XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.2
Stock-Based Compensation
 3 Months Ended
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,
 20242023
Cost of revenue$7,359 $7,914 
General and administrative expenses12,569 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,
 20242023
Equity Incentive Plan Options$248 $320 
Restricted Stock and other awards19,680 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 CostWeighted Average Remaining Period to be Recognized (in years)
Equity Incentive Plan Options$2,214 3.45
Restricted Stock Awards120,884 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.