Share-based Compensation |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||
| Share-based Compensation |
During the three months ended June 30, 2026, the Company granted to its directors time-based restricted share-units (“RSUs”) with an aggregate grant-date fair value of $2.5 million which fully vest on the first anniversary of the award. During the six months ended June 30, 2026, the Company granted 0.7 million time-based RSUs with an aggregate grant-date fair value of $57.6 million, which vest in equal installments on each of the first three anniversaries of the grant date for executive officers and fully vest on the first anniversary of the grant date for directors, 0.3 million performance-based restricted-share units (“PSUs”), with an aggregate grant-date fair value of $21.3 million, which cliff vest after three years upon achievement of specified financial performance criteria, and 1.0 million PSUs with an aggregate grant-date fair value of $85.1 million, which vest solely upon the occurrence of a qualifying event. Compensation expense for the RSUs and the PSUs tied to financial performance criteria is recognized using the graded attribution method and, for PSUs, gives consideration to the probability of achieving the applicable vesting conditions. With respect to the PSUs that vest solely upon the occurrence of event criteria, no stock‑based compensation expense has been recognized during the six months ended June 30, 2026, as qualifying events are not considered probable.
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