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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Stock-Based Compensation |
Stock-Based Compensation | 12.Stock-Based Compensation Our 2021 Equity Incentive Plan allows for the grant of, among other types of awards, stock options; restricted stock; RSUs; and PSUs. Restricted Stock and Restricted Stock Units RSU activity during the period was as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | RSUs |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023 | ​ | 1,606,303 | ​ | $ | 11.72
Granted | ​ | 1,437,739 | ​ | ​ | 12.08
Forfeited | ​ | (63,432) | ​ | ​ | 11.90
Vested | ​ | (434,294) | ​ | ​ | 11.74
Outstanding at June 30, 2024 | ​ | 2,546,316 | ​ | $ | 11.91
​ The RSUs generally vest in the following installments: (i) one-third at the first anniversary of the award date, (ii) one-third at the second anniversary of the award date, and (iii) one-third at the third anniversary of the award date. As of June 30, 2024, approximately $22.9 million of compensation cost related to unvested shares of restricted stock and RSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of 1.3 years. Performance-Based Restricted Stock Units PSU activity during the period was as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | PSUs |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023 | ​ | 404,993 | ​ | $ | 13.06
Granted | ​ | 281,527 | ​ | ​ | 29.38
Forfeited | ​ | (9,957) | ​ | ​ | 14.23
Outstanding at June 30, 2024 | ​ | 676,563 | ​ | $ | 19.83
​ The PSUs granted in 2024 were granted to management under the 2021 Plan and have the following performance criteria:
| ● | Relative PSUs: 50% of the PSUs are based on total shareholder return relative to the total shareholder return of a predetermined group of peer companies. This relative total shareholder return is calculated at the end of the performance periods stipulated in the PSU agreement.
| ● | Absolute PSUs: 50% of the PSUs have a performance criteria of absolute total shareholder return calculated at the end of the performance period stipulated in the PSU agreement.
The vesting and payout of the PSUs occur when the related service condition is completed, which is approximately three years after the grant date regardless of the duration of the stipulated performance period. The PSUs can be paid out in either Class A common stock or cash, at our election. Dividends accrue on PSUs and are paid upon vesting. As of June 30, 2024, approximately $9.6 million of compensation cost related to unvested PSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of 1.8 years. The grant date fair value was determined using the Monte Carlo simulation method and is expensed ratably over the service period. Expected volatilities used in the fair value simulation were estimated using historical periods consistent with the remaining performance periods. The risk-free rate was based on the U.S. Treasury rate for a term commensurate with the expected life of the grant. We used the following assumptions to estimate the fair value of PSUs granted during the six months ended June 30, 2024: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Assumptions
Risk-free Interest Rate | ​ | ​ | 4.67% | ​
Volatility Range | ​ | 17.04% - 61.19%
​

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