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Share-Based Payments
 12 Months Ended
Dec. 31, 2023
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 $17.4 million, $18.3 million and $17.6 million during the years ended December 31, 2023, 2022, and 2021 respectively related to restricted stock and RSU vesting.
The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the years ended December 31, 2023, 2022, and 2021:
TypeRestricted StockRSUsGrant Date Fair Value ($ in millions)
Outstanding at December 31, 202082,235 2,455,853 
Granted45,185 1,323,487 $18.2 
Vested(82,235)(1,136,525)N/A
Forfeiture— (44,874)N/A
Outstanding at December 31, 202145,185 2,597,941 
Granted49,434 1,541,135 $18.2 
Vested(38,517)(1,260,456)N/A
Forfeiture— (13,466)N/A
Outstanding at December 31, 202256,102 2,865,154 
Granted75,754 1,082,564 $13.8 
Vested(52,768)(1,389,059)N/A
Forfeiture— (20,327)N/A
Outstanding at December 31, 202379,088 2,538,332 

Below is a summary of restricted stock and RSU vesting dates as of December 31, 2023: 
Vesting YearRestricted StockRSUsTotal Awards
202479,088 1,307,502 1,386,590 
2025— 869,960 869,960 
2026— 360,870 360,870 
Total79,088 2,538,332 2,617,420 
At December 31, 2023, we had unrecognized compensation expense of approximately $0.2 million and $30.5 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. The unrecognized compensation expense related to the vesting of restricted awards and RSUs are expected to be recognized over a weighted average period of 1.6 years.
RSU Deliveries
During the years ended December 31, 2023, 2022 and 2021 we delivered 686,856, 652,501 and 553,008 shares of common stock for 1,264,352, 1,145,090 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 consolidated statement of changes in stockholders' equity. The adjustment was $6.9 million, $7.0 million and $4.4 million for the years ended December 31, 2023, 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 consolidated statement of changes in stockholders' equity.