Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Employee Stock-Based Compensation Expense

Employee stock-based compensation expense under the Company’s Incentive Plan, net of the amount capitalized in internally developed software, is as follows (in thousands):

	Year Ended
	December 31,
	2022		2021		2020
Expense from time-based awards (a)	$	16,103	$	21,042	$	12,224
Expense from performance-based awards (b)		2,175		6,073		2,150
Expense from bonus to be settled in shares (c)		3,766		7,183		1,925
Equity-based compensation capitalized		—		—		(32)
Equity-based compensation expense		22,044		34,298		16,267
Tax benefit from equity-based compensation		(3,238)		(5,052)		(2,308)
Deficit / (excess) tax benefit from equity-based compensation		536		(121)		378
Net compensation cost	$	19,342	$	29,125	$	14,337

(a) During 2022, the Company recognized $2.2 million of expense upon the acceleration of certain grants issued in connection with the restructuring, as further discussed in Note 2, Summary of Significant Accounting Policies. In addition, during the third quarter of 2022, the Company recognized $1.4 million of expense upon acceleration of certain grants that were issued to two employees and former owners of an acquired company who departed during the third quarter of 2022.

(b) Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. During the first quarter of 2022, the Company had a significant amount of forfeitures related to performance-based awards issued to the Company’s former CEO which, subsequent to his departure, will no longer vest.

(c) A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.

Time-based awards

Schedule of Restricted Stock Units

The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards:

	Shares	Weighted average grant date fair value per share
Balance, January 1, 2022	765,813	$	36.84
Granted (a)	512,741	$	27.58
Shares vested (including tax withholding) (b)	(485,450)	$	34.09
Forfeited	(182,002)	$	32.74
Balance, December 31, 2022	611,102	$	32.48

(a) The weighted average grant date fair value per share for the years ended December 31, 2021 and 2020 were $39.14 and $33.05, respectively.

(b) 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

Schedule of Restricted Stock Units

The following table summarizes equity-based compensation activity related to PSUs:

	Shares	Weighted average grant date fair value per share
Balance, January 1, 2022	241,821	$	31.02
Granted (a)	263,060	$	27.68
Shares vested (including tax withholding) (b)(c)	(184,592)	$	28.00
Forfeited	(202,008)	$	29.95
Balance, December 31, 2022	118,281	$	30.13

(a) The weighted average grant date fair value per share for the years ended December 31, 2021 and 2020 were $40.02 and $28.34, respectively.

(b) 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.

(c) Includes PSUs that were granted on December 31, 2020, that vested on December 31, 2022. The number of shares that vest are dependent on the minimum thresholds conditions.