SHARE REPURCHASE PROGRAM

The Company's Board of Directors authorized a share repurchase program effective July 25, 2024, pursuant to which the Company may purchase shares of its Class A common stock, for an aggregate repurchase price not to exceed $1.0 billion. This repurchase program expires on July 25, 2027, does not obligate the Company to acquire any particular amount of shares, and replaced the prior share repurchase program. Remaining repurchase authorization under the program authorized in 2022 was terminated upon authorization of the new program. As of March 31, 2025, there was $789.9 million remaining to repurchase shares under the program.

INCENTIVE AWARD PLAN

For the three months ended March 31, 2025, the Company granted restricted stock with time-based vesting, as well as performance-based awards. The performance-based awards include those with a market condition tied to the Company’s total shareholder return ("TSR") in relation to its peer companies as well as those with a financial performance condition tied to annual earnings per share ("EPS") growth. The vesting and ultimate payout of performance awards is determined at the end of the three-year performance period and can vary from zero to 200% based on actual results. As of March 31, 2025, a total of 4,476,438 shares remain available for grant as equity awards under the incentive award plan if target levels are achieved for performance-based awards and 3,825,663 available if maximum levels are achieved.

The Company determines the fair value of restricted stock awards and any performance-related components based on the closing market price of the Company’s common stock on the date of grant. For share-based awards with a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criteria throughout the performance period and will adjust stock compensation expense up or down based on its estimated probable outcome. Certain performance-based awards contain market condition components which are valued on the date of grant using a Monte Carlo simulation model.

For the three months ended March 31, 2025 and 2024, the Company recognized, as part of general and administrative, compensation expense of $23.5 million and $19.7 million for grants under the incentive award plan. As of March 31, 2025, the unamortized stock compensation of $158.1 million is expected to be recognized over a weighted-average period of 1.96 years.

STOCK PURCHASE PLAN

The 2018 Employee Stock Purchase Plan (the “ESPP”) provides a total of 5.0 million shares of Class A Common Stock for sale. The ESPP provides eligible employees of the Company and its subsidiaries the opportunity to purchase shares of the Company’s Class A Common Stock at a purchase price equal to 85% of the fair market value on the first trading day or last trading day of each purchase period, whichever is lower. Eligible employees can invest up to 15% of their compensation through payroll deductions during each purchase period. The purchase price discount and the look-back feature cause the ESPP to be compensatory and the Company recognizes compensation expense, which is computed using the Black-Scholes valuation model.

For each of the three months ended March 31, 2025 and 2024, the Company recognized $1.0 million of ESPP stock compensation expense. As of March 31, 2025, there were 3,360,412 shares available for sale under the ESPP.