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Equity-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Equity-Based Compensation |
Equity-Based Compensation | 10. Equity-Based Compensation Equity-based compensation expense under the Holdings 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) as well as the new Holdings 2023 Omnibus Incentive Plan (the “2023 Incentive Plan” and, together with the 2013 Incentive Plan, the “Incentive Plans”), is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Expense from time-based awards | ​ | $ | 2,843 | ​ | $ | 3,844 | ​ | $ | 5,347 | ​ | $ | 7,692
Expense from performance-based awards (a) | ​ | ​ | 844 | ​ | ​ | 188 | ​ | ​ | 1,561 | ​ | ​ | 278
Expense from bonus to be settled in shares (b) | ​ | ​ | 1,021 | ​ | ​ | 503 | ​ | ​ | 2,251 | ​ | ​ | 2,202
Equity-based compensation expense | ​ | $ | 4,708 | ​ | $ | 4,535 | ​ | $ | 9,159 | ​ | $ | 10,172
(a) | Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. During the first quarter of 2022, the Company had a significant amount of forfeitures related to performance-based awards issued to the Company’s former CEO which, subsequent to his departure, did not vest.
(b) | A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.
Time-based Restricted Stock The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Weighted average grant date fair value per share
Balance, January 1, 2023 | ​ | 611,102 | ​ | $ | 32.23
Granted | ​ | 643,113 | ​ | $ | 18.65
Shares vested (including tax withholding) (a) | ​ | (263,067) | ​ | $ | 30.32
Forfeited | ​ | (26,117) | ​ | $ | 25.14
Balance, June 30, 2023 | ​ | 965,031 | ​ | $ | 23.89
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(a) | Pursuant to the terms of the Incentive Plan, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
As of June 30, 2023, there was $14.1 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 years. Performance-based Restricted Stock The following table summarizes equity-based compensation activity related to performance-based restricted stock units:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Weighted average grant date fair value per share
Balance, January 1, 2023 | ​ | 143,199 | ​ | $ | 32.11
Granted (a) | ​ | 220,489 | ​ | $ | 20.26
Shares vested (including tax withholding) (b) | ​ | (24,122) | ​ | $ | 17.77
Forfeited | ​ | (22,778) | ​ | $ | 27.85
Balance, June 30, 2023 | ​ | 316,788 | ​ | $ | 25.26
​
(a) | Represents the total participant target award.
(b) | Pursuant to the terms of the Incentive Plan, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
As of June 30, 2023, there was $4.3 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.7 years. The 2013 Incentive Plan was replaced by the 2023 Incentive Plan, which was approved by the Board of Directors and approved by the Company's stockholders at the annual meeting of stockholders.

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