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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Note I - Stock-based Compensation On April 20, 2023, Kforce’s shareholders approved the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan allows for the issuance of stock options, stock appreciation rights (“SAR”), stock awards (including restricted stock awards (“RSAs”) and restricted stock units (“RSUs”)) and other stock-based awards. The aggregate number of shares reserved under the 2023 Plan is approximately 3.2 million. Grants of an option or SAR reduce the reserve by one share, while a restricted stock award reduces the reserve by 2.72 shares. The 2023 Plan terminates on April 20, 2033. Restricted stock (including RSAs and RSUs) is granted to directors, executives and management either for awards related to Kforce’s annual long-term incentive program or as part of a compensation package for attraction and retention purposes. The following table presents the restricted stock activity for the nine months ended September 30, 2023 (in thousands, except per share amounts):
| Number of Restricted Stock |  | Weighted-Average Grant Date Fair Value |  | Total Intrinsic Value of Restricted Stock Vested
Outstanding at December 31, 2022 | 911 |  |  | $ | 54.42 |  |  |
Granted | 70 |  |  | $ | 57.40 |  |  |
Forfeited | (89) |  |  | $ | 53.59 |  |  |
Vested | (49) |  |  | $ | 48.41 |  |  | $ | 2,952 |
Outstanding at September 30, 2023 | 843 |  |  | $ | 55.11 |  |  |
As of September 30, 2023, total unrecognized stock-based compensation expense related to restricted stock was $29.5 million, which is expected to be recognized over a weighted-average remaining period of 4.5 years. During the three and nine months ended September 30, 2023, stock-based compensation expense was $6.0 million and $14.6 million, respectively. During the three and nine months ended September 30, 2022, stock-based compensation expense was $4.5 million and $13.3 million, respectively. Stock-based compensation expense is included in Selling, general and administrative expenses (“SG&A”) in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

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