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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION: Restricted Stock Units (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, 2023 and 2022 is as follows (RSUs in thousands):
| 2023 |  | 2022
| RSUs |  | Weighted Average Grant Date Fair Value (Per Unit) |  | RSUs |  | Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1 | 3,263 |  |  | $78.74 |  | 3,880 |  |  | $61.64
Granted | 667 |  |  | $161.42 |  | 817 |  |  | $111.20
Vested | (1,199) |  |  | $66.14 |  | (1,257) |  |  | $48.48
Forfeited | (119) |  |  | $114.47 |  | (116) |  |  | $78.72
Unvested at September 30 | 2,612 |  |  | $104.39 |  | 3,324 |  |  | $78.39
The approximate fair value of RSUs that vested during the nine months ended September 30, 2023 and 2022 was $194.6 million and $143.7 million. During the nine months ended September 30, 2023 and 2022, Quanta recognized $70.5 million and $62.1 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of September 30, 2023, there was $167.2 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 3.31 years. Performance Stock Units (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, 2023 and 2022 is as follows (PSUs in thousands):
| 2023 |  | 2022
| PSUs |  | Weighted Average Grant Date Fair Value (Per Unit) |  | PSUs |  | Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1 | 733 |  |  | $65.39 |  | 931 |  |  | $47.27
Granted | 177 |  |  | $174.50 |  | 153 |  |  | $119.74
Vested | (413) |  |  | $35.12 |  | (334) |  |  | $40.15
Forfeited | (6) |  |  | $101.66 |  | (17) |  |  | $58.79
Unvested at September 30 | 491 |  |  | $129.70 |  | 733 |  |  | $65.39
The Monte Carlo simulation valuation methodology applied the following key inputs:
|  | 2023 |  | 2022
Valuation date price based on March 9, 2023 and March 2, 2022 closing stock prices of Quanta common stock |  | $160.55 |  | $110.24
Historical volatility |  | 35 | % |  | 39 | %
Risk-free interest rate |  | 4.62 | % |  | 1.64 | %
Term in years |  | 2.81 |  | 2.83
During the nine months ended September 30, 2023 and 2022, Quanta recognized $24.2 million and $15.6 million of non-cash stock compensation expense related to PSUs to be settled in common stock. As of September 30, 2023, there was an estimated $36.4 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 1.82 years. During each of the nine months ended September 30, 2023 and 2022, 0.7 million shares of common stock were issued in connection with PSUs. The approximate fair values of PSUs earned during the nine months ended September 30, 2023 and 2022 were $115.5 million and $72.4 million. RSUs to be Settled in Cash During the nine months ended September 30, 2023 and 2022, compensation expense related to RSUs to be settled in cash was $11.9 million and $11.6 million. 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 calculated at the end of each reporting period based on the market value of Quanta’s common stock and is classified as a liability. Quanta paid $18.0 million and $14.5 million to settle liabilities related to cash-settled RSUs in the nine months ended September 30, 2023 and 2022. Accrued liabilities for the estimated earned value of outstanding RSUs to be settled in cash were $4.7 million and $11.0 million as of September 30, 2023 and December 31, 2022.

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