Quarterly report pursuant to Section 13 or 15(d)

Mezzanine Equity (Tables)

v3.21.2
Mezzanine Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Temporary Equity Disclosure [Abstract]  
Mezzanine Equity Components
Mezzanine equity consists of Series A Preferred Stock. The following table summarizes the changes in mezzanine equity for the nine months ended September 30, 2021:
Preferred Stock
Shares Amount
Balance at January 1, 2021 —  $ — 
Issuance of Series A Preferred Stock 5,430  149,585 
Issuance of restricted Series A Preferred Stock (1)
500  — 
Share-based compensation associated with restricted Series A Preferred Stock (1)
—  4,035 
Balance at September 30, 2021 5,930  $ 153,620 
(1)During the nine months ended September 30, 2021, the Company granted 0.5 million shares of restricted Series A Preferred Stock to our CEO. At September 30, 2021, the 0.5 million shares of restricted Series A Preferred Stock associated with this award were issued and outstanding however, all of the shares remained unvested. During the three and nine months ended September 30, 2021, we recognized share-based compensation expense associated with this restricted Series A Preferred Stock award of $2.3 million and $4.0 million, respectively, the offset for which was recognized as an increase in mezzanine equity. Share-based compensation expense associated with this restricted Series A Preferred Stock award is included in General, administrative and marketing in our condensed consolidated statements of operations. Share-based compensation expense associated with this award is recognized over the vesting period based on the grant date fair value per share. For more information regarding this restricted Series A Preferred Stock award, see “—Restricted Series A Preferred Stock” below.