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STOCK BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations (in thousands):
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
Restricted stock units (1), (2)
 
$
7,719

 
$
2,514

Stock options
 
4,177

 
903

Total stock compensation
 
$
11,896

 
$
3,417


(1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
(2)Stock-based compensation expense in 2020 includes $5.5 million of expense recognized for equity awards associated with the acquisition of WLH, which were converted from WLH to TMHC equity awards.
Summary of Activity of Stock Units The following table summarizes the time-based RSU and performance-based RSU activity for the three months ended March 31, 2020:
 
 
Units
 
Weighted Average
Grant Date Fair
Value
Balance at December 31, 2019
 
1,708,393

 
$
19.06

Granted
 
663,964

 
24.80

Vested
 
(619,402
)
 
17.27

Forfeited (1)
 
(3,497
)
 
18.24

Balance at March 31, 2020(2)
 
1,749,458

 
$
21.99


(1) Forfeitures on time-based RSUs are a result of terminations of employment, while forfeitures on performance-based RSUs are a result of failing to attain certain goals as outlined in our stock based compensation awards or termination of employment. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
(2) The balance as of March 31, 2020 excludes 192,017 unvested RSUs relating to the acquisition of WLH.
Summary of Stock Option Activity The following table summarizes the stock option activity for the three months ended March 31, 2020:
 
 
Units
 
Weighted
Average Exercise
Price Per Share
Outstanding at December 31, 2019
 
3,339,244

 
$
18.98

Granted(1)
 
828,253

 
21.95

Exercised
 
(250,149
)
 
18.16

Canceled/Forfeited(1)
 
(14,685
)
 
18.68

Outstanding at March 31, 2020(2)
 
3,902,663

 
$
19.67

Options exercisable at March 31, 2020(2)
 
1,940,328

 
$
18.64


(1)Excludes the number of options granted and canceled in the same period.
(2)Amount excludes 282,470 of outstanding and exercisable options relating to the acquisition of WLH.