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Share-Based Payments | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Share-Based Payments | Share-Based Payments On September 23, 2009, our board of directors approved the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan ("2009 LTIP") and on April 16, 2019, our board of directors approved the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2009 LTIP, the "LTIPs"), which amended and restated the 2009 LTIP. Following the approval of the 2019 LTIP by our stockholders at our 2019 annual meeting of stockholders on June 12, 2019, no additional awards have been or will be granted under the 2009 LTIP and all outstanding awards granted under the 2009 LTIP remain in effect in accordance with the terms in the 2009 LTIP. The 2019 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,000,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee. We recognized stock-based compensation expense of $4.7 million and $4.4 million during the three months ended March 31, 2022 and 2021 respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2022:
| Type |  | Restricted Stock |  | RSUs |  | Grant Date Fair Value ($ in millions)
Outstanding at December 31, 2021 |  | 45,185 |  |  | 2,597,941 |  |  |
| Granted |  | — |  |  | — |  |  | N/A
| Vested |  | — |  |  | (18,195) |  |  | N/A
| Forfeiture |  | — |  |  | (12,524) |  |  | N/A
Outstanding at March 31, 2022 |  | 45,185 |  |  | 2,567,222 |  |  |
Below is a summary of restricted stock and RSU vesting dates as of March 31, 2022:
Vesting Year |  | Restricted Stock |  | RSU |  | Total Awards
2022 |  | 38,517 |  |  | 1,242,262 |  |  | 1,280,779 |
2023 |  | 3,334 |  |  | 883,785 |  |  | 887,119 |
2024 |  | 3,334 |  |  | 441,175 |  |  | 444,509 |
Total |  | 45,185 |  |  | 2,567,222 |  |  | 2,612,407 |
At March 31, 2022, we had unrecognized compensation expense of approxima tely $0.1 million and $29.7 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. RSU Deliveries During the three months ended March 31, 2022 and 2021 we delivered 647,349 and 553,008 shares of common stock for 1,136,525 and 953,397 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on our condensed consolidated statement of changes in stockholders' equity. The adjustment was $7.0 million and $4.3 million for the three months ended March 31, 2022 and 2021 respectively. The adjustment is a reduction of capital related to our equity incentive plan and is presented net of increases of capital related to our equity incentive plan in our condensed consolidated statement of changes in stockholders' equity.

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