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Share-based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation
14. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively.
All grants are time based and vest either immediately or over a period established at grant, typically with a requisite service period of two to three years for the employee to vest in the stock-based award, subject to discretion by Compensation Committee of the Board of Directors. There are no other substantive conditions for vesting. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures as they are incurred, using the straight-line basis.

Restricted Stock

A summary of INNOVATE’s restricted stock activity is as follows:
SharesWeighted Average Grant Date Fair Value
Unvested - December 31, 20221,141,806 $2.56 
Granted506,955 $2.57 
Vested(1,023,032)$2.32 
Unvested - December 31, 2023625,729 $2.95 
Granted650,936 $0.61 
Vested(208,614)$3.46 
Unvested - March 31, 20241,068,051 $1.43 

The aggregate vesting date fair value of the restricted stock awards which vested during the three months ended March 31, 2024 and 2023 was $0.2 million and $0.8 million, respectively. As of March 31, 2024, the total unrecognized stock-based compensation expense related to unvested restricted stock awards was $1.2 million and is expected to be recognized over the remaining weighted-average period of 1.8 years.

Stock Options

A summary of INNOVATE’s stock option activity is as follows:
SharesWeighted Average Exercise Price
Outstanding - December 31, 20224,995,150 $5.02 
Expired(352,339)$3.12 
Outstanding and exercisable- December 31, 20234,642,811 $5.17 
Expired(8,521)$1.46 
Outstanding and exercisable - March 31, 20244,634,290 $5.17 
As of March 31, 2024, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were zero and approximately 0.3 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of March 31, 2024, there were no unvested stock options and no unrecognized stock-based compensation expense related to unvested stock options.