Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.22.4
Equity-Based Compensation (Tables)
3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity The following tables summarizes our Stock Option activity under the Plan during the three months ended December 31, 2022 (in thousands, except per share amounts):

 

 

December 31, 2022

 

 

 

Number of Options

 

 

Weighted Average
Exercise Price

 

Outstanding, Beginning

 

 

3,780

 

 

$

18.24

 

Granted

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Forfeited/Expired

 

 

(137

)

 

 

18.69

 

Balance, Ending

 

 

3,643

 

 

$

18.23

 

 

 

 

 

 

 

 

Vested and exercisable as of December 31, 2022

 

 

1,994

 

 

$

17.87

 

 

 

 

As of December 31, 2022

 

Aggregate intrinsic value of options outstanding

 

$

 

Unamortized value of unvested stock options

 

$

7,920

 

Weighted average years that expense is expected to be recognized

 

 

1.6

 

Weighted average remaining contractual years outstanding

 

 

8.4

 

 

Summary of RSU and PSU Activity under Plan

The following table summarizes our RSU and PSU activity under the Plan during the three months ended December 31, 2022 (in thousands, except per share amounts):

 

 

December 31, 2022

 

 

 

Number of RSUs/PSUs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding, Beginning

 

 

2,297

 

 

$

10.04

 

Granted (1)

 

 

909

 

 

 

12.04

 

Vested

 

 

(110

)

 

 

4.53

 

Forfeited

 

 

(79

)

 

 

12.07

 

Balance, Ending

 

 

3,017

 

 

$

10.79

 

 

(1)
Includes 0.3 million PSUs granted in December 2022 subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during each of fiscal years 2023, 2024, and 2025. The criteria is based on a range of these performance targets in which participants may earn between 0% to 200% of the base number of awards granted. The weighted average grant date fair value of the PSUs was $12.04 and assumes attainment of target payout rates at 100% as set forth in the performance criteria. Equity-based compensation expense is recognized for awards deemed probable of vesting.

 

 

 

As of December 31, 2022

 

Unamortized value of unvested RSUs/PSUs

 

$

27,645

 

Weighted average period (years) expense is expected to be recognized

 

 

3.0