v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2025 is as follows:

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

 

Contractual Life

 

 

Aggregate

 

 

 

Number of

 

 

Weighted Average

 

 

Remaining

 

 

Intrinsic Value

 

 

 

Shares

 

 

Exercise Price

 

 

(in years)

 

 

(whole dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

12,965,897

 

 

$

8.58

 

 

 

7.38

 

 

$

52,343,412

 

Granted

 

 

2,271,044

 

 

 

12.61

 

 

 

 

 

 

 

Exercised

 

 

(247,664

)

 

 

3.87

 

 

 

 

 

 

 

Expired/Forfeited

 

 

(249,298

)

 

 

10.47

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

14,739,979

 

 

$

9.25

 

 

 

7.45

 

 

$

39,551,620

 

Exercisable as of March 31, 2025

 

 

2,532,438

 

 

$

5.43

 

 

 

4.94

 

 

$

16,025,907

 
Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

The weighted average assumptions used in calculating the fair value of stock options granted during the three months ended March 31, 2025 and March 31, 2024 were as follows:

 

 

 

For the three months ended March 31,

 

 

 

2025

 

 

2024

 

Expected life (in years)

 

6.75

 

 

6.75

 

Expected volatility

 

 

37.50

%

 

 

37.50

%

Risk-free interest rate

 

 

4.45

%

 

 

4.23

%

Expected dividend yield

 

 

1.11

%

 

 

1.63

%
Summary of Restricted Stock Units

The below table excludes Executive Market Units that the market conditions have not been satisfied.

 

 

 

Number of

 

 

Weighted-Average Grant

 

 

 

RSUs

 

 

Date Fair Value Per RSU

 

Outstanding as of December 31, 2024

 

 

1,422,269

 

 

$

8.68

 

Granted

 

 

907,419

 

 

 

12.61

 

Vested

 

 

(720,237

)

 

 

7.99

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding as of March 31, 2025

 

 

1,609,451

 

 

$

11.20

 
Summary of Restricted Stock Activity

 

 

Number of

 

 

Weighted-Average Grant

 

 

 

RSAs

 

 

Date Fair Value Per RSA

 

Outstanding as of December 31, 2024

 

 

93,473

 

 

$

8.02

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding as of March 31, 2025

 

 

93,473

 

 

$

8.02

 
Executive Market Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

The below table shows the assumptions used in the Monte Carlo simulation for the Executive Market Units' fair value.

 

 

As of

 

 

October 23, 2023

Expected life (in years)

 

5

Expected volatility

 

40.00%

Risk-free interest rate

 

4.81%

Expected dividend yield

 

1.42%