Equity-Based Compensation

3 Months Ended

Mar. 31, 2025

Equity-Based Compensation

Equity-Based Compensation

10. Equity-Based Compensation

Equity-based compensation expense under the Holdings 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) as well as the 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
	March 31,
	2025		2024
Expense from time-based awards	$	3,921	$	3,661
Expense from performance-based awards (a)		1,415		881
Expense from bonus to be settled in shares (b)		1,010		1,381
Equity-based compensation expense	$	6,346	$	5,923

(a) Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions.

(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.

Time-based Restricted Stock

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, 2025	1,743,345	$	10.40
Granted	1,414,195	$	8.89
Shares vested (including tax withholding) (a)	(758,721)	$	11.50
Forfeited	(110,281)	$	10.03
Balance, March 31, 2025	2,288,538	$	9.13

(a) Pursuant to the terms of the Incentive Plans, 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.

As of March 31, 2025, there was $16.5 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.2 years.

Performance-based Restricted Stock

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, 2025	1,025,661	$	6.22
Granted (a)	650,418	$	9.44
Forfeited	(112,550)	$	9.42
Balance, March 31, 2025	1,563,529	$	7.33

(a) Represents the total participant target award.

As of March 31, 2025, there was $5.1 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 years.