SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

The following table presents share-based compensation expense (benefit) and unrecognized compensation cost:


	Share-Based Compensation								Unrecognized Compensation Cost as of September 30, 2024
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Awards issued pursuant to LTIP:
Stock option awards (a)	$	1,154	$	1,103	$	373	$	(5,564)	$	2,740
Performance stock units (a)	651		(5,232)		(1,568)		(13,038)		3,573
Restricted share units	13,412		10,403		36,919		23,320		58,397
Cash denominated performance awards	4,097		1,184		11,025		3,487		72,008
Other	856		8,657		3,602		21,163		1,716
	$	20,170	$	16,115	$	50,351	$	29,368	$	138,434

(a)The benefit for the three and nine months ended September 30, 2023 includes credits due to the modification of awards to certain former executive officers and other forfeitures. The benefit for the nine months ended September 30, 2024 reflects credits due to forfeitures.

Restricted Share Units

The following table summarizes activity related to restricted share units granted to our employees:


			Number of Units
Balance at December 31, 2023			22,493,888
Granted			20,861,475
Vested			(5,206,983)
Forfeited			(3,575,734)
Balance at September 30, 2024			34,572,646

Cash Denominated Performance Awards

The following table summarizes activity related to cash denominated performance award granted to our employees:


			Number of Units
Balance at December 31, 2023			48,492,500
Granted			50,005,000

Forfeited			(6,600,000)
Balance at September 30, 2024			91,897,500

The deferred cash denominated performance awards cliff vest in three years. The payout of these awards can range from 0% to 200% of the target value based on the Company’s achievement of certain revenue and Adjusted EBITDA targets during a three year performance period. These awards will be settled in shares of the Company's Class A common stock, or cash, at the Company's option.

Lightpath Plan Awards

As of September 30, 2024, 557,834 Class A-1 management incentive units and 281,676 Class A-2 management incentive units ("Award Units") granted to certain employees of Lightpath were outstanding. Vested units will be redeemed upon a partial exit, a change in control or the completion of an initial public offering, as defined in the Holdings LLC agreement. The grant date fair value of the Award Units outstanding aggregated $31,073 and will be expensed in the period in which a partial exit or a liquidity event is consummated.