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Equity-Based Compensation | 3 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | Equity-Based Compensation The change in unvested RSUs is as follows:
| Number of RSUs |  | Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2024 | 1,422,658 |  |  | $ | 27.12 |
Granted | — |  |  | $ | — |
Vested | — |  |  | $ | — |
Forfeited | (3,295) |  |  | $ | (28.44) |
Balance as of June 30, 2024 | 1,419,363 |  |  | $ | 27.12 |
Unvested Partnership Units In June 2024, 2,566,566 outstanding Class B2 units fully vested and were automatically converted into Class B units and all unitholders were entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. During the three months ended June 30, 2024, none of the outstanding Class B2 units were forfeited. As of June 30, 2024, $35.3 million of unrecognized non-cash compensation expense in respect of equity-based awards remained to be recognized over a weighted-average period of approximately 4.3 years. Liability Classified Awards The Company recognized $12.9 million and $3.9 million during the three months ended June 30, 2024 and 2023, respectively, of expense related to the fair value of liability classified awards within equity-based compensation expense in the condensed consolidated statements of income. For the three months ended June 30, 2024 and 2023, no amounts were paid related to the settlement of liability classified awards. Employee Stock Purchase Plan The Company has an ESPP under which eligible employees may purchase shares of Class A common stock of the Company at six-month period intervals for 85% of the lower of the fair market value on either the first or last trading day of the offering period. Employees may purchase up to five thousand dollars worth of shares each six-month offering period, limited to a maximum of 1,000 shares. There were no shares purchased under the ESPP during the three months ended June 30, 2024 and 2023. As of June 30, 2024, the Company has 2,200,000 shares of Class A common stock reserved for future issuances under the ESPP.

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