cost related to restricted stock units granted under the 2021 Plan was $2.0 million, to be recognized over a weighted-average period of 2.21 years.

In August 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which provided for the issuance of stock options, restricted stock and restricted stock awards to officers, directors and employees. The stock options granted under the 2017 Plan generally have a maximum term of up to ten years. Restricted stock, restricted stock awards, and stock options granted under the 2017 Plan generally are eligible to vest based on continued service, generally over five years, or upon an initial public offering and post-initial public offering stock price performance. Due to the Company's IPO on March 12, 2021 and subsequent stock price performance, all performance-vesting conditions were satisfied on March 26, 2021 .

For presentation purposes in this document the Company has recast all figures to reflect the 195-for-1 stock split in the Common Stock that occurred on March 2, 2021.

As of December 31, 2021, there were 11,984,621 outstanding options and 122,891 outstanding restricted stock awards under the 2017 Plan. No future awards will be made under the 2017 Plan following the Company’s IPO. Shares underlying awards under the 2017 Plan that expire or become unexercisable without delivery of shares, are forfeited to, or repurchased for cash by, the Company, are settled in cash, or otherwise become available again for grant as available for future awards under the 2021 Plan (as described above).


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	6,770,400	$	1.08	7.50	$	14,990
Granted	524,063	3.61
Exercised	(991,397)	1.08
Forfeited	(8,777)	0.50
Outstanding as of December 31, 2021	6,294,289	1.29		7.28	156,981
Options exercisable as of December 31, 2021	2,818,323	0.99		6.75	71,131
Options expected to vest as of December 31, 2021	3,475,966	$	1.53	7.71	$	85,850

The total intrinsic value of options exercised was $19.8 million, $1.2 million, and zero in the years ended 2021, 2020 and 2019, respectively. At December 31, 2021, the total unrecognized compensation cost related to the time-based stock options granted under the 2017 Plan was $4.0 million, to be recognized over a weighted-average period of 2.70 years.


	Years Ended December 31,
	2021			2020			2019
Weighted average fair value per share of options granted during the year	$	2.14		$	1.02		$	1.21
Assumptions:
Risk-free interest rate	0.13		%	0.13		%	1.84		%
Expected life (years)	1.5			1.5			4
Expected dividend yield	—		%	—		%	—		%
Expected volatility	58.0		%	58.0		%	45.0		%

The following table summarizes activity for stock options with market and performance conditions under the 2017 Plan (aggregate intrinsic value in thousands):


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	6,479,655	$	1.05	7.69	$	16,170
Granted	524,063	3.61
Exercised	(1,313,386)	0.82
Forfeited	—	—
Outstanding as of December 31, 2021	5,690,332	1.35		7.37	141,563
Options exercisable as of December 31, 2021	5,690,332	1.35		7.37	141,563
Options expected to vest as of December 31, 2021	—	$	—	—	$	—

The performance criteria for these awards was met on March 26, 2021 due to the Company’s IPO and an average trade price over a consecutive 10- trading day period which provided a minimum return equal to two times the initial invested capital of certain former holders of Class A shares whose shares were exchanged for shares of Common Stock in the Reclassification.

As such, all performance-based stock options vested in 2021 and the Company recognized the related stock-based compensation expense in the year ended 2021. As of December 31, 2021, there is no remaining unrecognized compensation cost related to performance-based stock options.

The total intrinsic value of options exercised was $29.2 million in the year ended 2021. No options were exercised in the years ended 2020 or 2019.

The Company determined the fair value of these performance-based stock options at the date of grant using the Black-Scholes option-pricing model. The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost:


	Years Ended December 31,
	2021			2020			2019
Weighted average fair value per share of options granted during the year	$	2.07		$	1.04		$	1.03
Assumptions:
Risk-free interest rate	0.13		%	0.13		%	1.84		%
Expected life (years)	1.5			1.5			4
Expected dividend yield	—		%	—		%	—		%
Expected volatility	58.0		%	58.0		%	45.0		%


	Restricted Common
	Number of Shares	Weighted- average grant date fair value
Outstanding as of December 31, 2020	1,603,095	$	1.46
Granted	—	—
Forfeited	(97,344)	0.93
Vested and Converted to Common	(1,382,860)	0.95
Outstanding as of December 31, 2021	122,891	$	0.95

The total fair value of restricted stock awards vested was $0.1 million, $0.1 million, and $0.5 million in the years ended 2021, 2020 and 2019, respectively. At December 31, 2021, the total unrecognized compensation cost related to these awards was $0.1 million, to be recognized over a weighted-average period of 0.58 years.


	Restricted A Stock			Restricted Common
	Number of Shares	Weighted- average grant date fair value		Number of Shares	Weighted- average grant date fair value
Outstanding as of December 31, 2020	949	$	1.00	857,805	$	0.43
Granted	—	—		—	—
Forfeited	—	—		—	—
Vested and Converted to Common	(949)	1.00		(857,805)	0.43
Outstanding as of December 31, 2021	—	$	—	—	$	—

As such, all performance-based restricted stock awards vested in 2021 and the Company recognized the related stock-based compensation expense in the year ended 2021. As of December 31, 2021, there is no remaining unrecognized compensation cost related to performance-based restricted stock awards.