Equity-based compensation (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock Options |
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Six Months Ended June 30, 2022 |
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|
Options |
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|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
66,667 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
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Exercised |
|
|
— |
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|
|
— |
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Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
66,667 |
|
|
$ |
23.50 |
|
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of June 30, 2022, the unrecognized equity-based compensation costs related to each equity-based compensation award described above and the related weighted-average remaining expense period is as follows:
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Amount |
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Weighted Average Remaining Expense Period (years) |
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Restricted Stock |
|
$ |
12,920 |
|
|
|
1.5 |
|
IPO RSUs |
|
|
66,934 |
|
|
|
4.8 |
|
Incentive RSUs |
|
|
26,019 |
|
|
|
2.9 |
|
Reload Options |
|
|
5,758 |
|
|
|
2.3 |
|
Staking Options |
|
|
441 |
|
|
|
6.4 |
|
Incentive Options |
|
|
1,895 |
|
|
|
3.8 |
|
Restricted Common Units |
|
|
11,584 |
|
|
|
1.0 |
|
IPO RLUs |
|
|
31,787 |
|
|
|
6.2 |
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Incentive RLUs |
|
|
4,293 |
|
|
|
1.9 |
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Reload Class C Incentive Units |
|
|
7,553 |
|
|
|
2.8 |
|
Staking Class C Incentive Units |
|
|
19,637 |
|
|
|
5.5 |
|
Class C Incentive Units |
|
|
5,394 |
|
|
|
5.5 |
|
Total unrecognized equity-based compensation expense |
|
$ |
194,215 |
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|
|
The following table includes the equity-based compensation expense the Company realized in the three and six months ended June 30, 2022 by expense type from the view of expense related to pre- and post-IPO awards. The table also presents the unrecognized
equity-based compensation expense as of June 30, 2022 in the same view. A similar view has not been presented for the three and six months ended June 30, 2021 as all equity based-compensation expense was related to legacy LLC equity.
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Recognized |
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Unrecognized |
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Three Months Ended |
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Six Months Ended |
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June 30, 2022 |
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|
June 30, 2022 |
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As of June 30, 2022 |
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IPO awards |
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IPO RSUs and Staking Options |
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$ |
6,115 |
|
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$ |
13,007 |
|
|
$ |
67,375 |
|
IPO RLUs and Staking Class C Incentive Units |
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|
3,359 |
|
|
|
6,682 |
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|
|
51,424 |
|
Incremental Restricted Stock and Reload Options |
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|
1,841 |
|
|
|
3,926 |
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|
|
12,218 |
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Incremental Restricted Common Units and Reload Class C Incentive Units |
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|
2,789 |
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|
6,934 |
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|
16,241 |
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Pre-IPO incentive awards |
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Restricted Stock |
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1,383 |
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|
|
2,802 |
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|
6,460 |
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Restricted Common Units |
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|
861 |
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|
1,738 |
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|
2,896 |
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Post-IPO incentive awards |
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Incentive RSUs |
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2,211 |
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|
2,550 |
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|
26,019 |
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Incentive RLUs |
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|
676 |
|
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|
780 |
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|
4,293 |
|
Incentive Options |
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|
132 |
|
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|
152 |
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|
1,895 |
|
Class C Incentive Units |
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|
275 |
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|
317 |
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|
5,394 |
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Other expense |
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Director Stock Grants |
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|
138 |
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|
1,560 |
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N/A |
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Profit Sharing Contribution |
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— |
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|
2,580 |
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N/A |
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Total equity-based compensation expense |
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$ |
19,780 |
|
|
$ |
43,028 |
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|
$ |
194,215 |
|
The Company recognized equity-based compensation expense of $19.8 million and $3.2 million for the three months ended June 30, 2022 and 2021, respectively. The Company recognized equity-based compensation expense of $43.0 million and $7.6 million for the six months ended June 30, 2022 and 2021, respectively
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| Restricted Stock [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Restricted Stock Activity |
Restricted Stock activity for the period was as follows:
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Six Months Ended June 30, 2022 |
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|
Restricted Stock |
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|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
3,222,634 |
|
|
$ |
21.15 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
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|
617,160 |
|
|
|
21.15 |
|
Forfeited |
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|
12,554 |
|
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|
21.15 |
|
Unvested at end of period |
