Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Stock-Based Compensation [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

During the three months ended March 31, 2020, we granted restricted stock units (which we refer to as “RSUs”) covering 0.3 million shares of common stock with a grant date fair value of $31.19 per share that vest over a three year period. During the three months ended March 31, 2020 we did not grant any additional performance share units (which we refer to as “PSUs”), however our recognition of stock based expense associated with previously granted PSU awards was updated to reflect probable financial results as they relate to the performance goals of the awards. Accordingly, our estimate of the number of shares which will ultimately vest under our PSU awards decreased by 0.3 million, and we recorded a cumulative catch-up adjustment to decrease stock-based compensation expense of $2.4 million.

A summary of our outstanding RSUs and PSUs, assuming target level of performance, are as follows (in thousands, except years):

	As of March 31, 2020
Unvested units		814
Unrecognized compensation cost	$	13,823
Period to recognize compensation cost		1.39 years

During the three months ended March 31, 2020 and 2019, we recognized stock-based compensation expense of $1.7 million and $3.5 million, respectively. Stock-based compensation expense is included in selling, general, and administrative expense on our condensed consolidated statements of operations.