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Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2021
Employee Stock-Based Compensation Expense

Employee equity-based compensation expense under the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Incentive Plan”), net of the amount capitalized in internally developed software, is as follows (in thousands):

Three Months Ended June 30, 

Six Months Ended June 30, 

2021

2020

2021

2020

Expense from time-based awards (a)(b)

$

3,744

$

2,358

$

13,565

$

4,495

Expense from performance-based awards (a)(c)

871

389

1,667

470

Expense from bonus to be settled in shares (d)

1,638

3,075

Equity-based compensation capitalized

(32)

Equity-based compensation expense

$

6,253

$

2,747

$

18,307

$

4,933

(a)Includes awards granted to booj, First Leads, Inc. (“First”), wemlo and Gadberry employees and former owners at the time of acquisition.
(b)During the six months ended June 30, 2021, the Company recognized $5.5 million of expense as a result of the acceleration of significant grants that were issued to two employees of an acquired company who departed during the first quarter of 2021.
(c)Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions.
(d)A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.
Time-based awards  
Restricted Stock Units

Shares

Weighted average
grant date fair
value per share

Balance, January 1, 2021

1,018,008

$

36.74

Granted

243,879

$

41.62

Shares vested (including tax withholding) (a)

(410,418)

$

38.42

Forfeited

(14,457)

$

38.06

Balance, June 30, 2021

837,012

$

37.32

(a)Pursuant to the terms of the Incentive Plan, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
Performance-based awards  
Restricted Stock Units

Shares

Weighted average
grant date fair
value per share

Balance, January 1, 2021

281,735

$

32.34

Granted (a)

55,323

$

41.71

Forfeited

(2,573)

$

28.29

Balance, June 30, 2021

334,485

$

33.92

(a)Represents the total participant target award.