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|
2,592,920 |
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|
$ |
21.15 |
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|
| Reload Options [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock Options |
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Six Months Ended June 30, 2022 |
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|
Options |
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|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
4,592,319 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
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Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
25,999 |
|
|
|
23.50 |
|
Unvested at end of period |
|
|
4,566,320 |
|
|
$ |
23.50 |
|
|
| Schedule of Valuation Assumptions |
The fair value of Reload Options granted at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumption ranges:
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|
|
Assumptions |
Volatility |
25.0% |
Time to maturity (years) |
6.5-7.0 |
Risk-free rate |
0.94-1.02% |
Fair value per unit |
$6.42-$6.72 |
Dividend yield |
0.0% |
|
| Staking Options [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Valuation Assumptions |
The fair value of Staking Options granted at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumption ranges:
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|
Assumptions |
Volatility |
25.0% |
Time to maturity (years) |
9.1 |
Risk-free rate |
1.19% |
Fair value per unit |
$7.82 |
Dividend yield |
0.0% |
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| IPO RSUs [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Restricted Stock Activity |
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|
Six Months Ended June 30, 2022 |
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|
Restricted Stock Units |
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|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
4,330,104 |
|
|
$ |
22.95 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
52,023 |
|
|
|
22.42 |
|
Forfeited |
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|
55,877 |
|
|
|
22.42 |
|
Unvested at end of period |
|
|
4,222,204 |
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|
$ |
22.94 |
|
|
| Incentive RSUs[Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
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|
Six Months Ended June 30, 2022 |
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|
|
Restricted Stock Units |
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|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
828,524 |
|
|
|
34.54 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
1,453 |
|
|
|
34.39 |
|
Unvested at end of period |
|
|
827,071 |
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|
$ |
34.54 |
|
Stock Options
|
| Incentive Options [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock Options |
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|
Six Months Ended June 30, 2022 |
|
|
|
Options |
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|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
175,222 |
|
|
|
34.39 |
|
Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
175,222 |
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|
$ |
34.39 |
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| Schedule of Valuation Assumptions |
The fair value of Incentive Options granted during the six months ended June 30, 2022 was determined using the Black-Scholes option pricing model with the following assumption ranges:
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|
Assumptions |
Volatility |
27.5% |
Time to maturity (years) |
7.0 |
Risk-free rate |
2.16% |
Fair value per unit |
$11.68 |
Dividend yield |
0.0% |
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| Restricted Common Units [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Restricted Stock Activity |
Restricted Common Unit activity for the period was as follows:
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Six Months Ended June 30, 2022 |
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Common Units |
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|
Weighted Average Grant Date Fair Value |
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Unvested at beginning of period |
|
|
5,743,520 |
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|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
1,943,249 |
|
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,800,271 |
|
|
$ |
23.84 |
|
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| IPO RLUs [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Restricted Stock Activity |
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Six Months Ended June 30, 2022 |
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|
Restricted LLC Units |
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|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
1,543,277 |
|
|
$ |
25.05 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,543,277 |
|
|
$ |
25.05 |
|
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| Incentive RLUs [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
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|
Six Months Ended June 30, 2022 |
|
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|
Restricted LLC Units |
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|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
145,527 |
|
|
|
34.86 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
145,527 |
|
|
$ |
34.86 |
|
|
| Reload Class C Incentive Units [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock Options |
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Six Months Ended June 30, 2022 |
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|
Class C Incentive Units |
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|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
$ |
23.50 |
|
|
| Class C Incentive Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
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|
|
Six Months Ended June 30, 2022 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
300,000 |
|
|
|
34.39 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
300,000 |
|
|
$ |
34.39 |
|
|
| Staking 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, 2022 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
2,116,667 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
2,116,667 |
|
|
$ |
23.50 |
|
|
| Stock Option [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term |
The aggregate intrinsic value and weighted average remaining contractual terms of Stock Options outstanding and Stock Options exercisable were as follows as of June 30, 2022:
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|
|
|
|
June 30, 2022 |
|
Aggregate intrinsic value ($ in thousands) |
|
|
|
Reload Options outstanding |
|
$ |
71,646 |
|
Reload Options exercisable |
|
|
— |
|
Staking Options outstanding |
|
$ |
1,046 |
|
Staking Options exercisable |
|
|
— |
|
Incentive Options outstanding |
|
$ |
841 |
|
Incentive Options exercisable |
|
|
— |
|
Weighted-average remaining contractual term (in years) |
|
|
|
Reload Options outstanding |
|
|
9.1 |
|
Reload Options exercisable |
|
|
— |
|
Staking Options outstanding |
|
|
10.1 |
|
Staking Options exercisable |
|
|
— |
|
Incentive Options outstanding |
|
|
9.7 |
|
Incentive Options exercisable |
|
|
— |
|
|