General form of registration statement for all companies including face-amount certificate companies

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Schedule of Share-based Payment Award, Stock Options, Valuation Assumption A summary of the weighted-average assumptions used by Legacy BlackSky is presented below for the nine months ended September 30, 2020; there were no stock options awarded during the nine months ended September 30, 2021:
    
Nine Months Ended
September 30,
  
    
2020
  
Fair value per common share
    $ 0.0121
Weighted-average risk-free interest rate
      0.83 % 
Volatility
      65.00 % 
Expected term (in years)
      2.50  
Dividend rate
      0 % 
A summary of the weighted-average assumptions is presented below:
 
    
December 31,
  
    
2020
    
2019
  
Weighted-average grant date fair value
    $ —       $ 0.99  
Weighted-average risk-free interest rate
      0.81 %      2.10 % 
Volatility
      65.00 %      65.00 % 
Expected term (in years)
      2.50       4.00  
Dividend rate
      0 %      0 % 
Summary of stock option activity
A summary of the Company’s stock option activity under the Plans during the nine months ended September 30, 2021 is presented below:
 
    
Nine Months Ended September 30, 2021
  
    
Options
     
Weighted-
Average
Exercise Price
     
Weighted
Average
Remaining
Contractual
Term (Years)
     
Aggregate
Intrinsic Value

(in thousands)
  
    
(in thousands)
                       
Outstanding - December 31, 2020
      3,489    $ 0.2160      
Granted
      —          —          
Exercised
      (969 )       0.1030      
Forfeited
      (176 )       0.1507      
  
 
 
           
Outstanding - September 30, 2021
      2,344      0.2500      7.7      $ 23,670
  
 
 
           
Exercisable - September 30, 2021
      1,241      0.4367      7.2      $ 12,302
  
 
 
           
A summary of the Company’s stock option activity under the 2011 and 2014 Plans for the year ended December 31, 2020 is presented below:
 
    
Year Ended December 31, 2020
  
    
Options

(in thousands)
     
Weighted-
Average
Exercise Price
     
Weighted
Average
Remaining
Contractual
Term (Years)
     
Aggregate
Intrinsic Value

(in thousands)
  
Outstanding - January 1, 2020
      3,856      $ 1.9693                    
Granted
      2,226        0.0121                    
Exercised
      (188 )       0.1097                    
Forfeited
      (2,405 )       0.0724                    
    
 
 
     
 
 
                    
Outstanding - December 31, 2020
      3,489        0.2160        8.2      $ 1,309  
    
 
 
     
 
 
     
 
 
     
 
 
  
Exercisable - December 31, 2020
      1,712      $ 0.3827        7.6      $ 581  
    
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Share-based Payment Arrangements, Restricted Stock Units
The Company granted an aggregate of 9.3 million RSUs to certain employees and service providers during the nine months ended September 30, 2021 under the 2014 Plan as follows:​​​​​​​
 
Grant Date
  
Number of
Shares

  (in thousands)  
    
First Tranche
  
Second Tranche
  
Third Tranche
February 2021
     8,533     50% of such RSUs will vest 180 days subsequent to consummation of the Merger   50% of such units will vest ratably over eight consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 50% of the RSUs   N/A
March 2021
     229     50% of such RSUs will vest 180 days subsequent to consummation of the Merger   50% of such units will vest ratably over eight consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 50% of the RSUs   N/A
March 2021
     137     25% vested immediately upon issuance   50% of these RSUs vested on the date of the Merger   The remaining 25% of the RSUs will vest ratably over 12 months, on the same day of the month that the Merger closed, commencing as of the month following satisfaction of the performance condition
June 2021
     164     25% of such RSUs will vest at the later of: a) 180 days subsequent to consummation of Merger or b) the one year anniversary of the vesting commencement date   75% of such units will vest ratably over twelve consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 25% of the RSUs   N/A
Grant Date
  
Number of
Shares

  (in thousands)  
    
First Tranche
  
Second Tranche
  
Third Tranche
July 2021
     285     25% of such RSUs will vest at the later of: a) 180 days subsequent to consummation of the Merger or b) the one year anniversary of the vesting commencement date   75% of such units will vest ratably over twelve consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 25% of the RSUs   N/A
 
 
 
        
Total
     9,348      
 
 
 
        
 
Share-based Payment Arrangement, Restricted Stock Unit, Activity
A summary of the Company’s nonvested RSU activity during the nine months ended September 30, 2021 is presented below:
    
Nine Months Ended September 30, 2021
  
    
Restricted Stock Units
     
Weighted-Average

Grant-Date Fair Value
  
    
(in thousands)
  
Nonvested - January 1, 2021
      —        $ —    
Granted
      9,348      7.0844
Vested
      (103 )       8.0407
Canceled
      (88 )       7.0633
  
 
 
     
Nonvested - September 30, 2021
      9,158      7.0738
  
 
 
     
 
Summary of the Company's non-vested restricted share awards
A summary of the Company’s nonvested RSA activity during the nine months ended September 30, 2021 is presented below:​​​​​​​
    
Nine Months Ended September 30, 2021
  
    
Restricted Stock

Awards
     
Weighted-Average

Grant-Date Fair
Value
  
    
(in thousands)
  
Nonvested - January 1, 2021
      891      $ 0.0121  
Granted
      —          —    
Vested
      (461 )       0.0121  
Canceled
      (10 )       0.0121  
  
 
 
     
Nonvested - September 30, 2021
      420        0.0121  
  
 
 
     
A summary of the Company’s
non-vested
restricted share awards for the year ended December 31, 2020 is presented below:
 
    
Year Ended December 31, 2020
  
    
Restricted
Stock Awards
     
Weighted-
Average Grant-
Date Fair Value
  
    
(in thousands)
         
Nonvested at January 1, 2020
      —        $ —    
Granted
      3,486        0.0121  
Vested
      (2,375 )       0.0121  
Forfeited
      (220 )       0.0121  
    
 
 
     
 
 
  
Nonvested at December 31, 2020
      891        0.0121  
    
 
 
     
 
 
  
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The stock-based compensation expense attributable to continuing operations was included in imagery & software analytical service costs, excluding depreciation and amortization and selling, general and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
    
    2021    
     
    2020    
     
2021
     
2020
  
    
(in thousands)
     
(in thousands)
  
Imagery & software analytical service costs, excluding depreciation and amortization
    $ 2,898    $ —        $ 2,949    $ —    
Selling, general and administrative
      25,595      550      26,316      1,692
  
 
 
     
 
 
     
 
 
     
 
 
  
Total stock-based compensation expense
    $ 28,493    $ 550    $ 29,265    $ 1,692