v3.20.1
Stock-Based Compensation (Tables)
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12 Months Ended |
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Share-based Payment Arrangement [Abstract] |
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Schedule of stock-based compensation expense |
The following table presents the stock‑based compensation expense and related income tax benefit included in the Company’s Consolidated Statements of Operations for the years ended December 31: | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | Patient care costs | $ | 694 |
| | $ | 714 |
| | $ | 2,773 |
| General and administrative | 4,051 |
| | 5,007 |
| | 13,099 |
| Total stock‑based compensation | $ | 4,745 |
| | $ | 5,721 |
| | $ | 15,872 |
| Income tax benefit | $ | 1,234 |
| | $ | 1,493 |
| | $ | 6,349 |
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Schedule of assumptions used for options granted to acquire Common Stock and the fair value at the date of grant |
The weighted‑average assumptions used in the option valuation models for awards granted in 2019, 2018 and 2017 are as follows. | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | Expected volatility(1) | 50 | % | | 30 - 35% |
| | 30 - 35% |
| Expected term in years(2) | 6.0 |
| | 6.0 |
| | 6.0 |
| Risk-free interest rate(3) | 1.71 | % | | 2.74 - 2.99% |
| | 1.92 - 2.26% |
| Expected annual dividend yield(4) | — | % | | — | % | | — | % | Weighted-average grant-date fair value | $ | 4.97 |
| | $ | 7.14 |
| | $ | 5.52 |
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| | (1) | Since the Company does not have sufficient history as a public company and does not have sufficient trading history for its common stock, the expected volatility was largely estimated based on the historical equity volatility of common |
stock of comparable publicly traded entities over a period equal to the expected term of the stock option grants. For each of the comparable publicly traded entities, the historical equity volatility and the capital structure of the entity were used to calculate the implied stock volatility. The average implied stock volatility of the comparable publicly traded entities was then used to calculate a relevered equity volatility for the Company based on the Company’s own capital structure. In the first quarter of 2018, the Company utilized the relevered equity volatility based on the comparable publicly traded entities for the Company, and beginning in the second quarter of 2018, the Company began weighting in its own historical equity volatility to arrive at the concluded weighted-average equity volatility for the option valuation model. The comparable entities from the healthcare sector were chosen based on area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of the Company’s own stock price becomes available. | | (2) | Expected term of 6.0 years for a service‑based option is based on the “short‑cut method” as prescribed by Securities and Exchange Commission’s Staff Accounting Bulletin No. 110. |
| | (3) | The risk‑free interest rate is based on the yield of zero‑coupon U.S. Treasury securities for a period that is commensurate with the expected option term at the time of grant. |
(4) Expected dividend yield is based on management’s expectations.
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Schedule of information concerning options activity for options to acquire Common Stock |
The following table summarizes the combined stock option activity under the Company’s stock option plans for the year ended December 31, 2019: | | | | | | | | | | | | | | | Number of Shares | | Weighted - average exercise price | | Weighted - average remaining contractual term (in years) | | Aggregate intrinsic value | | 5,011,191 |
| | $ | 12.38 |
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| Granted | 329,710 |
| | 10.19 |
| | | | |
| Exercised | (129,917 | ) | | 2.99 |
| | | | |
| Forfeited/Cancelled | (407,838 | ) | | 16.98 |
| | | | |
| | 4,803,146 |
| | $ | 12.29 |
| | 4.37 | | $ | 12,919 |
| | 4,803,146 |
| | $ | 12.29 |
| | 4.37 | | $ | 12,919 |
| | 3,203,220 |
| | $ | 9.38 |
| | 3.50 | | $ | 12,866 |
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Schedule of restricted stock award activity |
A summary of restricted stock award activity is as follows: | | | | | | | | | Number of Shares | | Weighted - average grant date fair value | | 441,063 |
| | $ | 20.68 |
| Granted | 324,801 |
| | 10.19 |
| Vested | (147,641 | ) | | 19.98 |
| Forfeited/Cancelled | (38,940 | ) | | 20.24 |
| | 579,283 |
| | $ | 15.01 |
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X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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- DefinitionTabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.
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- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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- DefinitionDisclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.
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