Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 143

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 143
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 common stock upon vesting. The fair value of RSUs is determined at the grant date based on the closing price of the Company’s common stock on the date of grant. The related compensation expense is recognized over the service period, or shorter periods based on the retirement eligibility of certain grantees, based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each reporting period. RSUs do not carry voting rights until the RSUs are vested, although unvested RSUs and vested but unsettled RSUs granted to non-employee directors are entitled to accrue dividend equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award. 

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The following table summarizes the Company’s RSU activity:RSUsWeighted-AverageGrant DateFair ValuePer RSU (In thousands) Outstanding at December 31, 20212,550 $25.80 Granted1,562 $40.21 Forfeited(152)$32.80 Released(990)$30.05 Outstanding at December 31, 20222,970 $31.60 Granted1,184 $57.85 Forfeited(76)$46.02 Released(1,283)$36.02 Outstanding at December 31, 20232,795 $40.24 Granted2,613 $30.05 Forfeited(134)$36.85 Released(1,404)$42.72 Outstanding at December 31, 20243,870 $32.56 Vested and unreleased at December 31, 2024 (1)528  (1)     These RSUs were granted to the Company’s board of directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released. As of December 31, 2024, the total unrecognized cost related to non-vested RSUs was approximately $46.8 million. This cost is expected to be recognized over a weighted-average period of 1.1 years. The Company recognized $63.5 million, $57.5 million and $43.2 million of stock-based compensation expense