The Company granted 146,064 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2025, consisting of 26,131 RSU and 35,473 stock options having five year vesting schedules and 84,460 stock option awards that vested upon issuance.

The following table sets forth the Company’s stock option activity:


	Three Months Ended March 31, 2025
	Stock Options	Weighted Average Exercise Price
Outstanding - beginning of period	1,143,368	$	130.33
Granted	119,933	$	325.72
Exercised	(398,253)	$	65.15
Cancelled/Forfeited/Expired	(6,200)	$	166.73
Outstanding - end of period	858,848	$	187.57

Exercisable - end of period	501,187	$	183.40

The following table sets forth the Company’s RSA/RSU activity:


			Three Months Ended March 31, 2025
			Shares/Units
Outstanding and unvested - beginning of period			365,492
Granted			26,131
Vested			(170)
Forfeited			(6,518)
Outstanding and unvested - end of period			384,935

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):


	Three Months Ended March 31,
	2025		2024
Total direct costs	$	3,027	$	2,470
Selling, general and administrative	13,865		1,840
Total stock-based compensation expense	$	16,892	$	4,310