Stock-based compensation expense consists of stock-based payment awards made to employees and directors, comprised of restricted stock units, based on their estimated fair values. Stock-based compensation expense recognized in the Company’s condensed consolidated statements of income for the three months ended March 31, 2026 and 2025 was based on the vesting of awards granted to date.

The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The number of shares available for issuance under the 2024 Plan increases annually on the first day of the year by an amount equal to up to 2% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year. As of March 31, 2026, the total number of shares available for issuance under the 2024 Plan was 4,716,836.

The number of shares available for issuance under the 2024 ESPP increases annually on the first day of the year by an amount equal to up to 1% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year. As of March 31, 2026 the total number of shares available for issuance under the 2024 ESPP was 4,619,446.

Pursuant to the 2024 Plan, the Company granted RSU awards of 3,277,570 and 1,962,425 shares during the three months ended March 31, 2026 and 2025, respectively. Awards granted to key executives at the time of the IPO vested 25% upon issuance with the remaining shares scheduled to vest in equal increments on an annual basis over the next five years. All other awards generally vest in equal increments on an annual basis over three years as the grantees meet the requisite service condition. These awards granted used the market price on the date of the respective grant to determine the award fair value. The fair value per share of RSU awards granted during the three months ended March 31, 2026 ranged from $34.13 to $37.80, and was $13.72 during the three months ended March 31, 2025.

A summary of the status of the Company’s non-vested RSU awards as of March 31, 2026 and changes during the three months ended March 31, 2026 is presented below:


	Non-Vested Restricted Stock Unit Awards	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2026	10,256,295	$	21.40
Granted	3,277,570	34.31
Vested	(820,364)	19.69
Forfeited	(39,198)	13.95
Non-vested at March 31, 2026	12,674,303	$	24.87

During the three months ended March 31, 2026, the Company granted 3,497 RSU awards to non-employee directors for their service on the Company’s board of directors from the 2024 Plan. The fair value per share of these awards were $36.35 based on the market price on the grant date.

During the three months ended March 31, 2026, the aggregate fair value of RSU awards that vested was $32,298. The number of RSU awards vested includes shares of common stock that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements.

Stock-based compensation expense recognized for the Company’s equity incentive plans for the three months ended March 31, 2026 and 2025 was $20,348 and $12,202, respectively.

In future periods, the Company expects to recognize $268,292 in stock-based compensation expense for unvested RSU awards that were outstanding as of March 31, 2026. Future stock-based compensation expense will be recognized over 2.8 weighted average years for unvested RSU awards.