| Schedule of Rollforward of Common Stock |
The following table shows a rollforward of the Company’s common stock outstanding: | | | | | | | | | | | | | Class A | | Class B | March 31, 2023 | 38,611,919 | | | 15,409,507 | | | Shares issued (repurchased) in connection with offerings | 1,867,322 | | | (1,744,872) | | | | | | | | | | | Shares issued in connection with ESPP | 27,179 | | | — | | | Shares repurchased for employee tax withholdings | (38,557) | | | — | | | Forfeitures | (54,595) | | | — | | | Restricted stock granted | 134,538 | | | — | | March 31, 2024 | 40,547,806 | | | 13,664,635 | | | Shares issued (repurchased) in connection with offering | 1,562,281 | | | (1,486,223) | | | | | | | Shares issued in connection with ESPP | 22,633 | | | — | | | Shares repurchased for employee tax withholdings | (35,260) | | | — | | | Forfeitures | (29,826) | | | — | | | Restricted stock granted | 1,429,904 | | | — | | March 31, 2025 | 43,497,538 | | | 12,178,412 | | | Shares issued (repurchased) in connection with offering | 378,705 | | | (341,962) | | | Shares repurchased and retired | (199,000) | | | — | | | Shares issued in connection with ESPP | 29,184 | | | — | | | Shares repurchased for employee tax withholdings | (49,128) | | | — | | | Forfeitures | (85,518) | | | — | | | | | | | Restricted stock granted | 125,703 | | | — | | March 31, 2026 | 43,697,484 | | | 11,836,450 | |
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| Schedule of Warrants, Valuation Assumptions |
The fair value of the Warrant was estimated using a Black-Scholes valuation method using the following assumptions: | | | | | | | | | Closing share price as of grant date | $ | 132.24 | | Weighted average exercise price | 161.46 | | Risk Free Rate | 4.18% | | Dividend rate | 1.63% | Volatility(1) | 35.00% | | Expected term | 10.2 years |
(1)The Company estimates expected volatility based on the historic volatility of its own Class A common stock.
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