In October 2018, the Company established the Verra Mobility 2018 Equity Incentive Plan (the “2018 Plan”) which provides for a variety of stock-based awards including restricted stock units (“RSUs”), performance share units (“PSUs”) and non-qualified stock options to employees and non-employee directors. The maximum number of shares of the Company’s common stock that may be subject to awards under the 2018 Plan was 10,864,000 as of December 31, 2021, subject to adjustment in accordance with the terms of the 2018 Plan. At December 31, 2021, the Company had an aggregate of 4,809,837 shares of common stock available for future grants under the 2018 Plan.

The Company’s RSUs consist of a right to receive shares on one or more vesting dates in the future. RSUs granted to employees vest ratably over four years from their individual award dates, subject to continued employment on the applicable vesting dates. RSUs granted to non-employee directors vest on the earlier of (a) the first anniversary of the vesting start date, or (b) the date immediately prior to the next annual stockholders meeting held by the Company occurring after the date of grant.

The Company grants PSUs to senior executives which consist of a right to receive shares at the end of a three-year period. PSUs are issued upon continued service along with the relative satisfaction of a market condition that measures the Company’s total stockholder return relative to a comparably calculated return for a peer group during the performance period. The level at which the performance condition is attained upon the completion of the performance period determines the actual number of shares of the Class A Common Stock into which the PSUs will be converted. The conversion percentage ranges from 0% up to 150% of the target level.

The following table summarizes the activity of the Company’s RSUs and PSUs:


	RSUs					PSUs
	Shares (in thousands)			Weighted Average Grant Date Fair Value		Shares (in thousands)			Weighted Average Grant Date Fair Value
Balance at December 31, 2018		4,437		$	10.13		—		$	—
Granted		400		$	11.32		—		$	—
Vested		(953	)	$	10.13		—		$	—
Forfeited		(880	)	$	10.17		—		$	—
Balance at December 31, 2019		3,004		$	10.28		—		$	—
Granted		576		$	12.12		116		$	13.88
Vested		(986	)	$	10.35		—		$	—
Forfeited		(391	)	$	10.74		(10	)	$	13.88
Balance at December 31, 2020		2,203		$	10.64		106		$	13.88
Granted		736		$	14.12		154		$	16.28
Vested		(1,018	)	$	10.41		—		$	—
Forfeited		(229	)	$	13.40		(31	)	$	16.97
Balance at December 31, 2021		1,692		$	11.92		229		$	15.07

The fair value of RSUs vested during fiscal years 2021, 2020 and 2019 was $10.6 million, $10.2 million and $9.7 million, respectively. There were no PSUs that vested to date. As of December 31, 2021, we had $15.6 million and $2.0 million of unrecognized stock-based compensation expense related to unvested RSUs and PSUs, respectively, which is expected to be recognized over a weighted average period of 2.0 years.

During fiscal years 2020 and 2021, the Company granted stock options that vest ratably over four years from their individual award dates, subject to continued employment on the applicable vesting dates, with a contractual term of ten years. The Company did not grant stock options during fiscal year 2019. The following table summarizes the activity of the Company’s stock options:


	Stock Options Outstanding
	Shares (in thousands)			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($ in thousands)
Balance at December 31, 2019		—			—
Granted		720		$	12.56
Exercised		—			—
Forfeited		(106	)	$	12.56
Balance at December 31, 2020		614		$	12.56
Granted		731		$	13.95
Exercised		(12	)	$	12.62		$	36
Forfeited		(170	)	$	14.29
Balance at December 31, 2021		1,163		$	13.18	8.7 years	$	2,636

Exercisable at December 31, 2021		141		$	12.55	8.2 years	$	407
Unvested and expected to vest at December 31, 2021		1,022		$	13.26	8.8 years	$	2,229

The weighted average fair value of options granted in fiscal year 2020 and 2021 was $4.36 and $6.47, respectively. There were 141,218 stock options that vested in fiscal year 2021 with a total fair value of $0.6 million. There were no stock options that vested in fiscal year 2020. The Company received approximately $0.2 million related to stock options exercised during fiscal year 2021. As of December 31, 2021, we had $4.4 million of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over a weighted average period of 2.8 years.

The following details the components of stock-based compensation for the respective periods:


	For the Year Ended December 31,
($ in thousands)	2021		2020		2019
Operating expenses	$	815	$	837	$	819
Selling, general and administrative expenses		12,969		11,752		9,193
Total stock-based compensation expense	$	13,784	$	12,589	$	10,012

Tax benefits attributable to stock-based compensation represented approximately $4.6 million, $2.9 million and $3.4 million, before limitations under section 162(m) of the Internal Revenue Code, during the years ended December 31, 2021, 2020 and 2019, respectively.