Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Refer to Note 13 contained in our Annual Report on Form 10-K for the year ended December 31, 2023 for further details regarding our equity plans.

The following table summarizes the stock option activity for the three months ended March 31, 2024 (in thousands, except for share and per share amounts):


	Number of Options	Weighted- Average Exercise Price Per Share		Intrinsic Value		Weighted- Average Remaining Contractual Term (in years)
Outstanding, December 31, 2023	6,296,350	$	2.49	$	79,728	4.83
Exercised	(719,039)	3.34
Forfeited	(1,611)	5.42
Expired	(4,352)	5.32
Outstanding, March 31, 2024	5,571,348	$	2.37	$	91,345	4.50
Exercisable, March 31, 2024	5,292,470	$	2.18	$	87,800	4.42

The following table summarizes the restricted stock unit activity for the three months ended March 31, 2024 (in thousands, except for share and per share amounts):


	Number of RSUs	Weighted- Average Grant-Date Fair Value
Outstanding, December 31, 2023	7,237,920	$	14.37
Granted	608,294	$	15.65
Vested	(1,068,053)	$	14.98
Forfeited	(115,198)	$	14.50
Outstanding, March 31, 2024	6,662,963	$	14.37

As of March 31, 2024 there was approximately $84.7 million of compensation expense related to the unvested portion of common stock options and restricted stock units that will be recorded as compensation expense over a weighted-average period of 2.3 years.

During the first quarter of 2024, the Company entered into two contingently returnable share agreements (the "2024 Agreements") for certain compensatory share-based service awards. The 2024 Agreements authorized 773,099 shares of common stock to be issued. Shares will be released and distributed to the employee award recipients with the final vesting date during the first quarter of 2028. At March 31, 2024, there was approximately $10.6 million of compensation expense related to the unvested portion of the contingently returnable shares that will be recorded over 3.8 years.