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Equity-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | Equity-Based Compensation The Company has previously granted RSUs, PSUs and LSUs (each as defined below), as well as phantom unit awards under its equity compensation plans. Equity-based compensation expenses are recognized in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2023, the Company recognized $15.3 million and $27.2 million, respectively, in equity-based compensation expenses related to equity-classified awards. During the three and six months ended June 30, 2022, the Company recognized $4.8 million and $9.6 million, respectively, in equity-based compensation expenses related to equity-classified awards. Equity-based compensation expenses related to liability-classified awards were not material for the three and six months ended June 30, 2023 or 2022. Restricted stock units. Restricted stock units (“RSUs”) are contingent shares that generally vest on either a cliff or graded basis over a one-year, three-year or four-year period (as applicable) and are subject to a service condition. During the six months ended June 30, 2023, the Company granted 136,920 RSUs to employees and non-employee directors of the Company with a weighted average grant date value of $133.49 per share. Performance share units. Performance share units (“PSUs”) are contingent shares that vest on a graded basis over a three-year and four-year period and are subject to a service condition. No PSUs were granted during the six months ended June 30, 2023 or 2022. Leveraged stock units. Leveraged stock units (“LSUs”) are contingent shares that cliff vest over a three-year and four-year period and are subject to a service condition. No LSUs were granted during the six months ended June 30, 2023 or 2022. Phantom unit awards. Phantom unit awards represent the right to receive a cash payment equal to the fair market value of one share of common stock upon vesting and vest on a graded basis and are subject to a service condition. During the six months ended June 30, 2023, the Company granted 9,743 phantom unit awards to employees with a weighted average grant date value of $133.15 per share.

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