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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
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 six months ended June 30, 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, 20236,296,350$2.49 $79,728 4.83
Exercised(1,557,220)4.37 
Forfeited(2,961)5.64 
Expired(7,428)4.76 
Outstanding, June 30, 20244,728,741$1.86 $77,502 3.93
Exercisable, June 30, 20244,566,970$1.71 $75,556 3.84
The following table summarizes the restricted stock unit and performance share unit activity for the six months ended June 30, 2024 (in thousands, except for share and per share amounts):
 
Number of RSUs
Weighted-
Average
Grant-Date
Fair Value
Outstanding, December 31, 20237,237,920$14.37 
Granted4,665,887$17.41 
Vested(1,835,931)$14.68 
Forfeited(266,107)$14.36 
Outstanding, June 30, 20249,801,769$15.74 
As of June 30, 2024, there was approximately $139.5 million of compensation expense related to the unvested portion of common stock options, restricted stock units, and performance share units that will be recorded as compensation expense over a weighted-average period of 2.7 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 June 30, 2024, there was approximately $10.1 million of compensation expense related to the unvested portion of the contingently returnable shares that will be recorded over 3.6 years.
During the second quarter of 2024, the Company's Board of Directors approved long-term incentive awards to certain of the Company's executive officers which comprised performance share units (“PSUs”), which may only be settled in shares of the Company’s Class A Common Stock. The PSUs are subject to both service-based vesting conditions and a requirement that the average closing price of the Company’s Class A Common Stock, as measured over a period of 30 trading days commencing at the grant date and ending July 1, 2027, equal or exceed a designated level (the “Stock Price Condition”). The PSUs will vest in one-third installments on each of July 1, 2025, 2026 and 2027, provided that the Stock Price Condition has been satisfied prior to the relevant date. If the Stock Price Condition has not yet been satisfied prior to the relevant date, then the PSUs that otherwise would have vested on such date will remain unvested unless and until the Stock Price Condition has been satisfied. If the Stock Price Condition has not been satisfied by July 1, 2027, then the PSUs will be forfeited on that date. In each circumstance, vesting is subject to the executive’s continued service with the Company until the time of vesting.