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Equity Incentive Plans
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (“2015 Plan”), the Company may grant stock options, stock appreciation rights, restricted shares of common stock, restricted stock units ("RSUs"), performance stock units ("PSUs") and other share-based and cash-based awards to members of the Board of Directors, officers, employees, consultants and advisors of the Company. As of March 31, 2023, the only awards granted under the 2015 Plan were RSUs and PSUs.
Restricted Stock and Performance Stock Units
RSUs granted to members of the Board of Directors vest immediately into shares of common stock. RSUs granted to Company officers generally vest over three years, with one-third of each grant vesting annually, subject to the recipient's continued employment with the Company. RSUs granted to other employees, consultants and advisors of the Company vest in accordance with the terms of the grants, generally either over three years or, beginning in 2022, with one-third of each grant vesting annually, subject to the recipient’s continued service to the Company. PSUs granted to Company officers and other employees vest based upon the Company's performance against specified metrics, generally over a three-year performance period, subject to the recipient's continued service to the Company. At the end of the performance period, the number of shares of common stock that could be issued is determined based upon the Company's performance against these metrics. The number of shares that could be issued can range from 0% to 200% of the recipient's target award. Recipients of the awards granted under the 2015 Plan may elect to defer receipt of all or any portion of any shares of common stock issuable upon vesting to a future date elected by the recipient.
All RSUs and PSUs granted under the 2015 Plan have DERs, which entitle holders of RSUs and PSUs to the same dividend value per share as holders of common stock and can be paid in either cash or common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs and PSUs. DERs are paid when the underlying shares of common stock are delivered.
A summary of the Company’s RSUs and PSUs as of March 31, 2023 and changes during the three months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUs
of PSUs (3)
Fair Value PSUs
Outstanding as of December 31, 2022944,695 $37.48 529,366 $36.30 
Granted337,567 48.58 168,251 48.58 
Vested (1)(2)
(499,896)31.04 (231,127)25.73 
Forfeited(4,179)43.87 (12,377)41.78 
Outstanding as of March 31, 2023778,187 $46.40 454,113 $46.08 

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(1)    Includes 75,157 shares of common stock related to RSU's that were not delivered as of March 31, 2023.
(2)    Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 231,127 PSUs that vested during the three months ended March 31, 2023, were entitled to receive 460,684 shares of common stock. As of March 31, 2023, there were 229,205 shares of common stock that had not been delivered in connection with the vesting of these PSUs.
(3)    Number of PSUs assume that 100% of the target level of performance was achieved
Compensation expense recorded related to RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20232022
RSUs$4,154 $2,770 
PSUs2,965 2,419 
The remaining unrecognized compensation expense related to unvested RSUs and unvested PSUs was $27.7 million and $15.0 million, respectively, as of March 31, 2023, and is expected to be recognized over the related weighted average period of 1.6 years and 2.2 years, respectively.
A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:
Three months endedThree months ended
 March 31, 2023March 31, 2022
RSUsPSUsRSUsPSUs
Shares of common stock issued436,491 231,580 492,580 188,527 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(128,291)(91,842)(159,851)(87,215)
Net shares of common stock issued308,200 139,738 332,729 101,312 
Cumulative undelivered shares of common stock471,306 420,447 414,866 191,242 
Compensation Expense
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20232022
Cost of goods sold$373 $300 
Selling, general and administrative6,223 4,698 
Research and development687 355 
Total compensation expense before income tax7,283 5,353 
Income tax benefit1,492 1,176 
Total compensation expense, net of income tax$5,791 $4,177