The Company maintains an equity incentive plan designed to attract, retain and motivate employees and align the interests of those individuals with the interests of the Company. A total of 24.0 million shares of Class A common stock are reserved for issuance under the plan, of which approximately 11.3 million shares were available for issuance at June 30, 2025.

The following table presents information about the Company’s share-based compensation awards:


	Restricted Class A Common Stock			Stock Options
	Shares	Weighted-average grant date fair value		Shares	Weighted-average exercise price
Outstanding at January 1, 2025	536,185	$	49.14	5,242,236	$	38.23
Activity during the period:
Granted	414,224	52.10		1,198,989	52.05
Vested/exercised (a)	(156,830)	41.49		(492,350)	31.18
Antidilution adjustment (b)	—	—		133,183	n/m
Outstanding at June 30, 2025	793,579	$	52.20	6,082,058	$	40.69

(a)Stock options exercised included 364,418 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes.

(b)As a result of the special dividend paid in May 2025, all outstanding stock option awards were adjusted to decrease the exercise price of the options and increase the number of shares issuable under the awards pursuant to an antidilution provision in the Equity Incentive Plan.

The Company recognized share-based compensation expense of $8.7 million and $16.3 million for the three and six months ended June 30, 2025, respectively, and $11.8 million and $17.7 million for the three and six months ended June 30, 2024, respectively. At June 30, 2025, unrecognized share-based compensation cost was $83.5 million, which is expected to be recognized over a weighted-average period of 2.9 years.