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Share-based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Restricted stock units ("RSUs"), performance stock units ("PSUs") and stock options are granted to team members and directors of the Company and its affiliates under the 2020 Omnibus Incentive Plan. Share-based compensation expense is recognized on a straight-line basis over the requisite service period based on the fair value of the award on the date of grant, with forfeitures recognized as they occur.

The Company granted approximately 1,900,000 and 12,400,000 RSUs with an estimated future expense of $26,400 and $157,800 during the three and six months ended June 30, 2024, respectively. These awards generally vest semi-annually over a three-year period, subject to the grantee’s employment or service with the Company through each applicable vesting date.
Additionally, the Company authorized approximately 1,100,000 PSUs at target during the six months ended June 30, 2024, that will vest based on the satisfaction of certain market, performance and service conditions. A portion of the PSUs will cliff vest at the end of a three-year period based on the satisfaction of certain market and service conditions. The fair value of the award is determined based on a Monte Carlo valuation model. The remaining portion of the PSUs will cliff vest at the end of a three-year period based on the satisfaction of certain performance and service conditions, which will be established by the Company at a future date. The Company has determined that the service inception date precedes the grant date and the fair value of these awards will be remeasured quarterly based on the current period share price until the awards are granted. This portion of the PSUs is not considered contingently issuable and is excluded from the calculation of earnings per share as of June 30, 2024.

The Company has an employee stock purchase plan, referred to as the Team Member Stock Purchase Plan (“TMSPP”), under which eligible team members may direct the Company to withhold up to 15% of their gross pay to purchase shares of common stock at a price equal to 85% of the closing market price on the exercise date. The TMSPP is a liability classified compensatory plan and the Company recognizes compensation expense over the offering period based on the fair value of the purchase discount. The number of shares purchased by team members through the TMSPP were 605,159 and 794,282, during the three months ended June 30, 2024 and 2023, respectively and 1,250,985 and 1,673,099 for the six months ended June 30, 2024 and 2023, respectively.

Additionally, certain of our subsidiaries have individual compensation plans that include equity awards and stock appreciation rights.

The components of share-based compensation expense included in Salaries, commissions and team member benefits on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) is as follows:

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Rocket Companies, Inc. sponsored plans
Restricted stock units$36,145 $41,570 $65,401 $84,167 
Performance stock units1,480 — 1,884 — 
Stock options15 7,819 30 16,048 
Team Member Stock Purchase Plan1,252 1,140 2,464 2,269 
Subtotal Rocket Companies, Inc. sponsored plans$38,892 $50,529 $69,779 $102,484 
Subsidiary plans108 167 218 172 
Total share-based compensation expense$39,000 $50,696 $69,997 $102,656