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| SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Share-Based Compensation Plans 2020 Equity Incentive Plan In December 2020, the Company's stockholders approved the Ubiquiti Inc. 2020 Omnibus Incentive Plan (the “2020 Equity Plan”). Under the terms of the 2020 Equity Plan, the Company is authorized to grant awards for up to five million shares of common stock over the term of the 2020 Equity Plan. The 2020 Equity Plan is administered by the Company’s Board of Directors or a committee of the Company’s Board of Directors. Subject to the terms and conditions of the 2020 Equity Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the number of shares to be subject to awards and the terms and conditions of awards, and to make all other determinations and to take all other actions necessary or advisable for the administration of the 2020 Equity Plan. The administrator is also authorized to adopt, amend or rescind rules relating to administration of the 2020 Equity Plan. Options and restricted stock units ("RSUs") generally vest over a four-year period from the date of grant and generally expire 10 years from the date of grant. The terms of the 2020 Equity Plan provide that an option price shall not be less than 100% of fair market value on the date of grant. As of June 30, 2026, the Company had 4,918,820 authorized shares available for future issuance under its stock incentive plan. Share-based Compensation The following table shows total share-based compensation expense included in the Consolidated Statements of Operations and Comprehensive Income for fiscal 2026, 2025 and 2024 (in thousands):
Stock Options During fiscal 2026, 2025 and 2024, there were no options exercised under the Company’s stock incentive plan. As of June 30, 2026, the Company had no unrecognized compensation cost related to stock options. The Company did not grant any stock options during fiscal 2026, fiscal 2025, or fiscal 2024. Forfeiture rate The Company estimates its forfeiture rate based on an analysis of its actual forfeitures and will continue to evaluate the adequacy of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover behavior and other factors. The impact from a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual number of future forfeitures differs from that estimated, the Company may be required to record adjustments to share-based compensation expense in future periods. Restricted Stock Units The following table summarizes the activity of the RSUs made by the Company:
The intrinsic value of RSUs vested in fiscal 2026, 2025, and 2024 was $18.0 million, $9.2 million and $3.5 million, respectively. The total intrinsic value of all outstanding RSUs was $40.9 million as of June 30, 2026. As of June 30, 2026, there was unrecognized compensation costs related to RSUs of $15.9 million which the Company expects to recognize over a weighted average period of 3.3 years.
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