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Stockholders' Equity and Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Shares Of Common Stock | The following table details the movement in the Company’s outstanding shares of common stock during the period:
|  | Class A |  | Class B |  | Class C |  | Class D |  | Total
Balance at December 31, 2023 |  | 115,090,787 |  |  | 96,933,192 |  |  | 18,000,000 |  |  | 5,077,973 |  |  | 235,101,952 |
Issuance of common stock from equity incentive plans |  | 699,840 |  |  | — |  |  | — |  |  | — |  |  | 699,840 |
Issuance of common stock for business acquisition (1) |  | 374,601 |  |  | — |  |  | — |  |  | — |  |  | 374,601 |
Balance at March 31, 2024 |  | 116,165,228 |  |  | 96,933,192 |  |  | 18,000,000 |  |  | 5,077,973 |  |  | 236,176,393 |
Activities related to exchanges of LLC Interests |  | 1,000 |  |  | — |  |  | — |  |  | (1,000) |  |  | — |
Issuance of common stock from equity incentive plans |  | 116,377 |  |  | — |  |  | — |  |  | — |  |  | 116,377 |
Balance at June 30, 2024 |  | 116,282,605 |  |  | 96,933,192 |  |  | 18,000,000 |  |  | 5,076,973 |  |  | 236,292,770 |
(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 closing date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition.
|  | Class A |  | Class B |  | Class C |  | Class D |  | Total
Balance at December 31, 2022 |  | 110,746,606 |  |  | 96,933,192 |  |  | 3,251,177 |  |  | 23,092,704 |  |  | 234,023,679 |
Activities related to exchanges of LLC Interests |  | 8,733 |  |  | — |  |  | — |  |  | (8,733) |  |  | — |
Issuance of common stock from equity incentive plans |  | 986,090 |  |  | — |  |  | — |  |  | — |  |  | 986,090 |
Share repurchases pursuant to share repurchase programs |  | (313,311) |  |  | — |  |  | — |  |  | — |  |  | (313,311) |
Balance at March 31, 2023 |  | 111,428,118 |  |  | 96,933,192 |  |  | 3,251,177 |  |  | 23,083,971 |  |  | 234,696,458 |
Activities related to exchanges of LLC Interests |  | 3,254,577 |  |  | — |  |  | (3,251,177) |  |  | (3,400) |  |  | — |
Issuance of common stock from equity incentive plans |  | 92,687 |  |  | — |  |  | — |  |  | — |  |  | 92,687 |
Share repurchases pursuant to share repurchase programs |  | (107,365) |  |  | — |  |  | — |  |  | — |  |  | (107,365) |
Balance at June 30, 2023 |  | 114,668,017 |  |  | 96,933,192 |  |  | — |  |  | 23,080,571 |  |  | 234,681,780 |
Schedule of PSUs Granted, Valuation Assumptions | The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:
|  | March 15, 2024 PSU Grant |  | March 15, 2023 PSU Grant
Maturity (years) |  | 2.8 |  | 2.8
Annualized Volatility |  | 26.63 | % |  | 28.81 | %
Risk-Free Interest Rate |  | 4.44 | % |  | 3.77 | %
Schedule of Total Stock-based Compensation Expense | A summary of the Company’s total stock-based compensation expense is presented below:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (dollars in thousands)
Total stock-based compensation expense |  | $ | 23,715 |  |  | $ | 15,712 |  |  | $ | 40,117 |  |  | $ | 27,323 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
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