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Equity Incentive Plans
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (“2015 Plan”), the Company may grant stock options, stock appreciation rights, restricted shares of common stock, restricted stock units ("RSUs"), PSUs and other share-based and cash-based awards to members of the Board of Directors, officers, employees, consultants and advisors of the Company. As of September 30, 2020, the only awards granted under the 2015 Plan were RSUs and PSUs.
Restricted Stock and Performance Stock Units
RSUs granted to members of the Board of Directors vest immediately into shares of common stock. RSUs granted to Company officers generally vest over three years, with one-third of each grant vesting annually, subject to the recipient's continued employment with the Company. RSUs granted to other employees, consultants and advisors of the Company vest in accordance with the terms of the grants, generally over three years, subject to the recipient’s continued service to the Company. PSUs vest, subject to the recipient's continued employment with the Company, based upon the Company's performance against specified metrics which are generally over a three year performance period. At the end of the performance period, the number of shares of common stock that could be issued is fixed based upon the Company's performance against these metrics. The number of shares that could be issued can range from 0% to 200% of the recipient's target award. Recipients of the awards granted under the 2015 Plan may elect to defer receipt of all or any portion of any shares of common stock issuable upon vesting to a future date elected by the recipient.
All RSUs and PSUs granted under the 2015 Plan have DERs, which entitle holders of RSUs and PSUs to the same dividend value per share as holders of common stock and can be paid in either cash or common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs and PSUs. DERs are paid when the underlying shares of common stock are delivered.
A summary of the Company’s RSUs and PSUs as of September 30, 2020 and changes during the nine months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUsof PSUsFair Value PSUs
Outstanding as of December 31, 2019947,243 $23.49 207,077 $23.47 
Granted519,208 25.92 252,031 25.45 
Vested (1)
(94,406)25.22 (789)25.45 
Forfeited(58,816)24.06 (743)25.45 
Outstanding as of September 30, 20201,313,229 $24.30 457,576 $24.55 

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(1) Includes 64,475 shares of common stock related to RSUs and no shares of common stock related to PSUs that were not delivered as of September 30, 2020.
A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:
Nine months endedNine months ended
 September 30, 2020September 30, 2019
RSUsPSUsRSUsPSUs
Shares of common stock issued (1)
62,855 789 407,083 900,226 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(16,972)(269)(123,013)(325,246)
Net shares of common stock issued45,883 520 284,070 574,980 
Cumulative undelivered shares of common stock252,601 — 172,627 — 
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(1) Shares of common stock issued in 2019 related to PSUs represents PSUs that vested in 2018 but were delivered in common stock during the nine months ended September 30, 2019.
Compensation expense recorded related to RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2020201920202019
RSUs$2,876 $2,175 $9,141 $6,915 
PSUs634 430 444 1,076 
The remaining unrecognized compensation expense related to unvested RSUs and unvested PSUs was $16.3 million and $5.7 million, respectively, as of September 30, 2020 and is expected to be recognized over the related weighted average period of 1.9 years and 2.3 years, respectively.
Compensation Expense
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2020201920202019
Cost of goods sold$357 $218 $985 $579 
Selling, general and administrative3,090 2,153 8,379 6,794 
Research and development227 234 713 618 
Total compensation expense before income tax3,674 2,605 10,077 7,991 
Income tax benefit811 580 2,123 1,716 
Total compensation expense, net of income tax$2,863 $2,025 $7,954 $6,275