Quarterly report pursuant to Section 13 or 15(d)

Equity-based compensation (Tables)

v3.23.1
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.

 

 

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.