Compensation Related Costs, Share Based Payments

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The 2014 Omnibus Equity Incentive Plan and the 2024 Omnibus Incentive Plan, are administered by the Board and allow for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), restricted stock units (RSUs), stock options and other stock based awards.

2024 Omnibus Incentive Plan

On June 11, 2024, the 2024 Omnibus Incentive Plan was approved by the stockholders of the Company. As of June 11, 2024, no further awards may be made under the Green Brick Partners, Inc. 2014 Omnibus Equity Incentive Plan.

Share-Based Award Activity

During the six months ended June 30, 2024, the Company granted SAs to executive officers, RSAs to non-employee members of the Board, and PRSUs to employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are usually granted with a one-year vesting for non-employee directors, two-year cliff vesting for employee RSAs, and three-year cliff vesting for PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. Stock options were also exercised by an executive officer during the three months ended June 30, 2024. The Company withheld 284,521 shares of common stock from executive officers and employees at a total cost of $11.3 million, to satisfy statutory minimum tax requirements upon grant of the SAs, vesting of RSAs, and exercise of stock options.

A summary of share-based awards activity during the six months ended June 30, 2024 is as follows:


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share

Unvested, December 31, 2023	92	$	33.56
Granted	172	$	51.75
Vested	(149)	$	46.69
Forfeited	(1)	$	36.44
Unvested, June 30, 2024	114	$	43.77

Stock Options

A summary of stock options activity during the six months ended June 30, 2024 is as follows:


	Number of Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, December 31, 2023	500	$	7.49	0.82	$	22,225
Granted	—	—		—	—
Exercised	(500)	7.49		—	23,160
Forfeited	—	—		—	—
Options outstanding, June 30, 2024	—	$	—	—	$	—
Options exercisable, June 30, 2024	—	$	—	—	$	—

Share-Based Compensation Expense

Share-based compensation expense was $0.8 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, share-based compensation expense was $7.1 million and $6.0 million, respectively.

As of June 30, 2024, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs and PRSUs, net of forfeitures, was $3.2 million which is expected to be recognized over a weighted-average period of 1.9 years.