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Equity and Equity-Based Compensation
 9 Months Ended
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 AwardsWeighted-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 UnitsWeighted-average grant date fair value per share
Balance, December 31, 2021 596 $43.55 
New grants164 47.85 
Vested (203)43.50 
Forfeitures(2)49.37 
Balance, September 30, 2022555 $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)2022202120222021
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