Pursuant to the Amended and Restated Expedia Group, Inc. 2005 Stock and Annual Incentive Plan, we may grant restricted stock, restricted stock awards, RSUs, stock options and other stock-based awards, such as PSUs, to directors, officers, employees and consultants. As of December 31, 2023, we had approximately 10 million shares of common stock reserved for new stock-based awards under the 2005 Stock and Annual Incentive Plan. We issue new shares to satisfy the exercise or release of stock-based awards.

The following table presents a summary of RSU activity:


	RSUs	Weighted Average Grant-Date Fair Value
	(In thousands)








Balance as of December 31, 2022	6,630	$	146.43
Granted	5,191	96.93
Vested	(2,880)	127.48
Cancelled	(868)	129.00
Balance as of December 31, 2023	8,073	123.24

The following table presents a summary of PSU activity:


	PSUs	Weighted Average Grant-Date Fair Value
	(In thousands)



Shares probable to be issued as of December 31, 2022	33	$	87.58
Granted	232	99.87
Performance Shares Adjustment(1)	117	100.25
Vested	(24)	86.30
Cancelled	(81)	111.91
Shares probable to be issued as of December 31, 2023	277	99.84

(1)Outcome for vested performance-based awards is updated based upon achievement of certain stock price growth rate targets of the Company’s common stock. Probable outcome for unvested performance-based awards is based upon achievement of certain stock price growth rate targets of the Company’s common stock as of December 31, 2023.

The total market value of RSU and PSU shares vested during the years ended December 31, 2023, 2022 and 2021 was $316 million, $336 million and $504 million.

The following table summarizes the estimated vesting, as of December 31, 2023, of PSUs granted in 2023, 2022 and 2021, net of forfeiture and vesting since the respective grant dates:



	By Grant Year
Performance Stock Units	2023	2022	2021	Total	Weighted Average Grant-Date Fair Value
	(In thousands)
Shares probable to be issued	277	—	—	277	$	99.84
Shares not subject to the achievement of minimum performance thresholds	—	—	—	—	—
Shares that could be issued if maximum performance thresholds are met	444	183	248	875	151.44

The following table presents a summary of our stock option activity:


	Options	Weighted Average Exercise Price		Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(In years)	(In millions)








Balance as of December 31, 2022	4,075	$	135.93

Exercised	(538)	110.77
Cancelled	(326)	105.74
Balance as of December 31, 2023	3,211	143.42		3.2	$	40
Exercisable as of December 31, 2023	936	109.97		0.9	40
Vested and expected to vest after December 31, 2023	3,211	143.42		3.2	40

The aggregate intrinsic value of outstanding options shown in the stock option activity table above represents the total pretax intrinsic value at December 31, 2023, based on our closing stock price of $151.79 as of the last trading date in 2023. The total intrinsic value of stock options exercised was $9 million, $89 million and $302 million for the years ended December 31, 2023, 2022 and 2021.

There were no options granted during 2023 or 2022. The fair value of stock options granted during 2021 were estimated at the date of grant using the Black-Scholes option-pricing model, assuming the following weighted average assumptions:


Risk-free interest rate	0.82		%
Expected volatility	42.64		%
Expected life (in years)	5.13
Dividend yield	—		%
Weighted-average estimated fair value of options granted during the year	$	60.39

In 2023, 2022 and 2021, we recognized total stock-based compensation expense of $413 million, $374 million and $418 million. The total income tax benefit related to stock-based compensation expense was $88 million, $106 million and $157 million for 2023, 2022 and 2021. We capitalized $71 million, $54 million and $68 million of stock-based compensation expense associated with the cost of developing internal-use software in 2023, 2022 and 2021.

Cash received from stock-based award exercises for the years ended December 31, 2023, 2022 and 2021 was $60 million, $98 million and $476 million, respectively. Total current income tax benefits during the years ended December 31, 2023, 2022 and 2021 associated with the exercise of stock-based awards held by our employees were $17 million, $17 million and $28 million, respectively.

As of December 31, 2023, there was approximately $878 million of unrecognized stock-based compensation expense related to unvested stock-based awards, which is expected to be recognized in expense over a weighted-average period of 1.45 years.

We have an Employee Stock Purchase Plan (“ESPP”), which allows shares of our common stock to be purchased by eligible employees at three-month intervals at 85% of the fair market value of the stock on the last day of each three-month period. Eligible employees were allowed to contribute up to 15% of their base compensation. During 2023, 2022 and 2021, approximately 442,000, 305,000, and 194,000 shares were purchased under this plan for an average price of $92.56, $109.36 and $135.38 per share. As of December 31, 2023, we have reserved approximately 1.5 million shares of our common stock for issuance under the ESPP.