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Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations:
|  |  | Three Months Ended June 30,
|  |  |  |  | 2024 |  | 2023
Cost of revenue |  |  |  |  | $ | 7,359 |  |  | $ | 7,914 |
General and administrative expenses |  |  |  |  | 12,569 |  |  | 9,771 |
Total |  |  |  |  | $ | 19,928 |  |  | $ | 17,685 |
The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods:
|  |  | Three Months Ended June 30,
|  |  |  |  | 2024 |  | 2023
Equity Incentive Plan Options |  |  |  |  | $ | 248 |  |  | $ | 320 |
Restricted Stock and other awards |  |  |  |  | 19,680 |  |  | 17,365 |
Total |  |  |  |  | $ | 19,928 |  |  | $ | 17,685 |
As of June 30, 2024, there was $123.1 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award):
|  | June 30, 2024
|  | Unrecognized Compensation Cost |  | Weighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options |  | $ | 2,214 |  |  | 3.45
Restricted Stock Awards |  | 120,884 |  |  | 2.04
Total |  | $ | 123,098 |  |  |
Equity Incentive Plan During the three months ended June 30, 2024, the Board of Directors granted 0.5 million time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $82.5 million based on the grant date fair value. The performance-based awards granted during the three months ended June 30, 2024 included additional market conditions related to the Company’s total shareholder return relative to its peer group over the three-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model.

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