XML 31 R21.htm IDEA: XBRL DOCUMENT v3.23.2
Employee Incentive Plans
 6 Months Ended
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,
2023202220232022
RSUs and PBRSUs$18,145 $19,804 $32,437 $37,167 
Stock options— 20 — 40 
Stock-based compensation expense, gross18,145 19,824 32,437 37,207 
Less: Capitalized stock-based compensation expense2,317 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 
Granted6,299,789 $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 
Granted807,499 $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.