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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Refer to Note 13 contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for further details regarding the Company's equity plans. The following table summarizes the stock option activity for the nine months ended September 30, 2025 (in thousands, except year and per share amounts):
| Number of Options |  | Weighted- Average Exercise Price Per Share |  | Intrinsic Value |  | Weighted- Average Remaining Contractual Term (in years)
Outstanding, December 31, 2024 | 3,882 |  | $ | 1.55 |  |  | $ | 77,824 |  |  | 3.21
Exercised | (2,003) |  | 0.39 |  |  |  |  |
Forfeited | (1) |  | 5.54 |  |  |  |  |
Expired | (10) |  | 6.08 |  |  |  |  |
Outstanding, September 30, 2025 | 1,868 |  | $ | 2.78 |  |  | $ | 13,330 |  |  | 2.85
Exercisable, September 30, 2025 | 1,866 |  | $ | 2.77 |  |  | $ | 13,323 |  |  | 2.85
The following table summarizes the restricted stock unit and performance share unit (collectively "RSU") activity for the nine months ended September 30, 2025 (in thousands, except per share amounts):
| Number of RSUs |  | Weighted- Average Grant-Date Fair Value
Outstanding, December 31, 2024 | 8,078 |  | $ | 16.04 |
Granted | 5,718 |  | $ | 15.52 |
Vested | (3,347) |  | $ | 15.26 |
Forfeited | (495) |  | $ | 16.53 |
Outstanding, September 30, 2025 | 9,954 |  | $ | 15.98 |
As of September 30, 2025, there was approximately $136.0 million of compensation expense related to the unvested portion of common stock options, restricted stock units, and performance share units that will be recorded as compensation expense over a weighted-average period of 2.7 years. During the second quarter of 2025, the Company's Board of Directors approved long-term incentive awards to certain of the Company's executive officers comprised of performance share units (“PSUs”), which may only be settled in shares of the Company’s Common Stock. The PSUs are subject to both service-based vesting conditions and a requirement that the relative total shareholder return ("rTSR") of the Company's Common Stock, measured against the Russell 2000, achieve at least the 25th percentile, at which point 50% of the award is earned, with a maximum earning potential of 200% if the 75th percentile or above is achieved (the “rTSR Condition”). The rTSR Condition is measured over a two-year performance period ending on December 31, 2026. The rTSR Condition earning potential is capped at 100% if the Company’s stock price is lower at the end of the performance period than at the beginning of such period. If the rTSR Condition is met at the end of the performance period, 50% of the award will vest in the first quarter of 2027, with the remaining 50% of the award vesting in the first quarter of 2028. In each circumstance, vesting is subject to the executive’s continued service with the Company until the time of vesting.

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