Under the Talos Energy Inc. Long Term Incentive Plan (the “LTIP”), the Company may issue, subject to approval by the Talos board of directors, grants of options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, substitute awards or any combination of the foregoing to employees, directors and consultants. The LTIP authorizes the Company to grant awards of up to 5,415,576 shares of the Company’s common stock.

Restricted Stock Units (“RSUs”) — The following table summarizes RSU activity for the three months ended March 31, 2020:

	Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested RSUs at December 31, 2019		733,777		$	25.20
Granted		1,278,095		$	10.04
Vested		(225,507	)	$	24.36
Forfeited		(36,677	)	$	24.72
Unvested RSUs at March 31, 2020		1,749,688		$	14.24

Performance Share Units (“PSUs”) — The following table summarizes PSU activity for the three months ended March 31, 2020:

	Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested PSUs at December 31, 2019		417,831		$	39.31
Granted		441,642		$	13.05
Vested		—		$	—
Forfeited		(18,533	)	$	35.74
Unvested PSUs at March 31, 2020		840,940		$	25.60

The grant date fair value of the PSUs granted during the three months ended March 31, 2020, calculated using a Monte Carlo simulation, was $5.8 million. The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted for the three months ended March 31, 2020:

	2020 Grant Date
	March 5, 2020
Number of simulations		100,000
Expected term (in years)		2.8
Expected volatility		48.8	%
Risk-free interest rate		0.6	%
Dividend yield		—	%

Share-based compensation expense associated with RSUs, PSUs and Series B Units are reflected as general and administrative expense, net amounts capitalized to oil and gas properties, in the condensed consolidated statement of operations. Because of the non-cash nature of share-based compensation, the expensed portion of share-based compensation is added back to net income in arriving at net cash used in or provided by operating activities in the condensed consolidated statement of cash flows.

For the three months ended March 31, 2020, share-based compensation expense did not have any associated income tax benefit. The Company recognized the following share-based compensation expense, net for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Share-based compensation expense	$	3,212		$	2,275
Less: amounts capitalized to oil and gas properties		(1,585	)		(1,016	)
Total share-based compensation expense, net	$	1,627		$	1,259