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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has historically issued three types of stock-based compensation: time-based awards, long-term incentive plan (“LTIP”) awards and performance-based stock compensation plan (“PSP”) awards. Time-based awards are equity awards that tie vesting to length of service with the Company and generally vest over a four-year period in annual and/or quarterly installments. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue and/or Adjusted EBITDA targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue and/or Adjusted EBITDA targets and have a range of payouts amongst other conditions. All stock-based compensation awards expire seven to ten years after the grant date thereof.

The following table shows restricted stock unit (“RSU”) and stock option activity for the six months ended June 30, 2024:
Time-BasedPSPLTIPTotalWeighted Average Exercise Price of OptionsWeighted Average FMV
of
RSUs
OptionsRSUsOptionsRSUsOptionsRSUs
Outstanding at December 31, 202310,360 17,881 1,389 13,809 10,506 1,255 55,200 $7.10 $21.01 
Granted561 6,284 — 1,361 — — 8,206 26.22 43.54 
Exercised options / vested RSUs(655)(4,229)(2)— (230)(261)(5,377)10.08 26.16 
Change in awards due to performance-based multiplier— — — — — — — — — 
Forfeited— (864)— (271)— (93)(1,228)— 24.20 
Outstanding at June 30, 202410,266 19,072 1,387 14,899 10,276 901 56,801 $7.63 $27.22 

As of June 30, 2024, total unrecognized stock-based compensation expense of $750.6 million related to granted and unvested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.7 years. The following tables shows stock compensation expense for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024Three Months Ended June 30, 2023
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$7,934 $43,740 $51,674 $2,546 $38,752 $41,298 
PSP (2)
— 37,449 37,449 — 35,872 35,872 
LTIP (2)
— 1,097 1,097 — 12,023 12,023 
Total$7,934 $82,286 $90,220 $2,546 $86,647 $89,193 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$9,978 $82,797 $92,775 $6,390 $83,559 $89,949 
PSP (2)
— 89,801 89,801 — 59,887 59,887 
LTIP (2)
— 1,179 1,179 — 56,757 56,757 
Total$9,978 $173,777 $183,755 $6,390 $200,203 $206,593 

(1) Time-based awards vest and are expensed over a defined service period.
(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria.