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| Stock-Based Compensation | Note 8—Stock-Based Compensation Stock-Based Compensation Expense Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands):
Stock Options, Excluding the CEO Performance Option The following summarizes stock option activity:
Stock-based compensation expense relating to stock options was $15 million and $13 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had unrecognized stock-based compensation relating to stock options of approximately $125 million, which is expected to be recognized over a weighted-average period of 2.6 years. CEO Performance Option In October 2021, the Company granted a market-based performance award to the Company’s Chief Executive Officer (the “CEO Performance Option”) under the Company’s 2016 Incentive Award Plan. The CEO Performance Option has an exercise price of $68.29 per share. As of December 31, 2024, the CEO Performance Option had 17.8 million options outstanding. No options were granted, exercised, forfeited or expired during the three months ended March 31, 2025. As of March 31, 2025, the CEO Performance Option had 17.8 million options outstanding and 3.4 million exercisable options. Stock-based compensation of $24 million and $36 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $48 million that is expected to be recognized over a weighted-average period of 0.8 years, assuming no acceleration of vesting. Restricted Stock The following summarizes restricted stock activity:
Stock-based compensation expense relating to restricted stock was $71 million and $57 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $649 million, which is expected to be recognized over a weighted-average period of 2.5 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense relating to the ESPP was $18 million and $6 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $12 million, which is expected to be recognized over a weighted-average period of 0.3 years.
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