v3.24.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
During the three and six months ended June 30, 2024 and 2023, the Company recorded the following stock-based compensation expense in selling, general, administrative and development expense:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Stock-based compensation expense$46.3 $49.4 $111.2 $114.9 
Schedule of Option Activity
The Company’s option activity for the six months ended June 30, 2024 was as follows (shares disclosed in full amounts):
Number of Options
Outstanding as of January 1, 2024766,955 
Exercised(178,416)
Forfeited— 
Expired— 
Outstanding as of June 30, 2024588,539 
Schedule of Key Assumptions
Key assumptions used to apply this pricing model were as follows:
Six Months Ended
June 30, 2024
Expected term (years)2.81
Risk-free interest rate4.31 %
Annualized volatility26.75 %
Schedule of RSU Activity The Company’s RSU and PSU activity for the six months ended June 30, 2024 was as follows (shares disclosed in full amounts): 
RSUsPSUs
Outstanding as of January 1, 2024 (1)1,638,711 363,488 
Granted (2)692,621 87,550 
Vested and Released (3)(667,001)(144,925)
Forfeited(24,680)(1,337)
Outstanding as of June 30, 20241,639,651 304,776 
Vested and deferred as of June 30, 2024 (4)29,316 — 
_______________
(1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2023 PSUs and the outstanding 2022 PSUs, or 118,684 shares and 98,542 shares, respectively, the shares issuable at the end of the three-year performance period for the PSUs granted in 2021 (the “2021 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 127,318 shares and the target remaining number of shares issuable at the end of the one-year performance period for PSUs granted to certain non-executive employees during the year ended December 31, 2023, net of forfeitures, or 18,944 shares (the “Retention PSUs”).
(2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2024 PSUs, or 87,550 shares.
(3)PSUs consist of shares vested pursuant to the 2021 PSUs and the Retention PSUs. There are no additional shares to be earned related to the 2021 PSUs or the Retention PSUs.
(4)Vested and deferred RSUs are related to deferred compensation for certain former employees.
Schedule of PSU Activity The Company’s RSU and PSU activity for the six months ended June 30, 2024 was as follows (shares disclosed in full amounts): 
RSUsPSUs
Outstanding as of January 1, 2024 (1)1,638,711 363,488 
Granted (2)692,621 87,550 
Vested and Released (3)(667,001)(144,925)
Forfeited(24,680)(1,337)
Outstanding as of June 30, 20241,639,651 304,776 
Vested and deferred as of June 30, 2024 (4)29,316 — 
_______________
(1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2023 PSUs and the outstanding 2022 PSUs, or 118,684 shares and 98,542 shares, respectively, the shares issuable at the end of the three-year performance period for the PSUs granted in 2021 (the “2021 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 127,318 shares and the target remaining number of shares issuable at the end of the one-year performance period for PSUs granted to certain non-executive employees during the year ended December 31, 2023, net of forfeitures, or 18,944 shares (the “Retention PSUs”).
(2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2024 PSUs, or 87,550 shares.
(3)PSUs consist of shares vested pursuant to the 2021 PSUs and the Retention PSUs. There are no additional shares to be earned related to the 2021 PSUs or the Retention PSUs.
(4)Vested and deferred RSUs are related to deferred compensation for certain former employees.