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Incentive Compensation Plans
9 Months Ended
Dec. 31, 2020
Incentive Compensation Plans [Abstract]  
Incentive Compensation Plans

17. Incentive Compensation Plans

Long Term Incentive Plan Awards

In connection with the Omnibus Incentive Plan, during the nine months ended December 31, 2020, we granted to our employees and directors one or a combination of time-vesting restricted stock units, cash settled restricted stock units, and performance stock units under vesting terms that generally vary from one to four years from the date of grant.

Restricted Stock Units (“RSUs”) – We granted 107,520  and 5,832,321  RSUs during the three and nine months ended December  31, 2020, respectively. The RSUs are subject to either a graded vesting schedule over four years or a one-year cliff vesting schedule, depending on the terms of the specific award.  Upon vesting, the RSUs are exchanged for shares of common stock.

Cash Settled Restricted Stock Units (“CSRSUs”) – We granted zero and 172,524 CSRSUs during the three and nine months ended December  31, 2020, respectively. The CSRSUs vest 100% upon the one-year anniversary of the date of grant. Upon vesting, we are required to pay cash in settlement of such CSRSUs based on their fair value at the date such CSRSUs vest.

Performance Stock Units (“PSUs”) – We granted 1,177,152 PSUs during the three and nine months ended December 31, 2020. The PSUs consist of two tranches, one for which vesting varies based on the Company’s compounded annual revenue growth rate over a three year period in comparison to a target percentage and one for which vesting varies based on the Company’s compounded annual Adjusted EBITDA growth rate over a three year period in comparison to a target percentage. The awards earned upon satisfaction of the performance conditions become vested on the third anniversary of the vesting commencement date of the award. The Company recognizes compensation expense for the PSUs based on the number of awards that are considered probable to vest. Recognition of expense is based on the probability of achievement of performance targets and is periodically reevaluated.

We recognized compensation expense related to these awards granted during the three and nine months ended December  31, 2020 of $5,518 and $10,971, respectively. At December 31, 2020, aggregate unrecognized compensation expense related to these awards was $73,859.

eRx Awards

Upon completion of the eRx acquisition all outstanding eRx equity awards were canceled. Holders of eRx stock options and vested eRx stock appreciation rights were able to elect to receive consideration in the form of a cash payment or vested stock appreciation rights of the Company. For those individuals with unvested eRx equity awards, we elected to issue replacement awards with vesting and exercisability terms generally identical to the existing eRx awards which were replaced. These replacement awards granted under the Omnibus Incentive Plan consisted of unvested restricted share units (“eRx RSUs”) and unvested stock appreciation rights (“eRx SARs”) with terms identical to the original eRx awards. The awards vest subject to the employee’s continued employment through the date when Blackstone has sold at least 25% of the maximum number of shares held by it (i.e., a liquidity event) and achieved specified rates of return that vary by award. Upon vesting, we are required to pay cash in settlement of such eRx awards based on their fair value at the date of such vesting. During the three and nine months ended December  31, 2020, we recognized compensation expense related to eRx awards granted under the Omnibus Incentive Plan of $208  and $1,675, respectively. At December 31, 2020, aggregate unrecognized compensation expense related to these awards was $1,185.