Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Awards [Abstract]

Schedule of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period

A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:

	March 31, 2024
	Unrecognized  Stock-Based Compensation		Weighted-Average Remaining Vesting  Period (Years)
Employees and directors	$	33,171	1.52

Schedule of Stock Based Compensation Award Activity

A summary of stock-based compensation award activity (shares) during the three months ended March 31, 2024 is as follows:

	RSA			RSU			PRSU
Balance at January 1, 2024		5,010,222			190,144			1,174,092
Granted		2,094,408			76,678			727,238	(1)‍
Vested		(2,123,830	)		(37,422	)		(507,488	)(2)
Forfeited		(54,794	)		(1,949	)		—
Balance at March 31, 2024		4,926,006			227,451	(3)‍		1,393,842

⁽¹⁾ Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. A Monte-Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) historical stock price volatilities ranging from 27.57% to 37.91% (average 33.53%); (iv) correlation coefficients based upon the price data used to calculate the historical volatilities; (v) a risk free interest rate of 4.08%; and (vi) an expected dividend yield of 0.00%.

⁽²⁾ The payout on PRSUs vesting in January 2024 was 200%.

⁽³⁾ Includes 58,012 deferred RSUs that have vested.