Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 65

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 65
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  Number Fair Value  of Shares Per Share  (in thousands)   Unvested as of December 31, 2023  28 $ 65.61Vested  (6) $ 66.73Unvested as of December 31, 2024  22 $ 65.31 

F-32Table of Contents

 As of December 31, 2024, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $1.2 million. That cost is expected to be recognized over a weighted-average period of 3.0 years.The total fair value of options vested during 2024, 2023, and 2022 was $0.4 million, $8.7 million, and $15.9 million, respectively.Restricted Stock Units and Performance-Based Restricted Stock UnitsThe following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2024:                        RSUs PSUs (1)    Weighted-Average   Weighted-Average  Number of Grant Date Fair Number of Grant Date Fair  Shares Value per Share Shares Value per Share  (in thousands)    (in thousands)   Outstanding at December 31, 2023  267 $ 269.08  368 $ 298.46Granted  272 $ 216.39  59 $ 291.51PSU adjustment (2)  — $ —  11 $ 236.63Vested  (121) $ 269.29  (155) $ 236.32Forfeited/canceled  (25) $ 236.33  (8) $ 315.38Outstanding at December 31, 2024  393 $ 234.50  275 $ 314.52 (1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date. Employee Stock Purchase PlanThe Board of Directors of the Company adopted the 2018 Employee Stock Purchase Plan (“2018 Purchase Plan”) which reserved 300,000 shares of Class A common stock for purchase. The 2018 Purchase Plan permits eligible employee participants to purchase Class A common stock at