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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of stock option activity
The following table shows restricted stock unit (“RSU”) and stock option activity for the three months ended March 31, 2022:
Time-basedPSPLTIPTotalWeighted Average Exercise Price of OptionsWeighted Average FMV
of
RSUs
OptionsRSUsOptionsRSUsOptionsRSUs
Outstanding at December 31, 202114,695 4,195 2,354 1,488 11,671 19,343 53,746 $5.46 $49.94 
Granted200 8,013 — — 173 8,388 31.40 23.30 
Exercised options / vested RSUs(869)(405)(44)(2,671)— (6,251)(10,240)1.94 46.15 
Change in awards due to performance-based multiplier— — — 1,806 — — 1,806 — 33.69 
Forfeited(21)(116)— (1)— (50)(188)4.12 41.41 
Outstanding at March 31, 202214,005 11,687 2,310 624 11,671 13,215 53,512 $5.76 $41.68 
Summary of stock compensation expense The following table shows stock compensation expense for the three months ended March 31, 2022 and 2021:
Three months ended March 31, 2022Three months ended March 31, 2021
OptionsRSUsTotalOptionsRSUsTotal
Time Based (1)
$3,864 $21,786 $25,650 $2,433 $14,268 $16,701 
PSP (2)
43,367 43,367 — 16,314 16,314 
LTIP (2)
118,060 118,060 — 118,828 118,828 
Total$3,864 $183,213 $187,077 $2,433 $149,410 $151,843 
(1) Time-based awards vest and are expensed over a defined service period.
(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria. During the three months ended March 31, 2022, the Company recorded a cumulative catch-up adjustment of $20.7 million in additional stock-based compensation expense related to its updated expectation on achieving higher revenue targets than originally estimated for certain PSP awards which have a range of payouts.