v3.23.2

Employee Incentive Plans | 6 Months Ended
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Jun. 30, 2023
Postemployment Benefits [Abstract] |
Employee Incentive Plans | Employee Incentive Plans The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors. Stock-based Compensation Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
RSUs and PBRSUs | $ | 18,145 |  |  | $ | 19,804 |  |  | $ | 32,437 |  |  | $ | 37,167 |
Stock options | — |  |  | 20 |  |  | — |  |  | 40 |
Stock-based compensation expense, gross | 18,145 |  |  | 19,824 |  |  | 32,437 |  |  | 37,207 |
Less: Capitalized stock-based compensation expense | 2,317 |  |  | 2,051 |  |  | 4,721 |  |  | 3,740 |
Stock-based compensation expense, net | $ | 15,828 |  |  | $ | 17,773 |  |  | $ | 27,716 |  |  | $ | 33,467 |
Restricted Stock Units The following table summarizes the activities for the Company’s RSUs:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022 | 8,672,626 |  |  | $ | 12.94 |
Granted | 6,299,789 |  |  | $ | 7.71 |
Vested | (2,761,401) |  |  | $ | 11.96 |
Forfeited/expired | (1,480,127) |  |  | $ | 12.72 |
Unvested at June 30, 2023 | 10,730,887 |  |  | $ | 10.15 |
During the first half of 2023, the Company granted 6,299,789 RSUs with an aggregate fair value of $48.6 million. As of June 30, 2023, there was $98.8 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over the next 2.0 years, subject to any forfeitures. Performance-based Restricted Stock Units PBRSUs are restricted stock unit awards that are earned based upon the achievement of certain pre-established performance metrics over a pre-established performance period. The Company’s outstanding PBRSU awards each have a market-based performance metric with a three-year performance period, following which any earned portion is immediately vested. For these PBRSU awards, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metrics) and expensed over the performance period. The following table summarizes the activities for the Company’s PBRSUs:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022 | 1,754,898 |  |  | $ | 11.19 |
Granted | 807,499 |  |  | $ | 7.15 |
Vested | (870,766) |  |  | $ | 4.22 |
Forfeited/expired | (104,084) |  |  | $ | 11.77 |
Unvested at June 30, 2023 | 1,587,547 |  |  | $ | 12.63 |
During the first half of 2023, the Company granted 807,499 PBRSUs with an aggregate fair value of $5.8 million. As of June 30, 2023, there was $9.4 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over the next 1.8 years, subject to any forfeitures.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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