Equity-based compensation (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of March 31, 2023, the unrecognized equity-based compensation costs related to each 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 |
|
$ |
7,282 |
|
|
|
1.1 |
|
IPO RSUs |
|
|
52,094 |
|
|
|
4.3 |
|
Incentive RSUs |
|
|
55,232 |
|
|
|
3.0 |
|
Reload Options |
|
|
4,111 |
|
|
|
1.7 |
|
Staking Options |
|
|
378 |
|
|
|
5.9 |
|
Incentive Options |
|
|
1,416 |
|
|
|
2.8 |
|
Restricted Common Units |
|
|
5,277 |
|
|
|
0.6 |
|
IPO RLUs |
|
|
26,431 |
|
|
|
5.6 |
|
Incentive RLUs |
|
|
16,370 |
|
|
|
2.6 |
|
Reload Class C Incentive Units |
|
|
5,104 |
|
|
|
2.0 |
|
Staking Class C Incentive Units |
|
|
15,964 |
|
|
|
5.0 |
|
Class C Incentive Units |
|
|
8,989 |
|
|
|
5.0 |
|
Total unrecognized equity-based compensation expense |
|
$ |
198,648 |
|
|
|
|
The following table includes the equity-based compensation the Company recognized by expense 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, 2023 in the same view.
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|
|
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|
|
|
|
|
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|
|
|
Recognized |
|
|
Unrecognized |
|
|
|
Three Months Ended March 31, |
|
|
As of |
|
|
|
2023 |
|
|
2022 |
|
|
March 31, 2023 |
|
IPO awards |
|
|
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
4,684 |
|
|
$ |
6,892 |
|
|
$ |
52,472 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
3,150 |
|
|
|
3,323 |
|
|
|
42,395 |
|
Incremental Restricted Stock and Reload Options |
|
|
1,254 |
|
|
|
2,085 |
|
|
|
7,752 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
2,094 |
|
|
|
4,145 |
|
|
|
8,798 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Restricted Stock |
|
|
751 |
|
|
|
1,419 |
|
|
|
3,641 |
|
Restricted Common Units |
|
|
551 |
|
|
|
877 |
|
|
|
1,583 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Incentive RSUs |
|
|
3,636 |
|
|
|
339 |
|
|
|
55,232 |
|
Incentive RLUs |
|
|
956 |
|
|
|
104 |
|
|
|
16,370 |
|
Incentive Options |
|
|
118 |
|
|
|
20 |
|
|
|
1,416 |
|
Class C Incentive Units |
|
|
349 |
|
|
|
42 |
|
|
|
8,989 |
|
Other expense |
|
|
|
|
|
|
|
|
|
Director Stock Grants |
|
|
336 |
|
|
|
1,422 |
|
|
N/A |
|
Profit Sharing Contribution |
|
|
— |
|
|
|
2,580 |
|
|
N/A |
|
Total equity-based compensation expense |
|
$ |
17,879 |
|
|
$ |
23,248 |
|
|
$ |
198,648 |
|
|
| 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, 2023 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date Fair Value |
|
|
Restricted Common Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
1,984,939 |
|
|
$ |
21.15 |
|
|
|
3,238,597 |
|
|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vested |
|
|
(5,145 |
) |
|
|
21.15 |
|
|
|
(5,125 |
) |
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,979,794 |
|
|
$ |
21.15 |
|
|
|
3,233,472 |
|
|
$ |
23.84 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
|
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 |
|
|
3,771,624 |
|
|
$ |
23.00 |
|
|
|
984,439 |
|
|
$ |
34.64 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
788,689 |
|
|
|
40.90 |
|
Vested |
|
|
(7,074 |
) |
|
|
23.04 |
|
|
|
(1,156 |
) |
|
|
40.90 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(2,180 |
) |
|
|
34.39 |
|
Unvested at end of period |
|
|
3,764,550 |
|
|
$ |
23.00 |
|
|
|
1,769,792 |
|
|
$ |
37.43 |
|
|
| 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, 2023 |
|
|
|
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 |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
|
145,527 |
|
|
$ |
34.86 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
352,073 |
|
|
|
40.90 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
|
497,600 |
|
|
$ |
39.13 |
|
|
| 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, 2023 |
|
|
|
Reload Class C Incentive Units1 |
|
|
Staking Class C Incentive Units1 |
|
|
Class C Incentive Units |
|
|
Class C Incentive Units Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
|
1,996,668 |
|
|
|
300,000 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
195,822 |
|
|
|
40.90 |
|
Vested |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
|
1,996,668 |
|
|
|
495,822 |
|
|
$ |
36.96 |
|
1 As the Reload and Staking Class C Incentive Units were one-time grants at the IPO, the weighted average participation threshold for any movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
|
| Stock Option [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
|
Reload Options1 |
|
|
Staking Options1 |
|
|
Incentive Options |
|
|
Incentive Options Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
4,554,749 |
|
|
|
66,667 |
|
|
|
170,392 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(2,110 |
) |
|
|
34.39 |
|
Outstanding at end of period |
|
|
4,554,749 |
|
|
|
66,667 |
|
|
|
168,282 |
|
|
$ |
34.39 |
|
1 As the Reload and Staking Options were one-time grants at the IPO, the weighted average exercise price for any movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
|