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Long-Term Incentive Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Long-Term Incentive Compensation | Long-Term Incentive Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of service-based restricted stock awards is determined by the quoted market price of the Company's common stock on the date of grant. The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Stock-based compensation expense recognized during the years ended December 31, 2022, 2021 and 2020 totaled $6.9 million, $7.9 million and $8.4 million, respectively. Restricted Stock Awards The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon achievement of predefined specific performance objectives generally measured over a three-year period. The performance objectives for performance-based restricted stock units granted in 2022 and 2021 are based on the Company's cumulative EBITDA over a three-year period. The performance objective for performance-based stock units granted in 2020 is based on the Company's EBITDA growth rate over a three-year period. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. Service-based restricted stock awards generally vest on a straight-line basis over a three-year term. The following table presents changes in restricted stock awards and related information for the year ended December 31, 2022 (shares in thousands):
| Service-based Restricted Stock |  | Performance- and Service-based Stock Units |  |
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Number of Restricted Shares and Units
Unvested, December 31, 2021 | 993 |  |  | $ | 9.29 |  |  | 358 |  |  | $ | 8.49 |  |  | 1,350 |
Granted | 790 |  |  | 6.51 |  |  | 272 |  |  | 6.51 |  |  | 1,063 |
Vested | (549) |  |  | 10.05 |  |  | — |  |  | — |  |  | (549) |
Forfeited | (12) |  |  | 12.41 |  |  | (136) |  |  | 11.15 |  |  | (148) |
Unvested, December 31, 2022 | 1,222 |  |  | $ | 7.12 |  |  | 494 |  |  | $ | 6.67 |  |  | 1,716 |
The total fair value of restricted stock awards that vested in 2022, 2021 and 2020 was $5.5 million, $9.3 million and $14.5 million, respectively. As of December 31, 2022, there was $6.8 million of total compensation costs related to unvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average vesting period of 1.5 years. As of December 31, 2022, approximately 4.2 million shares were available for future grant under the Company's Amended and Restated Equity Participation Plan. Stock Options No options were awarded or exercised in 2022, 2021 or 2020. As of December 31, 2022, the Company had 245 thousand stock options outstanding and exercisable, with exercise prices ranging from $42.29 to $58.54 and a weighted-average contractual life of 1.1 years. Long-Term Cash Incentive Awards The Company issued conditional long-term cash incentive awards ("Cash Awards") totaling $1.5 million in both 2022 and 2021. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for each annual grant ranges from zero to a maximum of $3.1 million, but is limited to the targeted award value if the Company's total stockholder return is negative over the respective performance period. Obligations related to these Cash Awards are classified as liabilities and recognized over the vesting period.

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