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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Pursuant to the 2022 Stock Incentive Plan, we grant stock options, stock-only stock appreciation rights ("SOSARs"), restricted stock units ("RSUs"), and performance stock units ("PSUs") to employees and non-employee directors. SOSARs and RSUs generally vest in two equal installments on the second and third anniversary of the grant date. PSUs are subject to service, market and performance vesting conditions, and the quantity of shares that vest will range from 0% to 300% of the targeted number of shares. In response to the departure of our former CEO in August 2024, we granted retention RSUs to key executives. These awards have various vesting terms, and vest over one, two or three years from the grant date. During the nine months ended September 30, 2025 and 2024, total expense recognized for the retention RSUs was $32,148 and $5,134, respectively. The impact of these employee retention awards are reflected in the tables below. Total stock-based compensation expense was as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation | $ | 19,195 |  |  | $ | 5,262 |  |  | $ | 95,334 |  |  | $ | 88,103 |
Stock-based compensation, net of income taxes | $ | 15,383 |  |  | $ | (1,058) |  |  | $ | 78,919 |  |  | $ | 69,160 |
Total capitalized stock-based compensation included in leasehold improvements, property and equipment, net on the condensed consolidated balance sheets | $ | 379 |  |  | $ | 602 |  |  | $ | 1,368 |  |  | $ | 2,200 |
Excess tax benefit on stock-based compensation recognized in provision for income taxes on the condensed consolidated statements of income and comprehensive income | $ | (24) |  |  | $ | 3,073 |  |  | $ | 11,563 |  |  | $ | 19,161 |
. SOSARs A summary of SOSAR award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2025 | 10,414 |  | $ | 32.53 |  | 4.2 |  | $ | 289,373
Granted | 2,343 |  | 55.89 |  |  |  |
Exercised | (1,227) |  | 26.33 |  |  |  |
Forfeited | (283) |  | 47.56 |  |  |  |
Outstanding, September 30, 2025 | 11,247 |  | 37.70 |  | 4.1 |  | 80,915
Exercisable, September 30, 2025 | 5,669 |  | 26.48 |  | 2.6 |  | 72,083
Vested and expected to vest, September 30, 2025 | 10,922 |  | 37.25 |  | 4.0 |  | 80,681
RSUs A summary of RSU award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding, January 1, 2025 | 4,347 |  | $ | 44.54 |
Granted | 1,267 |  | 56.41 |
Vested | (1,840) |  | 40.49 |
Forfeited | (235) |  | 49.30 |
Outstanding, September 30, 2025 | 3,539 |  | 50.58 |
Vested and expected to vest, September 30, 2025 | 3,205 |  | 50.29 |
PSUs A summary of PSU award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding, January 1, 2025 | 2,045 |  | $ | 38.32
Granted | 759 |  | 57.27
Vested | (411) |  | 31.56
Forfeited | (278) |  | 34.94
Outstanding, September 30, 2025 | 2,115 |  | 46.88
Vested and expected to vest, September 30, 2025* | 2,317 |  | 33.60
*The vested and expected to vest total above represents outstanding base PSUs, adjusted for expected payout amounts in line with current and future estimated performance levels.

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