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Share-Based Compensation Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plans
11.
Share-Based Compensation Plans

Options

During the quarter ended March 31, 2024, the Company granted 550,000 Time-Based Stock Options at an average strike price of $30.73. Of this amount, 200,000 Time-Based Stock Options will vest in four equal tranches of 25% on the first business day of each quarter in 2024. The remaining 350,000 Time-Based Stock Options will vest one-third on each of March 6, 2025, March 6, 2026, and March 6, 2027. No stock options were granted during the quarter ended March 31, 2023. No unvested stock options were forfeited during the quarters ended March 31, 2024 or 2023.

Restricted Shares / Restricted Stock Units

There were no restricted class A common shares or restricted stock units granted to key employees during the quarters ended March 31, 2024 and 2023. There were no restricted class A common shares or restricted stock units forfeited during the quarters ended March 31, 2024 and 2023.

There were 13,889 and 25,913 restricted stock units that vested during the quarters ended March 31, 2024 and 2023, respectively. Upon vesting, the restricted stock units converted to restricted class A common shares.

During the quarters ended March 31, 2024 and 2023, the Company granted 25,445 and 26,426 class A common shares, respectively, at a weighted average grant date value of $29.88 and $25.46 per share, respectively, to non-employee directors of the Company under the Plan. All shares granted to non-employee directors of the Company are fully vested but are subject to certain restrictions.

Rule 10b5-1 Trading Plans

The Company did not have any Rule 10b5-1 Trading Plans in place during the quarters ended March 31, 2024 and 2023.