Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

v3.23.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The following table summarizes Restricted Stock Units ("RSUs") activities during the reporting period shown below:
Number of
awards
outstanding
 (in thousands)		 Weighted-
average
grant date
fair value
(per share)		 Aggregate
intrinsic
value
(in thousands)
Unvested RSUs at December 31, 2022 5,515  $ 6.69  $ 34,191 
Granted 4,230  1.72  7,297 
Vested (395) 6.78  (2,680)
Forfeited and canceled (123) 6.97  (859)
Unvested RSUs at March 31, 2023 9,227  $ 5.54  $ 37,949 
During the three months ended March 31, 2023, the Company granted 2.1 million RSUs that vest based on the passage of time and granted 2.1 million RSUs that vest based on the achievement of performance targets.
The following is a summary of the Company’s share-based compensation expense and income tax benefit related to the RSUs for the reporting periods shown below:
Three Months Ended
March 31,
(In thousands, USD) 2023 2022
Total Stock Compensation Expense $ 2,570  $ 2,050 
Income tax benefit related to share-based compensation expense 246  264 
As of March 31, 2023, the total unrecognized compensation cost related to outstanding RSUs was $26.3 million, which the Company expects to recognize over a weighted average period of 2.2 years.