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Equity-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | NOTE 12 — Equity-Based Compensation 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, 2023 |  | 1,283 |  |  | $ | 23.00 |
Vested |  | (1,245) |  |  | 23.00 |
Balance, March 31, 2024 |  | 38 |  |  | $ | 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, 2023 |  | 648 |  |  | $ | 35.99 |
New grants |  | 693 |  |  | 29.67 |
Vested |  | (87) |  |  | 31.06 |
Forfeitures |  | (64) |  |  | 32.85 |
Balance, March 31, 2024 |  | 1,190 |  |  | $ | 31.77 |
Total release date fair value of vested restricted stock awards and units for the three months ended March 31, 2024 and 2023 are presented below.
(in thousands, except per share amounts) |  |  |  |  |  | Three Months Ended March 31, 2024 |  | Weighted-average vest date fair value per share | Three Months Ended March 31, 2023 | Weighted-average vest date fair value per share |  |
Restricted stock awards |  |  |  |  |  | $ | 38,665 |  |  | $ | 31.06 |  | $ | 34,293 |  | $ | 27.15 |  |  |
Restricted stock units |  |  |  |  |  | 2,664 |  |  | 30.49 |  | 5,441 |  | 27.22 |  |  |
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 March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Cost of sales |  |  |  |  |  | $ | 94 |  |  | $ | — |  |  |
Selling, general, and administrative expenses |  |  |  |  |  | 1,839 |  |  | 9,170 |  |  |
Total stock-based compensation expense |  |  |  |  |  | $ | 1,933 |  |  | $ | 9,170 |  |  |
As of March 31, 2024, total unrecognized stock-based compensation related to unvested stock awards was $30.0 million, which will be recognized as follows:
(in thousands) |  |
Remainder of 2024 |  | $ | 9,970 |
2025 |  | 11,302 |
2026 |  | 7,626 |
2027 |  | 1,117 |
Total unrecognized stock-based compensation |  | $ | 30,015 |

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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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