XML 39 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Summary of Restricted Stock Unit and PSU Activity

The following table summarizes restricted stock awards activity for the six months ended June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time-Based

Restricted Stock Awards

 

 

Market-Based

Restricted Stock Awards

 

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

Unvested shares of restricted stock outstanding at December 31, 2023

 

904.0

 

 

$

293.74

 

 

 

1,745.5

 

 

$

124.38

 

Granted

 

626.9

 

 

$

181.09

 

 

 

187.2

 

 

$

164.29

 

Vested

 

(204.7

)

 

$

297.12

 

 

 

—

 

 

$

—

 

Forfeited

 

(119.8

)

 

$

280.15

 

 

 

(1,633.3

)(1)

 

$

111.03

 

Unvested shares of restricted stock outstanding at June 30, 2024

 

1,206.4

 

 

$

235.98

 

 

 

299.4

 

 

$

222.18

 
(1)
The change in Mr. Richison’s position from Chief Executive Officer to Co-Chief Executive Officer, effective February 7, 2024, triggered the forfeiture of 1,610,000 shares of restricted stock granted to him on November 23, 2020, in accordance with the terms of the award. As a result, $117.5 million of previously recognized compensation costs that were recorded in reporting periods prior to 2024 were reversed to additional paid-in capital in the consolidated balance sheets and to general and administrative expenses in the consolidated statements of comprehensive income.

The following table summarizes PSU and RSU activity for the six months ended June 30, 2024:

 

 

RSUs

 

 

PSUs

 

 

Units

 

 

Weighted Average
Grant Date Fair
Value Per Unit

 

 

Units

 

 

Weighted Average
Grant Date Fair
Value Per Unit

 

Unvested restricted stock units outstanding at December 31, 2023

 

9.2

 

 

$

300.74

 

 

 

37.2

 

 

$

308.05

 

Granted

 

48.7

 

 

$

187.02

 

 

 

50.5

 

 

$

187.34

 

Vested

 

(2.9

)

 

$

297.55

 

 

 

(4.5

)

 

$

288.77

 

Forfeited

 

(31.2

)

 

$

200.62

 

 

 

(33.0

)

 

$

215.12

 

Unvested restricted stock units outstanding at June 30, 2024(1)

 

23.8

 

 

$

199.58

 

 

 

50.2

 

 

$

249.52

 
(1)
A maximum of 89,913 shares could be delivered upon settlement of PSUs based upon the Company’s achievement of the applicable performance goals over the applicable performance periods.
Summary of Non-cash Stock-based Compensation

The following table presents the non-cash stock-based compensation expense that is included within the specified line items in our consolidated statements of comprehensive income:

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Non-cash stock-based compensation expense:

 

 

 

 

 

 

Operating expenses

 

$

7,154

 

 

$

5,738

 

Sales and marketing

 

 

10,296

 

 

 

11,516

 

Research and development

 

 

13,145

 

 

 

11,897

 

General and administrative

 

 

(100,265

)

 

 

34,034

 

Total non-cash stock-based compensation expense

 

$

(69,670

)

 

$

63,185

 

 
Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested Restricted Stock Units

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested restricted stock unit awards (including RSUs and PSUs) as of June 30, 2024.

 

 

Restricted Stock

 

 

Restricted Stock

 

 

Awards

 

 

Units

 

Unrecognized compensation cost

$

253,523

 

 

$

9,670

 

Weighted average period for recognition (years)

 

2.7

 

 

 

1.2