Equity Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 June 30, 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 |
|
$ |
1,946 |
|
|
0.6 |
|
IPO RSUs |
|
|
32,632 |
|
|
3.6 |
|
Incentive RSUs |
|
|
69,549 |
|
|
2.5 |
|
Reload Options |
|
|
1,535 |
|
|
0.8 |
|
Staking Options |
|
|
271 |
|
|
4.1 |
|
Incentive Options |
|
|
3,051 |
|
|
1.9 |
|
PSUs |
|
|
6,998 |
|
|
4.5 |
|
Restricted Common Units |
|
|
1,064 |
|
|
0.2 |
|
IPO RLUs |
|
|
19,385 |
|
|
4.9 |
|
Incentive RLUs |
|
|
23,394 |
|
|
2.2 |
|
Reload Class C Incentive Units |
|
|
1,097 |
|
|
1.1 |
|
Staking Class C Incentive Units |
|
|
10,621 |
|
|
4.4 |
|
Class C Incentive Units |
|
|
6,403 |
|
|
4.0 |
|
PLUs |
|
|
11,067 |
|
|
4.5 |
|
Total unrecognized equity-based compensation expense |
|
$ |
189,013 |
|
|
|
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 June 30, 2024 in the same view.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized |
|
|
Unrecognized |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
As of |
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
June 30, 2024 |
|
IPO awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
3,493 |
|
$ |
4,261 |
|
|
$ |
6,506 |
|
$ |
8,945 |
|
|
$ |
32,903 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
2,583 |
|
|
2,978 |
|
|
|
5,131 |
|
|
6,128 |
|
|
|
30,006 |
|
Incremental Restricted Stock and Reload Options |
|
|
909 |
|
|
1,313 |
|
|
|
1,863 |
|
|
2,567 |
|
|
|
2,508 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
1,153 |
|
|
1,906 |
|
|
|
2,432 |
|
|
4,000 |
|
|
|
1,842 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock |
|
|
408 |
|
|
747 |
|
|
|
835 |
|
|
1,498 |
|
|
|
973 |
|
Restricted Common Units |
|
|
154 |
|
|
365 |
|
|
|
362 |
|
|
916 |
|
|
|
319 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
Incentive RSUs |
|
|
7,775 |
|
|
5,023 |
|
|
|
13,758 |
|
|
8,659 |
|
|
|
69,549 |
|
Incentive RLUs |
|
|
2,035 |
|
|
1,159 |
|
|
|
3,613 |
|
|
2,115 |
|
|
|
23,394 |
|
Incentive Options |
|
|
350 |
|
|
125 |
|
|
|
551 |
|
|
243 |
|
|
|
3,051 |
|
Class C Incentive Units |
|
|
515 |
|
|
515 |
|
|
|
1,030 |
|
|
864 |
|
|
|
6,403 |
|
PSUs |
|
|
394 |
|
|
— |
|
|
|
519 |
|
|
— |
|
|
|
6,998 |
|
PLUs |
|
|
622 |
|
|
— |
|
|
|
820 |
|
|
— |
|
|
|
11,067 |
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Director Stock Grants |
|
|
504 |
|
|
257 |
|
|
|
785 |
|
|
593 |
|
|
N/A |
|
Total equity-based compensation expense |
|
$ |
20,895 |
|
$ |
18,649 |
|
|
$ |
38,205 |
|
$ |
36,528 |
|
|
$ |
189,013 |
|
|
| Restricted Stock and Restricted Common Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|
(42,559 |
) |
|
|
21.15 |
|
|
|
(627,302 |
) |
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
896,351 |
|
|
$ |
21.15 |
|
|
|
495,262 |
|
|
$ |
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|
— |
|
|
|
— |
|
|
|
768,608 |
|
|
|
52.29 |
|
Vested |
|
|
(25,519 |
) |
|
|
23.13 |
|
|
|
(167,332 |
) |
|
|
37.75 |
|
Forfeited |
|
|
(38,426 |
) |
|
|
22.79 |
|
|
|
(47,056 |
) |
|
|
40.90 |
|
Unvested at end of period |
|
|
3,295,833 |
|
|
$ |
23.08 |
|
|
|
2,374,136 |
|
|
$ |
42.61 |
|
|
| 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 six months ended June 30, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|
— |
|
|
|
— |
|
|
|
(45,588 |
) |
|
|
35.60 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,448,127 |
|
|
$ |
25.09 |
|
|
|
686,712 |
|
|
$ |
44.30 |
|
|
| Class C Incentive Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|
$ |
36.88 |
|
|
| Employee Stock Option |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|
(7,221 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding at end of period |
|
|
4,466,167 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 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 |
|
|