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Equity-Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
A summary of restricted shares granted in 2020 is as follows:
Date
 
Number of shares
granted
 
Grant date fair
value per share
 
Vesting period
(in years)
 
Vesting criteria
February 18, 2020
 
16,689

 
$
74.91

 
1.0
 
Service
February 18, 2020(1)
 
487,096

 
$
74.91

 
3.0
 
Service and Performance
March 11, 2020
 
11,865

 
$
63.26

 
3.0
 
Service
March 18, 2020
 
3,366

 
$
59.45

 
2.0
 
Service
May 6, 2020(1)
 
3,101

 
$
72.57

 
3.0
 
Service and Performance
______________________________________________________
(1)
This award is subject to an independent performance target for each of three consecutive 12-month measurement periods. Vesting of each tranche is independent of the satisfaction of the annual performance target for other tranches.
Restricted stock transactions in 2020 are as follows:
 
Shares
 
Weighted average grant date
fair value
Balance, December 31, 2019
2,014,983

 
$
46.99

Granted
522,117

 
$
74.53

Forfeited
(7,349
)
 
$
62.95

Vested
(889,933
)
 
$
43.39

Balance, June 30, 2020
1,639,818

 
$
57.65


Equity-based compensation expense was $9.5 million and $12.1 million for the three months ended June 30, 2020 and 2019, respectively, and $20.2 million and $25.4 million for the six months ended June 30, 2020 and 2019, respectively. Equity-based compensation includes accelerated recognition of $0.2 million and $1.9 million for the six months ended June 30, 2020 and 2019, respectively. These expenses are included in Operating expenses in the Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited).
As of June 30, 2020, total unrecognized compensation cost was $54.5 million and is expected to be recognized over a weighted average period of approximately 2.1 years.