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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We have a principal share-based compensation plan, the HF Sinclair Corporation Amended and Restated 2020 Long Term Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the grant of unrestricted and restricted stock, restricted stock units, other stock-based awards, stock options, performance awards, substitute awards, cash awards and stock appreciation rights. The restricted stock unit awards generally vest over a period of one to three years. Upon vesting, restrictions on the restricted stock units lapse at which time they convert to common shares or cash. The performance share units generally vest over a period of three years and are payable in stock or cash upon meeting certain financial and performance criteria. The number of shares ultimately issued or cash paid for the performance share units can range from zero to 200% of target award amounts. The holders of unvested restricted stock units and performance share units have the right to receive dividends. We also have a stock compensation deferral plan that allows non-employee directors to defer settlement of vested stock granted under our share-based compensation plan. The compensation cost for these plans was $5.8 million and $11.3 million for the three months ended June 30, 2024 and 2023, respectively, and $11.6 million and $14.6 million for the six months ended June 30, 2024 and 2023, respectively. Additionally, prior to the HEP Merger Transaction, HEP maintained an equity-based compensation plan for the General Partner’s non-employee directors and certain executives and employees. Compensation costs attributable to HEP’s equity-based compensation plan was $0.4 million and $0.7 million for the three and six months ended June 30, 2023, respectively. A summary of restricted stock units and performance share units activity during the six months ended June 30, 2024, is presented below:
|  | Restricted Stock Units |  | Performance Share Units |  |  |
Outstanding at January 1, 2024 |  | 1,102,755 |  |  | 485,531 |  |  |  |
Granted (1) |  | 3,268 |  |  | 1,248 |  |  |  |
Vested |  | (156,949) |  |  | (1,859) |  |  |  |
Forfeited |  | (198,404) |  |  | (59,740) |  |  |  |
Outstanding at June 30, 2024 |  | 750,670 |  |  | 425,180 |  |  |  |
(1) Weighted average grant date fair value per unit. |  | $ | 57.19 |  |  | $ | 53.43 |  |  |  |

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