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Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | EQUITY-BASED COMPENSATION Grants of Restricted Stock Units The following table summarizes the activity related to the Company's restricted stock units ("RSUs") for the nine months ended September 30, 2023:
| Number of RSUs |  | Weighted average grant date fair value
Balance as of December 31, 2022, unvested | 3,158,686 |  |  | $ | 9.01 |
Granted | 2,420,081 |  |  | $ | 4.42 |
Vested | (867,897) |  |  | $ | 9.09 |
Forfeited | (666,078) |  |  | $ | 7.98 |
Balance as of September 30, 2023, unvested | 4,044,792 |  |  | $ | 6.42 |
Total compensation expense for RSUs was ap proximately $2.3 million and $6.7 million for the three and nine months ended September 30, 2023, respectively, and $2.0 million and $5.2 million for the three and nine months ended September 30, 2022, r espectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. As of September 30, 2023, total compensation cost related to unvested RSUs not yet recognized is $23.4 million and is expected to be recognized over a weighted-average period of approximately 2.7 years. Grants of Stock Options The following table summarizes the activity related to the outstanding and exercisable stock options for the nine months ended September 30, 2023:
| Number of options |  | Weighted average exercise price |  | Weighted average grant date fair value |  | Weighted average remaining contractual term (years)
Outstanding as of December 31, 2022 | 857,615 |  | $ | 12.00 |  |  | $ | 4.27 |  |  | 8.7
Forfeited | (88,128) |  | $ | 12.00 |  |  | $ | 4.29 |  |  | — |
Outstanding as of September 30, 2023 | 769,487 |  |  | $ | 12.00 |  |  | $ | 4.27 |  |  | 8.0
Exercisable as of September 30, 2023 | 538,030 |  | $ | 12.00 |  |  | $ | 4.26 |  |  | 8.0
Unvested as of September 30, 2023 | 231,457 |  | $ | 12.00 |  |  | $ | 4.29 |  |  | 8.0
Vested and expected to vest as of September 30, 2023 | 769,487 |  |  | $ | 12.00 |  |  | $ | 4.27 |  |  | 8.0
As of September 30, 2023, the vested stock options did not have an aggregated intrinsic value as the exercise price exceeded the estimated fair market value of the stock options. Total compensation expense for stock options was approximately $0.2 million and $0.6 million, for the three and nine months ended September 30, 2023, respectively, and $0.2 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. As of September 30, 2023, total compensation cost related to unvested options not yet recognized is $1.0 million and is expected to be recognized over a weighted-average period of approximately 1.5 years. Outstanding Restricted LLC Units The following table summarizes the activity related to the unvested restricted LLC Units for the nine months ended September 30, 2023:
| Number of restricted LLC Units |  | Weighted average grant date fair value
Balance, December 31, 2022, unvested | 615,000 |  |  | $ | 0.61 |
Vested | (333,041) |  |  | $ | 0.48 |
Forfeited | (19,950) |  |  | $ | 0.32 |
Balance, September 30, 2023, unvested | 262,009 |  |  | $ | 0.81 |
Total compensation expense for unvested restricted LLC Units was $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. As of September 30, 2023, total compensation cost related to unvested restricted LLC Units not yet recognized is $0.2 million and is expected to be recognized over a weighted-average period of approximately 1.4 years.

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