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Long-term Incentive Compensation | 6 Months Ended
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Jun. 30, 2022
Compensation Related Costs [Abstract] |
Long-term Incentive Compensation | 16. Long-term Incentive Compensation In April 2022, Excelerate adopted the Excelerate Long-Term Incentive Plan (the “LTI Plan”). The LTI Plan was adopted to promote and closely align the interests of Excelerate's employees, officers, non-employee directors and other service providers and its stockholders by providing stock-based compensation and other performance-based compensation. The LTI Plan allows for the grant of up to 10.8 million shares, stock options, stock appreciation rights, alone or in conjunction with other awards; restricted stock and restricted stock units; incentive bonuses, which may be paid in cash, stock or a combination thereof; and other stock-based awards. The share pool will be increased on January 1st of each calendar year beginning in 2023 by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. The LTI Plan is administered by the Compensation Committee or such other committee designated by the board of directors of Excelerate to administer the LTI Plan. The Company’s stock option and restricted stock unit awards both qualify as equity awards and are amortized into “Selling, general and administrative expense” and “Cost of revenue and vessel operating expenses” on the Consolidated Statements of Income on a straight-line basis. Stock options were granted to certain employees of Excelerate and vest over five years. The Company also issued restricted stock units to directors that vest ratably over either one or three years. For the three and six months ended June 30, 2022, the Company recognized $0.3 million in l ong-term incentive compensation expense for both its stock options and restricted stock unit awards. Stock options The following table summarizes stock option activity for the six months ended June 30, 2022 and provides information for outstanding and exercisable options as of June 30, 2022:
| Number of Options |  |  | Weighted Average Exercise Price |
|  |  |  | (per share) |
Outstanding at January 1, 2022 |  | — |  |  | $ | — |
Granted |  | 338,935 |  |  |  | 24.00 |
Exercised |  | — |  |  |  | — |
Forfeited or expired |  | — |  |  |  | — |
Outstanding at June 30, 2022 |  | 338,935 |  |  | $ | 24.00 |
Exercisable at June 30, 2022 |  | — |  |  | $ | — |
As of June 30, 2022 the Company h ad $4.4 million in unrecognized compensation costs related to its stock options that it expects to recognize over a weighted average period of 4.8 years. Restricted stock unit awards The following table summarizes restricted stock unit activity for the six months ended June 30, 2022 and provides information for unvested shares as of June 30, 2022:
| Number of Shares |  |  | Weighted Average Fair Value |
|  |  |  | (per share) |
Unvested at January 1, 2022 |  | — |  |  | $ | — |
Granted |  | 20,832 |  |  |  | 24.00 |
Exercised |  | — |  |  |  | — |
Forfeited or expired |  | — |  |  |  | — |
Unvested at June 30, 2022 |  | 20,832 |  |  | $ | 24.00 |
As of June 30, 2022 the Company had $0.4 million in unrecognized compensation costs related to its restricted stock unit awards that it expects to recognize over a weighted average period of 1.9 years.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6409950&loc=d3e20396-108366 + Details
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