v3.24.3
Stock-Based Compensation
 9 Months Ended
Sep. 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 nine months ended September 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 7,190 — 1,449 — — 9,200 26.22 42.64 
Exercised options / vested RSUs(1,184)(6,040)(2)— (230)(261)(7,717)2.56 26.18 
Change in awards due to performance-based multiplier— — — — — — — — — 
Forfeited(5)(1,373)— (748)— (134)(2,260)15.79 22.94 
Outstanding at September 30, 20249,732 17,658 1,387 14,510 10,276 860 54,423 $7.75 $27.81 

As of September 30, 2024, total unrecognized stock-based compensation expense of $691.2 million related to granted and unvested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.5 years. The following tables shows stock compensation expense for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30, 2024Three Months Ended September 30, 2023
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$1,632 $45,073 $46,705 $1,849 $39,936 $41,785 
PSP (2)
— 38,814 38,814 — 21,876 21,876 
LTIP (2)
— 2,033 2,033 — 14,692 14,692 
Total$1,632 $85,920 $87,552 $1,849 $76,504 $78,353 

Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$11,610 $127,870 $139,480 $8,239 $123,495 $131,734 
PSP (2)
— 128,615 128,615 — 81,763 81,763 
LTIP (2)
— 3,212 3,212 — 71,449 71,449 
Total$11,610 $259,697 $271,307 $8,239 $276,707 $284,946 

(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.