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Equity-Based Compensation
 12 Months Ended
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 AwardsWeighted-average grant date fair value per share
Balance, December 31, 20214,000 $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 UnitsWeighted-average grant date fair value per share
Balance, December 31, 2021596 $43.55 
New grants
196 45.85 
Vested(206)51.69 
Forfeitures
(3)47.57 
Balance, December 31, 2022 583 $44.34 
New grants473 31.03 
Vested (228)41.59 
Forfeitures(180)42.92 
Balance, December 31, 2023648 $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, 2023Weighted-average vest date fair value per shareYear Ended December 31, 2022Weighted-average vest date fair value per share
Restricted stock awards$37,373 $27.36 $69,604 $52.22 
Restricted stock units6,185 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)202320222021
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