Schedule of Employee Stock-Based Compensation Expense

Equity-based compensation expense under the Holdings 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) as well as the new Holdings 2023 Omnibus Incentive Plan (the “2023 Incentive Plan” and, together with the 2013 Incentive Plan, the “Incentive Plans”), is as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Expense from time-based awards	$	2,843	$	3,844	$	5,347	$	7,692
Expense from performance-based awards^(a)		844		188		1,561		278
Expense from bonus to be settled in shares^(b)		1,021		503		2,251		2,202
Equity-based compensation expense	$	4,708	$	4,535	$	9,159	$	10,172

(a)

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, did not vest.

(b)	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.

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, 2023	611,102	$	32.23
Granted	643,113	$	18.65
Shares vested (including tax withholding) ^(a)	(263,067)	$	30.32
Forfeited	(26,117)	$	25.14
Balance, June 30, 2023	965,031	$	23.89

(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.

Schedule of Restricted Stock Units

The following table summarizes equity-based compensation activity related to performance-based restricted stock units:


	Shares	Weighted average grant date fair value per share
Balance, January 1, 2023	143,199	$	32.11
Granted ^(a)	220,489	$	20.26
Shares vested (including tax withholding) ^(b)	(24,122)	$	17.77
Forfeited	(22,778)	$	27.85
Balance, June 30, 2023	316,788	$	25.26

(a)	Represents the total participant target award.

(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.