SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used For Determining Fair Value Of Stock Options Granted

The following assumptions were used by the Company for determining the fair value of awards granted:

Nine Months Ended September 30,

2025

2024

Weighted-average expected term (years)

5.3 – 6.3

5.1 – 6.0

Volatility (range)

26.2% – 27.2%

26.3% – 27.4%

Risk-free interest rate (range)

3.8% – 4.1%

3.6% – 4.5%

Dividend yield

0.00%

Schedule of Stock Option Activity

The following table summarizes information about the stock option activity during the nine months ended September 30, 2025 (aggregate intrinsic value, in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	21,204,908	$	15.47	5.36	$	149,710
Granted	2,617,306	$	22.41
Exercised	(1,363,953)	$	13.02
Cancelled, expired or forfeited	(285,674)	$	19.90
Outstanding at September 30, 2025	22,172,587	$	16.38	5.37	$	529,497
Exercisable at September 30, 2025	17,665,947	$	15.08	4.43	$	444,759

Schedule of Additional Information Regarding Stock Options Outstanding

Additional information regarding stock options outstanding as of September 30, 2025 is as follows (aggregate intrinsic value, in thousands):


		Stock Options Outstanding				Stock Options Exercisable
Exercise Price		Number of Options Outstanding	Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value		Number of Exercisable Options	Aggregate Intrinsic Value
$	12.00	8,236,344	2.41	$	232,759	8,236,344	$	232,759
$	13.50	200,000	4.43	5,352		200,000	5,352
$	14.00	758,559	4.60	19,920		758,559	19,920
$	15.22	2,495,355	5.21	62,484		2,495,355	62,484
$	15.50	154,998	5.55	3,838		154,998	3,838
$	16.14	2,173,658	5.79	52,429		2,173,658	52,429
$	16.34	54,497	6.15	1,304		54,497	1,304
$	19.84	1,858,135	7.48	37,943		1,318,993	26,934
$	20.00	363,518	8.44	7,365		235,420	4,770
$	20.08	1,715,480	8.69	34,618		593,163	11,970
$	20.60	24,784	8.22	487		24,784	487
$	20.76	440,473	7.87	8,589		300,182	5,854
$	21.32	21,148	9.00	401		21,148	401
$	22.34	291,541	9.41	5,224		102,787	1,842
$	22.40	2,232,211	9.71	39,867		—	—
$	23.00	80,000	9.86	1,381		—	—
$	24.70	94,999	7.00	1,478		63,336	986
$	25.78	556,986	6.46	8,065		556,986	8,065
$	25.98	287,401	6.65	4,104		287,401	4,104
$	26.00	132,500	7.05	1,889		88,336	1,260
		22,172,587	5.37	$	529,497	17,665,947	$	444,759

Schedule of Unvested Restricted Stock Activities

The following table summarizes information about the unvested restricted stock activities during the nine months ended September 30, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2024	3,476,663	$	18.85
Awarded	400,000	$	22.40
Vested	(2,284,040)	$	18.94
Cancelled or forfeited	(4,168)	$	19.15
Outstanding at September 30, 2025	1,588,455	$	18.74

MIAMI INTERNATIONAL HOLDINGS, INC. 10-Q