Stock Awards

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Awards

. Stock Awards

During the second quarter of 2022, we amended the 2019 Equity Incentive Plan (the “Equity Incentive Plan”), which authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units, and awards of interests in our Operating Partnership. Our Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors, and we have reserved 28.9 million shares of common stock for awards, of which 10.3 million shares remain available for future stock awards as of March 31, 2025. Share-based compensation expense totaled $17.7 million and $7.6 million for the three months ended March 31, 2025 and 2024, respectively. Of this expense, $11.9 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively, is from the 2024 performance award grants that contain cash-settlement features and are marked to fair value quarterly. None of the 2024 performance award has been earned or vested at March 31, 2025, and will not begin to earn/vest until our stock price reaches $7.00 for 20 consecutive days.