STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Compensation Arrangements |
The following table summarizes stock-based compensation expense:
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Stock options |
$ |
978,696 |
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$ |
526,125 |
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$ |
792,055 |
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| Restricted stock awards |
7,767,114 |
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4,227,252 |
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3,228,750 |
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| Performance-based restricted stock |
2,714,401 |
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190,003 |
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— |
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| Total stock-based compensation expense |
$ |
11,460,211 |
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$ |
4,943,380 |
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$ |
4,020,805 |
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| Schedule of Share-based Compensation, Stock Options |
A summary of stock option activity for the year ended December 31, 2022 is as follows:
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Number of Options |
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Weighted
Average
Exercise Price |
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Weighted
Average Grant
Date Fair Value
per Option |
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Weighted
Average
Remaining Contractual Life (Years) |
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| Options outstanding as of December 31, 2021 |
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495,836 |
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$ |
6.8 |
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— |
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6.5 |
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| Granted |
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— |
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— |
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— |
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— |
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| Exercised |
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— |
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— |
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— |
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— |
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| Forfeited |
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(69,710) |
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1.5 |
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— |
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— |
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| Expired |
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(2,500) |
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22.3 |
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— |
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— |
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| Options outstanding as of December 31, 2022 |
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423,626 |
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7.6 |
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— |
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6.7 |
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| Options exercisable as of December 31, 2022 |
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218,006 |
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$ |
5.5 |
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— |
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4.6 |
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| Schedule of Restricted Stock |
A summary of restricted stock activity for the year ended December 31, 2022 is as follows:
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Number of Unvested Shares |
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Weighted Average Grant Date Fair Value per Share |
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| Unvested restricted stock as of December 31, 2021 |
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1,617,192 |
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$ |
9.3 |
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| Granted |
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2,959,966 |
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3.1 |
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| Vested |
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(883,908) |
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6.8 |
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| Forfeited |
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(167,919) |
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6.3 |
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| Unvested restricted stock as of December 31, 2022 |
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3,525,331 |
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$ |
4.9 |
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| Schedule of Nonvested Performance-Based Units Activity |
A summary of the activity for PSU awards with total shareholder return performance objectives for the year ended December 31, 2022 is as follows:
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Number of Unvested Shares |
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Weighted Average Grant Date Fair Value per Share |
| Balance, December 31, 2021 |
306,197 |
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$ |
11.79 |
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| Granted |
454,832 |
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11.79 |
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| Forfeited |
(22,278) |
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11.79 |
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| Balance, December 31, 2022 |
738,751 |
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$ |
11.79 |
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A summary of the PSU awards with cumulative adjusted EBITDA targets for the year ended December 31, 2022 is as follows:
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Number of Unvested Shares |
| Balance, December 31, 2021 |
— |
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| Granted |
454,822 |
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| Forfeited |
(22,276) |
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| Balance, December 31, 2022 |
432,546 |
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