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Stock Incentive Plans | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Incentive Plans | Stock Incentive Plans During the first quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”) to certain employees of the Company based on an initial target number. The final number of PSUs that may vest and settle depend upon the Company’s performance against pre-established performance metrics over a predefined performance period. PSUs granted under the 2021 Stock Option and Incentive Plan vest over three years and have a one year performance period with cliff vesting following the completion of the performance period, subject to the compensation committee’s approval of the level of achievement against the pre-established performance targets. Over the performance period, the number of PSUs that may be issued and the related stock-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. The following table presents the share-based compensation expense recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Restricted stock units | $ | 24,163 |  |  | $ | 24,792 |  |  |  |  |
Stock options | 6,611 |  |  | 7,483 |  |  |  |  |
Executive Chairman Long-Term Performance Award | 13,121 |  |  | 13,121 |  |  |  |  |
Performance restricted stock units | 240 |  |  | — |  |  |  |  |
Employee Stock Purchase Plan | 299 |  |  | 603 |  |  |  |  |
Share-based compensation recorded within Compensation and benefits | 44,434 |  |  | 45,999 |  |  |  |  |
Property and equipment (capitalized internal-use software) | 2,080 |  |  | 1,028 |  |  |  |  |
Total share-based compensation expense | $ | 46,514 |  |  | $ | 47,027 |  |  |  |  |
Unrecognized compensation costs by award type:
| Unrecognized compensation costs |  | Weighted-average recognition period (in years) |
Restricted stock units, inclusive of PSUs | $ | 281,344 |  |  | 2.4 |
Stock options | 36,645 |  |  | 1.8 |
Executive Chairman Long-Term Performance Award | 50,662 |  |  | 1.8 |
Total | $ | 368,651 |  |  |  |

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