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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION: Quanta has stock-based compensation awards outstanding under two equity incentive plans, the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan and the Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan. For descriptions and further information regarding these plans, refer to Note 12 of the Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data in Part II of the 2020 Annual Report. RSUs to be Settled in Common Stock A summary of the activity for RSUs to be settled in common stock for the nine months ended September 30, 2021 and 2020 is set forth below (shares in thousands):
| 2021 |  | 2020
| RSUs |  | Weighted Average Grant Date Fair Value (Per share) |  | RSUs |  | Weighted Average Grant Date Fair Value (Per share)
Unvested at January 1 | 3,869 |  |  | $37.57 |  | 3,265 |  |  | $35.34
Granted | 945 |  |  | $82.75 |  | 2,008 |  |  | $39.65
Vested | (1,442) |  |  | $36.92 |  | (1,228) |  |  | $35.68
Forfeited | (119) |  |  | $47.23 |  | (114) |  |  | $36.26
Unvested at period ended September 30 | 3,253 |  |  | $50.71 |  | 3,931 |  |  | $37.41
The grant date fair value for RSUs to be settled in common stock is based on the closing price of Quanta’s common stock on the date of grant. The approximate fair values of RSUs settled in common stock during the nine months ended September 30, 2021 and 2020 were $121.7 million and $48.8 million. During the nine months ended September 30, 2021 and 2020, Quanta recognized $48.8 million and $41.0 million of non-cash stock-based compensation expense related to RSUs to be settled in common stock. Such expense is recorded in “Selling, general and administrative expenses.” As of September 30, 2021, there was $101.0 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 2.21 years. In October 2021, subsequent to Quanta’s acquisition of Blattner, Quanta granted 0.7 million RSUs to be settled in common stock, which had a fair market value of $72.3 million at the date of grant, to certain employees of Blattner that are continuing as employees after the acquisition. These awards are subject to forfeiture, restrictions on transfer and certain other conditions until vesting, which occurs in annual installments over periods ranging from five to ten years following the date of grant. PSUs to be Settled in Common Stock A summary of the activity for PSUs to be settled in common stock for the nine months ended September 30, 2021 and 2020 is set forth below (shares in thousands):
| 2021 |  | 2020
| PSUs |  | Weighted Average Grant Date Fair Value (Per share) |  | PSUs |  | Weighted Average Grant Date Fair Value (Per share)
Unvested at January 1 | 1,047 |  |  | $37.65 |  | 848 |  |  | $33.20
Granted | 174 |  |  | $90.44 |  | 436 |  |  | $34.59
Vested | (268) |  |  | $38.28 |  | (238) |  |  | $17.48
Forfeited | (11) |  |  | $36.90 |  | — |  |  | N/A
Unvested at September 30 | 942 |  |  | $47.27 |  | 1,046 |  |  | $37.35
The grant date fair value for PSUs is determined as follows: (i) for the portion of the awards based on company financial and operational performance metrics, by utilizing the closing price of Quanta’s common stock on the date of grant and (ii) for the portion of the awards based on total shareholder return, by utilizing a Monte Carlo simulation valuation methodology. The Monte Carlo simulation valuation methodology applied the following key inputs:
|  | 2021 |  | 2020
Valuation date price based on March 25, 2021 and March 26, 2020 closing stock prices of Quanta common stock |  | $83.48 |  | $31.49
Expected volatility |  | 36 | % |  | 34 | %
Risk-free interest rate |  | 0.26 | % |  | 0.35 | %
Term in years |  | 2.77 |  | 2.76
During the nine months ended September 30, 2021 and 2020, Quanta recognized $15.4 million and $17.4 million in compensation expense associated with PSUs. Such expense is recorded in “Selling, general and administrative expenses.” During both the nine months ended September 30, 2021 and 2020, 0.5 million shares of common stock were earned and either issued or deferred for future issuance in connection with PSUs. RSUs to be Settled in Cash Compensation expense related to RSUs to be settled in cash was $13.7 million and $5.3 million for the nine months ended September 30, 2021 and 2020. Such expense is recorded in “Selling, general and administrative expenses.” RSUs that are anticipated to be settled in cash are not included in the calculation of weighted average shares outstanding for earnings per share, and the estimated earned value of such RSUs is classified as a liability. Quanta paid $13.2 million and $4.3 million to settle liabilities related to cash-settled RSUs in the nine months ended September 30, 2021 and 2020. Accrued liabilities for the estimated earned value of outstanding RSUs to be settled in cash were $7.4 million and $8.7 million at September 30, 2021 and December 31, 2020.

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