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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The 2021 Stock Option and Incentive Plan (the “2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) (including performance stock units, or “PSUs”), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the condensed consolidated statements of operations and comprehensive income (loss):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Technology and product development |  |  |  |  | $ | 18,228 |  |  | $ | 17,492 |
Sales and marketing |  |  |  |  | 6,587 |  |  | 5,133 |
Cost of operations |  |  |  |  | 1,500 |  |  | 4,143 |
General and administrative |  |  |  |  | 37,911 |  |  | 50,253 |
Total |  |  |  |  | $ | 64,226 |  |  | $ | 77,021 |
Total compensation and benefits, inclusive of share-based compensation expense, was $216,415 and $187,809 for the three months ended March 31, 2023 and 2022, respectively. Compensation and benefits expenses are presented within each of the financial statement line items within noninterest expense in the condensed consolidated statements of operations and comprehensive income (loss). Stock Options The following is a summary of stock option activity:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
Outstanding as of January 1, 2023 | 18,749,679 |  |  | $ | 7.43 |  |  | 4.7
Exercised | (161,231) |  |  | 1.04 |  |  |
Expired | (18,571) |  |  | 6.36 |  |  |
Outstanding as of March 31, 2023 | 18,569,877 |  |  | $ | 7.49 |  |  | 4.4
Exercisable as of March 31, 2023 | 18,525,473 |  |  | $ | 7.49 |  |  | 4.4
Total compensation cost related to unvested stock options not yet recognized as of March 31, 2023 was immaterial. Restricted Stock Units RSUs are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023 | 69,538,139 |  |  | $ | 9.07 |
Granted | 27,547,218 |  |  | 6.21 |
Vested(1) | (6,737,174) |  |  | 9.16 |
Forfeited | (4,208,806) |  |  | 9.31 |
Outstanding as of March 31, 2023 | 86,139,377 |  | $ | 8.13 |
________________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2023 was $61.7 million. As of March 31, 2023, there was $650.8 million of unrecognized compensation cost related to unvested RSUs, which will be recognized over a weighted average period of approximately 2.6 years. Performance Stock Units The following table summarizes PSU activity:
| Number of PSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023 | 19,563,747 |  |  | $ | 9.84 |
Forfeited | (1,490,718) |  |  | 7.51 |
Outstanding as of March 31, 2023 | 18,073,029 |  |  | $ | 10.03 |
Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. As of March 31, 2023, there was $32.4 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 1.3 years.

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