Total stock-based compensation was $(91) and $4,244 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was $1,775 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighted average requisite service period of 26 months. As of March 31, 2023, there was $1,875 of unearned compensation related to time-vested stock options, which will be recognized over the remaining requisite service period of 27 months.

During 2020 and 2021, the Company granted 1,164,464 and 1,735,500 cash settled stock appreciation rights, respectively, to certain employees. Each stock appreciation right represents the right to receive a payment measured by the increase in the fair market value of one share of the Company’s stock from the date of grant of the stock appreciation right to the date of exercise of the stock appreciation right. Cash settled stock appreciation rights are classified as liabilities. The 2020 cash settled stock appreciation rights vest ratably over three years and have a contractual life of 10 years. Vesting of the 2021 cash settled stock appreciation rights was contingent upon the achievement of a thirty-day trailing average fair market value of a share of Common Stock of 133.3% ($3.17) or more of the exercise price per share ($2.38). When vesting of an award of stock-based compensation is dependent upon the attainment of a target stock price, the award is considered to be subject to a market condition. During the first quarter of 2021, the market condition for the 2021 cash settled stock appreciation rights was met. The 2021 cash settled stock appreciation rights vest ratably over three years and have a contractual life of 10 years. The Company measures the fair value of unvested cash settled stock appreciation rights using the Black-Scholes option valuation model and remeasures the fair value of the award each reporting period until the award is vested. Once vested the Company immediately recognizes compensation cost for any changes in fair value of cash settled stock appreciation rights until settlement. Fair value of vested cash settled stock appreciation rights represents the fair market value of one share of the Company’s stock on the measurement date less the exercise price per share. Compensation cost for cash settled stock appreciation rights is trued up each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered.

The estimated fair value of the cash settled stock appreciation rights was $2,425 as of March 31, 2023 and $6,163 as of March 31, 2022. Stock-based compensation for cash settled stock appreciation rights was $(595) and $3,759 for the three months ended March 31, 2023 and 2022, respectively.

The fair value of unvested cash settled stock appreciation rights as of March 31, 2023 was estimated using the Black-Scholes option valuation model with the following assumptions:


				Expected	Risk Free
			Expected	Dividend	Interest	Fair Value
Grant Year	Grant Date	Expected Life	Volatility	Yield	Rate	Per Award

2020	1/24/2020	3.4 years	94.77%	0.00%	3.84%	$	2.34
2020	9/14/2020	4.0 years	90.33%	0.00%	3.76%	$	2.27
2020	11/30/2020	4.2 years	88.34%	0.00%	3.73%	$	2.16
2021	1/5/2021	4.3 years	87.87%	0.00%	3.71%	$	2.22