Booz Allen Hamilton Holding Corp
For the period ended Jun 30, 2024. Filed Jul 26, 2024.
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Jun 30, 2024 · Filed Jul 26, 2024
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13. Stock-Based Compensation
- Stock-Based Compensation
The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations:
| Three Months EndedJune 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cost of revenue | $7,359 | $7,914 |
| General and administrative expenses | 12,569 | 9,771 |
| Total | $19,928 | $17,685 |
The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods:
| Three Months EndedJune 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Equity Incentive Plan Options | $248 | $320 |
| Restricted Stock and other awards | 19,680 | 17,365 |
| Total | $19,928 | $17,685 |
As of June 30, 2024, there was $123.1 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award):
| Unrecognized Compensation Cost | Weighted Average Remaining Period to be Recognized (in years) | |
|---|---|---|
| Equity Incentive Plan Options | $2,214 | 3.45 |
| Restricted Stock Awards | 120,884 | 2.04 |
| Total | $123,098 |
Equity Incentive Plan
During the three months ended June 30, 2024, the Board of Directors granted 0.5 million time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $82.5 million based on the grant date fair value. The performance-based awards granted during the three months ended June 30, 2024 included additional market conditions related to the Company’s total shareholder return relative to its peer group over thethree-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model.
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