Equity Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Fair Value of Performance Based Awards Granted, Valuation Assumptions |
The fair value of the performance-based awards granted during the three months ended March 31, 2024 was determined using the Monte Carlo simulation valuation model with the following assumptions:
|
|
|
PSUs and PLUs |
Volatility |
24.7% |
Time to maturity (years) |
4.1 |
Risk-free rate |
4.2% |
Initial RYAN stock price |
$52.38 |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of March 31, 2024, the unrecognized equity-based compensation costs related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows:
|
|
|
|
|
|
|
|
|
|
Amount |
|
Weighted Average
Remaining Expense
Period (years) |
|
Restricted Stock |
|
$ |
2,760 |
|
|
0.7 |
|
IPO RSUs |
|
|
36,239 |
|
|
3.7 |
|
Incentive RSUs |
|
|
71,388 |
|
|
2.7 |
|
Reload Options |
|
|
2,036 |
|
|
1.2 |
|
Staking Options |
|
|
293 |
|
|
5.3 |
|
Incentive Options |
|
|
3,401 |
|
|
2.0 |
|
PSUs |
|
|
7,392 |
|
|
5.0 |
|
Restricted Common Units |
|
|
1,577 |
|
|
0.3 |
|
IPO RLUs |
|
|
20,946 |
|
|
5.0 |
|
Incentive RLUs |
|
|
25,429 |
|
|
2.4 |
|
Reload Class C Incentive Units |
|
|
1,892 |
|
|
1.2 |
|
Staking Class C Incentive Units |
|
|
11,643 |
|
|
4.5 |
|
Class C Incentive Units |
|
|
6,918 |
|
|
4.1 |
|
PLUs |
|
|
11,690 |
|
|
5.0 |
|
Total unrecognized equity-based compensation expense |
|
$ |
203,604 |
|
|
|
The following table includes the equity-based compensation the Company recognized by award type from the view of expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of March 31, 2024 in the same view.
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized |
|
Unrecognized |
|
|
|
Three Months Ended March 31, 2024 |
|
As of |
|
|
|
2024 |
|
2023 |
|
March 31, 2024 |
|
IPO awards |
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
3,013 |
|
$ |
4,684 |
|
$ |
36,532 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
2,548 |
|
|
3,150 |
|
|
32,589 |
|
Incremental Restricted Stock and Reload Options |
|
|
954 |
|
|
1,254 |
|
|
3,416 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
1,279 |
|
|
2,094 |
|
|
2,996 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
Restricted Stock |
|
|
427 |
|
|
751 |
|
|
1,380 |
|
Restricted Common Units |
|
|
208 |
|
|
551 |
|
|
473 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
Incentive RSUs |
|
|
5,983 |
|
|
3,636 |
|
|
71,388 |
|
Incentive RLUs |
|
|
1,578 |
|
|
956 |
|
|
25,429 |
|
Incentive Options |
|
|
201 |
|
|
118 |
|
|
3,401 |
|
Class C Incentive Units |
|
|
515 |
|
|
349 |
|
|
6,918 |
|
PSUs |
|
|
125 |
|
|
— |
|
|
7,392 |
|
PLUs |
|
|
198 |
|
|
— |
|
|
11,690 |
|
Other expense |
|
|
|
|
|
|
|
Director Stock Grants |
|
|
281 |
|
|
336 |
|
N/A |
|
Total equity-based compensation expense |
|
$ |
17,310 |
|
$ |
17,879 |
|
$ |
203,604 |
|
|
| Restricted Stock and Restricted Common Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
Common Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
938,910 |
|
|
$ |
21.15 |
|
|
|
1,122,564 |
|
|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vested |
|
|
(5,144 |
) |
|
|
21.15 |
|
|
|
(5,124 |
) |
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
933,766 |
|
|
$ |
21.15 |
|
|
|
1,117,440 |
|
|
$ |
23.84 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
Upon vesting, RSUs automatically convert on a one-for-one basis into Class A common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
IPO RSUs |
|
|
Incentive RSUs |
|
|
|
Restricted
Stock Units |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
Stock Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
3,359,778 |
|
|
$ |
23.07 |
|
|
|
1,819,916 |
|
|
$ |
38.02 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
645,326 |
|
|
|
52.38 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
(9,449 |
) |
|
|
32.30 |
|
Forfeited |
|
|
(32,646 |
) |
|
|
22.69 |
|
|
|
(37,346 |
) |
|
|
38.15 |
|
Unvested at end of period |
|
|
3,327,132 |
|
|
$ |
23.08 |
|
|
|
2,418,447 |
|
|
$ |
41.88 |
|
|
| Incentive Options [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of fair value of Incentive Options granted |
The fair value of Incentive Options granted during the three months ended March 31, 2024 was determined using the Black-Scholes option pricing model with the following assumptions:
|
|
|
Incentive Options |
Volatility |
25.0% |
Time to maturity (years) |
7.0 |
Risk-free rate |
4.2% |
Dividend yield |
0.8% |
Fair value per option |
$17.09 |
|
| Restricted LLC Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
IPO RLUs |
|
|
Incentive RLUs |
|
|
|
Restricted
LLC Units |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
LLC Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
1,448,127 |
|
|
$ |
25.09 |
|
|
|
482,329 |
|
|
$ |
39.80 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
249,971 |
|
|
|
51.33 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,448,127 |
|
|
$ |
25.09 |
|
|
|
732,300 |
|
|
$ |
43.74 |
|
|
| Class C Incentive Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
Reload Class C Incentive Units |
|
|
Staking Class C Incentive Units |
|
|
Class C
Incentive Units |
|
|
Class C Incentive Units Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
|
1,876,669 |
|
|
|
495,822 |
|
|
$ |
36.96 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
|
1,876,669 |
|
|
|
495,822 |
|
|
$ |
36.92 |
|
|
| Employee Stock Option |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
Reload Options1 |
|
|
Staking Options1 |
|
|
Incentive Options |
|
|
Incentive Options
Weighted Average
Exercise Price |
|
Outstanding at beginning of period |
|
|
4,473,388 |
|
|
|
66,667 |
|
|
|
165,684 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
150,000 |
|
|
|
52.38 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(5,664 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding at end of period |
|
|
4,467,724 |
|
|
|
66,667 |
|
|
|
315,684 |
|
|
$ |
42.94 |
|
|
| Performance Based Awards [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
PSUs |
|
|
PLUs |
|
|
|
Performance Stock Units |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Performance LLC Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
303,721 |
|
|
|
24.75 |
|
|
|
487,218 |
|
|
|
24.40 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
303,721 |
|
|
$ |
24.75 |
|
|
|
487,218 |
|
|
$ |
24.40 |
|
|