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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock Options There were no new stock option grants during the six months ended June 30, 2023. As of June 30, 2023, t here was no aggregate intrinsic value for our outst anding or exercisable stock options because the closing stock price as of June 30, 2023 was below the cost to exercise these options. No stock options were exercised during the six months ended June 30, 2023. The weighted average remaining contractual term for the outstanding and exercisable stock options as of June 30, 2023 w as approximately 2.9 years. A summary of the stock option activity for the six months ended June 30, 2023 is presented below (in thousands, except for weighted average price):
|  | Number of Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2023 |  | 488 |  |  | $ | 14.00 |
Granted |  | — |  |  | $ | — |
Exercised |  | — |  |  | $ | — |
Forfeited |  | — |  |  | $ | — |
Expired |  | (246) |  |  | $ | 14.00 |
Outstanding at June 30, 2023 |  | 242 |  |  | $ | 14.00 |
Exercisable at June 30, 2023 |  | 242 |  |  | $ | 14.00 |
Restricted Stock Units During the six months ended June 30, 2023, we granted 1,072,575 restricted stock units ("RSUs") to employees, officers and directors pursuant to the ProPetro Holding Corp. 2020 Long Term Incentive Plan (the "2020 Incentive Plan"), which generally vest ratably over a three-year vesting period, in the case of awards to employees and officers, and generally vest in full after one year, in the case of awards to directors. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Each RSU represents the right to receive one share of common stock. The grant date fair value of the RSUs is based on the closing share price of our common stock on the date of grant. As of June 30, 2023, the total unrecognized compensation expense for all RSUs was approximately $14.4 million, and is expected to be recognized over a weighted average period of approximately 2.0 years. The following table summarizes RSUs activity during the six months ended June 30, 2023 (in thousands, except for fair value):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023 |  | 1,268 |  |  | $ | 10.91 |
Granted |  | 1,073 |  |  | $ | 9.32 |
Vested |  | (511) |  |  | $ | 10.88 |
Forfeited |  | (55) |  |  | $ | 10.49 |
Canceled |  | — |  |  | $ | — |
Outstanding at June 30, 2023 |  | 1,775 |  |  | $ | 9.97 |
Performance Share Units During the six months ended June 30, 2023, we granted 454,788 performance share units ("PSUs") to certain key employees and officers as new awards under the 2020 Incentive Plan. Each PSU earned represents the right to receive either one share of common stock or, as determined by the 2020 Incentive Plan administrator in its sole discretion, a cash amount equal to fair market value of one share of common stock or amount of cash on the day immediately preceding the settlement date. The actual number of shares of common stock that may be issued under the PSUs ranges from 0% up to a maximum of 200% of the target number of PSUs granted to the participant, based on our total shareholder return ("TSR") relative to a designated peer group, generally at the end of a three year period. In addition to the TSR conditions, vesting of the PSUs is generally subject to the recipient’s continued employment through the end of the applicable performance period. Compensation expense is recorded ratably over the corresponding requisite service period. The grant date fair value of PSUs is determined using a Monte Carlo probability model. Grant recipients do not have any shareholder rights until performance relative to the peer group has been determined following the completion of the performance period and shares have been issued. The following table summarizes information about PSUs activity during the six months ended June 30, 2023 (in thousands, except for weighted average fair value):
Period Granted |  | Target Shares Outstanding at January 1, 2023 |  | Target Shares Granted |  | Target Shares Vested |  | Target Shares Forfeited |  | Target Shares Outstanding at June 30, 2023
2020 |  | 809 |  |  | — |  |  | (493) |  |  | (315) |  |  | — |
2021 |  | 632 |  |  | — |  |  | — |  |  | — |  |  | 632 |
2022 |  | 316 |  |  | — |  |  | — |  |  | — |  |  | 316 |
2023 |  | — |  |  | 455 |  |  | — |  |  | — |  |  | 455 |
Total |  | 1,757 |  |  | 455 |  |  | (493) |  |  | (315) |  |  | 1,403 |
Weighted Average FV Per Share |  | $ | 12.72 |  |  | $ | 14.40 |  |  | $ | 8.30 |  |  | $ | 8.30 |  |  | $ | 15.81 |
The total stock-based compensation expense for the six months ended June 30, 2023 and 2022 for all stock awards was $7.3 million and $14.8 million, respectively, and the associated tax benefit related thereto was $1.5 million and $3.1 million, respectively. The total unrecognized stock-based compensation expense as of June 30, 2023 was approximately $24.5 million, and is expected to be recognized over a weighted average period of approximately 1.8 years.

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