In January 1998, the Company adopted the 1998 Stock Option and Incentive Plan, or Equity Incentive Plan, which provides for the grant of restricted stock awards, restricted stock units and stock options and other equity-based awards to employees, officers, directors, and consultants. Since its adoption, the Equity Incentive Plan has been amended on several occasions to, among other things, increase the number of ordinary shares issuable under the Equity Incentive Plan. In February 2024, the maximum number of ordinary shares authorized to be granted under the Equity Incentive Plan was increased from 70,550 to 73,550. The amendment to the Equity Incentive Plan and became effective upon the filing of a Form S-8 Registration Statement with the U.S. Securities and Exchange Commission in February 2024. Awards granted under the Equity Incentive Plan generally vest over a period of three to four years and are generally subject to service based conditions or a combination of service and performance-based conditions and stock options have a term of ten years. Also, in accordance with the Equity Incentive Plan, options were issued at or above the market price at the time of the grant.

The following tables summarize information about stock options to purchase the Company’s ordinary shares, restricted stock and restricted stock units, as well as changes during the fiscal year ended September 30, 2024:

Stock Options:


	Number of Stock Options			Weighted Average Exercise Price
Outstanding as of October 1, 2023		1,597		$	63.41
Granted		—			—
Exercised		(434	)		62.03
Forfeited		(4	)		65.31
Outstanding as of September 30, 2024		1,159		$	63.92
Exercisable as of September 30, 2024		1,150		$	63.95

As of September 30, 2024, the weighted average remaining contractual life of outstanding and exercisable stock options was 4.08 and 4.07 years, respectively. The total intrinsic value of stock options exercised during fiscal years 2024, 2023 and 2022 was $10,899, $24,721 and $33,096, respectively. The aggregate intrinsic value of outstanding and exercisable stock options as of September 30, 2024 was $27,291 and $27,049, respectively.

Restricted Stock:


	Number of Restricted Stock			Weighted Average Grant Date Fair Value
Outstanding as of October 1, 2023		2,054		$	77.28
Granted		1,087			80.27
Vested		(855	)		74.43
Forfeited		(111	)		82.80
Outstanding as of September 30, 2024		2,175		$	79.61

The value of restricted stock vested during fiscal years 2024, 2023 and 2022 was $72,404, $60,646 and $40,615, respectively, based on the market value of the Company's common stock on the vest date.

Restricted Stock Units:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Outstanding as of October 1, 2023		560		$	79.73
Granted		307			85.60
Vested		(198	)		77.65
Forfeited		(50	)		80.91
Outstanding as of September 30, 2024		619		$	83.21

The value of restricted stock units vested during fiscal years 2024, 2023 and 2022 was $17,722, $13,125 and $5,891, respectively, based on the market value of the Company's common stock on the vest date.

On November 8, 2022, the Company’s Board of Directors adopted, subject to shareholder approval, the Amdocs Limited 2023 Employee Share Purchase Plan (the “ESPP”). The ESPP was subsequently approved by our shareholders at the annual general meeting of shareholders in January 2023. The approved number of shares that may be issued under the ESPP will not exceed in the aggregate 2,400 ordinary shares. Under its terms, the ESPP became effective upon the filing of a Form S-8 Registration Statement with the U.S. Securities and Exchange Commission. On February 13, 2023, the Company filed a registration statement on Form S-8 registering the offer and sale of 2,400 ordinary shares issuable under the ESPP. As of September 30, 2024, 548 ordinary shares have been issued since the commencement of the ESPP.

Under the ESPP, eligible employees have the right to purchase ordinary shares at the end of each purchase period based on their accumulated payroll deductions during the purchase period of a specified percentage of eligible compensation up to 10% (subject to a limitation to accrue the right to purchase ordinary shares up to twenty-five thousand dollars in any calendar year). Each purchase period lasts six months in duration, with purchases occurring in December and June. The purchase price per ordinary share will equal the lesser of 85% of the fair market value of our ordinary shares at either the beginning of the purchase period or the end of the purchase period. In fiscal year 2024 employees purchased 548 ordinary shares under the ESPP at a price of $68.95 per share, no shares have been purchased under the ESPP in fiscal year 2023, as the initial purchase was in December 2023.

Equity-based compensation pre-tax expense, including grants of employee stock options, restricted stock, restricted stock units and ESPP for the years ended September 30, 2024, 2023 and 2022 was as follows:


	Year Ended September 30,
	2024		2023		2022
Cost of revenue	$	53,409	$	42,969	$	32,096
Research and development		8,644		7,509		5,631
Selling, general and administrative		42,487		39,220		34,080
Total	$	104,540	$	89,698	$	71,807

The income tax benefit related to equity-based compensation expense was $21,169, $17,986 and $15,066 for the years ended 2024, 2023 and 2022, respectively.

As of September 30, 2024, there was $80,539 of unrecognized compensation expense related to unvested stock options, unvested restricted stock awards and unvested restricted stock units which is expected to be recognized over a weighted average period of approximately one to two years, based on the vesting periods of the grants.

As of September 30, 2024, there was $1,417 of unrecognized compensation expense related to the ESPP which is expected to be recognized over the remaining purchase period.