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Equity and Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Equity and Equity-Based Compensation | NOTE 13 — Equity and Equity-Based Compensation Equity Awards As of September 30, 2022, the Company had equity-based compensation awards outstanding consisting of RSAs and RSUs. Unless indicated otherwise, the equity-based compensation awards described below are subject to time-based service requirements. The service vesting condition is currently a period of three years. For awards granted prior to 2022, vesting occurs in equal one-third installments on each anniversary of the vesting commencement date, subject to grantee’s continued service to the Company through each vesting date. Beginning with awards granted in 2022, vesting may occur as either (i) 50% each of the total award on the second and third anniversaries of the vesting commencement date, or (ii) 100% cliff vesting of the total award on the third anniversary of the vesting commencement date, subject to grantee’s continued service to the Company through the applicable vesting date(s). During the nine months ended September 30, 2022, the total weighted-average grant date fair value of RSAs and RSUs vested was approximately $30.7 million and $8.8 million, respectively. Restricted Stock Awards Activity for the Company’s RSAs was as follows:
(in thousands, except per share amounts) |  | Restricted Stock Awards |  | Weighted-average grant date fair value per share
Balance, December 31, 2021 |  | 4,000 |  |  | $ | 23.00 |
Vested |  | (1,333) |  |  | 23.00 |
Balance, September 30, 2022 |  | 2,667 |  |  | $ | 23.00 |
Restricted Stock Units Activity for the Company’s RSUs was as follows:
(in thousands, except per share amounts) |  | Restricted Stock Units |  | Weighted-average grant date fair value per share
Balance, December 31, 2021 |  | 596 |  |  | $ | 43.55 |
New grants |  | 164 |  |  | 47.85 |
Vested |  | (203) |  |  | 43.50 |
Forfeitures |  | (2) |  |  | 49.37 |
Balance, September 30, 2022 |  | 555 |  |  | $ | 44.82 |
Equity-Based Compensation Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s condensed consolidated statements of operations as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Selling, general and administrative expenses |  | $ | 10,649 |  |  | $ | 124,779 |  |  | $ | 30,995 |  |  | $ | 147,761 |  |  |
As of September 30, 2022, total unrecognized stock-based compensation related to unvested stock awards was $56.1 million, which will be recognized as follows:
(in thousands) |  |
Remainder of 2022 |  | $ | 10,611 |
2023 |  | 41,911 |
2024 |  | 3,133 |
2025 |  | 437 |
Total unrecognized stock-based compensation expense |  | $ | 56,092 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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