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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | NOTE 8. Stock-Based Compensation Restricted Share Units ("RSUs"). RSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. RSUs are subject to graded vesting, generally ranging between one and three years and the fair value of the RSUs is equal to the Company's common stock price on the date of grant. RSU activity for the three months ended March 31, 2024 is as follows (in thousands, except for weighted-average grant date fair value):
|  | Number of RSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2023 (1) |  |  | 3,725 |  |  | $ | 15.67 |
Granted |  |  | 1,668 |  |  |  | 16.94 |
Vested and delivered |  |  | (1,283 | ) |  |  | 15.70 |
Forfeited |  |  | (85 | ) |  |  | 15.64 |
Outstanding as of March 31, 2024 (1) |  |  | 4,025 |  |  | $ | 16.19 |
(1) Includes 358 RSUs that were vested, but not yet delivered. Performance Share Units ("PSUs"). PSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting. The fair value of the PSUs is equal to the Company’s common stock price on the date of grant. Expense related to PSUs is recognized when the performance conditions are probable of being achieved. The percentage of PSUs that shall vest will range from 0% to 200% of the number of PSUs granted based on the Company’s future performance related to certain revenue and adjusted earnings before interest, income taxes, depreciation and amortization targets over a three-year performance period. These PSUs are subject to cliff vesting after the end of the respective performance period. PSU activity for the three months ended March 31, 2024 is as follows (in thousands, except for weighted-average grant date fair value):
|  | Number of PSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding as of December 31, 2023 |  |  | 512 |  |  | $ | 15.66 |
Granted |  |  | 282 |  |  |  | 16.94 |
Vested and delivered |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Outstanding as of March 31, 2024 |  |  | 794 |  |  | $ | 16.12 |
Stock Options. Stock options represent the right to purchase shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. Stock options are subject to three-year cliff vesting and expire 10 years from the grant date. Stock option activity for the three months ended March 31, 2024 is as follows (in thousands, except for weighted-average grant date fair value and weighted-average remaining contractual term):
|  | Number of Options |  |  | Weighted-Average Grant Date Fair Value |  |  | Weighted-Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2023 |  |  | 1,067 |  |  | $ | 6.28 |  |  |  | 6.98 |  |  | $ | 9,096 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding as of March 31, 2024 |  |  | 1,067 |  |  | $ | 6.28 |  |  |  | 6.73 |  |  | $ | 7,186 |
Exercisable as of March 31, 2024 |  |  | 804 |  |  | $ | 5.27 |  |  |  | 6.33 |  |  | $ | 6,631 |

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