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Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Equity Equity
Restricted Stock Units
Restricted stock units (“RSUs”) granted pursuant to the Long Term Incentive Plan (“LTIP”), if they vest, will be settled in shares of the Company’s Class A Common Stock. RSUs were granted with vesting terms up to five years. Changes in non-vested RSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows:
Number of UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20222,985,727 $12.15 
Granted553,069 15.49 
Vested(108,543)11.83 
Forfeited(25,297)11.69 
Outstanding as of March 31, 20233,404,956 $12.71 
Performance Restricted Stock Units
Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three-year cliff vesting schedule, subject to a performance target compared to an index of competitors’ results over the three-year period as designated in the award. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows:
Number of UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20221,390,588 $11.87 
Granted341,928 15.64 
Vested— — 
Forfeited— — 
Outstanding as of March 31, 20231,732,516 $12.61 
Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. The Company recognized stock-based compensation expense of $7.2 million and $6.8 million for the three months ended March 31, 2023 and 2022, respectively. There was approximately $36.9 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of March 31, 2023. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years.
Dividends
The Company paid cash dividends of $0.05 per share of Class A Common Stock on March 20, 2023 to stockholders of record as of March 6, 2023. The Company paid the cash dividend to all holders of shares of Class A Common Stock as of March 6, 2023, which totaled $8.8 million.
As of March 31, 2023 and December 31, 2022, the Company had $0.5 million and $0.2 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividends related to forfeited RSUs will be forfeited.
Share Repurchase Program
On July 25, 2022, the Company’s board of directors authorized and the Company announced a share repurchase program that allows the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through and including July 31, 2024. Additionally, on January 24, 2023 the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $500.0 million. The shares may be repurchased from time to time in open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through July 2024.
During the three months ended March 31, 2023, the Company repurchased and retired 5,166,730 shares of Class A Common Stock for $74.6 million or $14.45 average price per share including commissions, under the share repurchase program.
As of March 31, 2023, $300.0 million, including commissions paid, remained authorized for future repurchases of Class A Common Stock under the share repurchase program.
The Company accounts for the purchase price of repurchased common shares in excess of par value ($0.01 per share of Class A Common Stock) as a reduction of additional paid-in capital, and will continue to do so until additional paid-in capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction to retained earnings.
As enacted by the Inflation Reduction Act of 2022 (“IRA”), the Company has accrued stock repurchase excise tax of $0.5 million for the three months ended March 31, 2023.