v3.25.1
SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The table below summarizes Class A Share and Class C Share activities for the three months ended March 31, 2025:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested shares at December 31, 20245,399,730 $28.89 
Vested
2,359,102 31.18 
Outstanding and unvested shares at March 31, 2025
3,040,628 $27.12 
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options Than Options, Grants in Period, Grant Date Intrinsic Value
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of vested Class A Shares for the three months ended March 31, 2025:
Three Months Ended March 31,
20252024
(In thousands)
Aggregate intrinsic value of vested Class A Shares$134,139 $654 
Grant-date fair value of vested Class A Shares$73,545 $511 
Schedule of Nonvested Restricted Stock Shares Activity
The table below summarizes RSUs activities for the three months ended March 31, 2025:
Number of Shares(1)
Weighted Avg Grant-Date Fair Market Value Per Unit(1)
Outstanding and unvested shares at December 31, 2024698,595 $33.11 
Granted
465,949 51.19 
Vested
242,294 46.89 
Forfeited
1,269 35.66 
Outstanding and unvested shares at March 31, 2025
920,981 $38.63 
(1)The number of shares and weighted average fair market value per share include RSUs issued to new employees that transitioned from ALTM as part of the merger as replacement awards.
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The table below summarizes aggregate intrinsic value (market value at vesting date) and grant-date fair value of RSUs for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31,
20252024
(In thousands)
Aggregate intrinsic value of vested RSUs$12,837 $10,148 
Grant-date fair value of vested RSUs$11,335 $9,954 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
The table below summarizes PSU activities for the three months ended March 31, 2025:
Number of Shares
Weighted Avg Grant-Date Fair Market Value Per Unit
Outstanding and unvested shares at December 31, 2024198,703 $36.76 
Granted
148,794 $42.10 
Outstanding and unvested shares at March 31, 2025
347,497 $39.05 
Schedule of Share-Based Payment Award, Other Than Options, Valuation Assumptions
The table below presents a summary of the grant-date fair value assumptions used to value the PSUs granted during 2025:
March 2025
Grant-date fair value per unit$42.10
Beginning average price
$55.95
Risk-free interest rate3.93%
Volatility factor33%
Expected term
2.82 years