Employee equity-based compensation expense, net of the amount capitalized in internally developed software, is as follows (in thousands):

(a)

Includes expense recognized and costs capitalized in connection with the awards granted to booj employees and former owners at the time of acquisition.

(b)

Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. The Company granted certain performance awards to booj employees that vested in 2019 and therefore have no comparable amounts in 2020.

(c)

In 2019, the Company revised its annual bonus plan so that a portion of the bonus for most employees would be settled in shares if the Company met certain performance metrics. The Company eliminated the 2020 corporate bonus as part of cost savings measures in connection with the COVID-19 pandemic.

Time-based Restricted Stock Units

The following table summarizes equity-based compensation activity related to time-based restricted stock units (“RSUs”):


	RSUs	Weighted average grant date fair value per share
Balance, January 1, 2020	455,452	$	46.15
Granted	295,437	$	29.16
Shares vested (including tax withholding) ^(a)	(163,028)	$	45.58
Forfeited	(2,711)	$	42.08
Balance, March 31, 2020	585,150	$	37.75

(a)

Pursuant to the terms of the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards.

At March 31, 2020, there was $18.9 million of total unrecognized RSU expense, all of which is related to unvested awards. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.2 years for time-based restricted stock units.

Performance-based Restricted Stock Units

The following table summarizes equity-based compensation activity related to performance-based restricted stock units (“PSUs”):


	PSUs	Weighted average grant date fair value per share
Balance, January 1, 2020	139,964	$	45.31
Granted ^(a)	203,202	$	28.29
Shares vested	(6,331)	$	38.49
Forfeited	(4,034)	$	43.95
Balance, March 31, 2020	332,801	$	35.07

(a)	Represents the total participant target award.

At March 31, 2020, there was $3.7 million of total unrecognized PSU expense, all of which is related to unvested awards. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.5 years for PSUs.