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Equity-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | NOTE 13 — Equity-Based Compensation Equity Awards As of December 31, 2023, the Company had equity-based compensation awards outstanding consisting of time-based RSAs and RSUs with three years service vesting periods. Awards currently outstanding vest under one of the following schedules: •Approximately one-third installments on each first, second, and third anniversary of the vesting commencement date; •50% each of the second and third anniversaries of the vesting commencement date; or •100% vesting on the third anniversary of the vesting commencement date. Vesting of all awards granted are subject to the grantee’s continued service to the Company through the applicable vesting date. 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, December 31, 2022 |  | 2,667 |  |  | $ | 23.00 |
Vested |  | (1,366) |  |  | 23.00 |
Forfeitures |  | (18) |  |  | 23.00 |
Balance, December 31, 2023 |  | 1,283 |  |  | $ | 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 |  | 196 |  |  | 45.85 |
Vested |  | (206) |  |  | 51.69 |
Forfeitures |  | (3) |  |  | 47.57 |
Balance, December 31, 2022 |  | 583 |  |  | $ | 44.34 |
New grants |  | 473 |  |  | 31.03 |
Vested |  | (228) |  |  | 41.59 |
Forfeitures |  | (180) |  |  | 42.92 |
Balance, December 31, 2023 |  | 648 |  |  | $ | 35.99 |
Total release date fair value of vested restricted stock awards and units for the years ended December 31, 2023 and 2022 are presented below.
(in thousands, except per share amounts) |  |  |  |  |  | Year Ended December 31, 2023 |  | Weighted-average vest date fair value per share | Year Ended December 31, 2022 | Weighted-average vest date fair value per share |  |
Restricted stock awards |  |  |  |  |  | $ | 37,373 |  |  | $ | 27.36 |  | $ | 69,604 |  | $ | 52.22 |  |  |
Restricted stock units |  |  |  |  |  | 6,185 |  |  | 27.16 |  | 10,627 |  | 51.59 |  |  |
Equity-Based Compensation Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s consolidated statements of operations as follows:
|  |  |  | Year Ended December 31,
(in thousands) |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Selling, general, and administrative expenses |  |  |  |  |  | $ | 39,222 |  |  | $ | 41,657 |  |  | $ | 157,716 |
As of December 31, 2023, total unrecognized stock-based compensation related to unvested stock awards was $13.8 million, which will be recognized as follows:
(in thousands) |  |
2024 |  | $ | 7,703 |
2025 |  | 5,147 |
2026 |  | 931 |
Total unrecognized stock-based compensation |  | $ | 13,781 |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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