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 (including incentive stock 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 six months ended June 30, 2020:

	RSUs			Weighted Average Grant Date Fair Value
Unvested RSUs at December 31, 2019		733,777		$	25.20
Granted		1,278,095		$	10.04
Vested		(255,908	)	$	25.42
Forfeited		(41,008	)	$	24.82
Unvested RSUs at June 30, 2020		1,714,956		$	13.88

Performance Share Units (“PSUs”) — The following table summarizes PSU activity for the six months ended June 30, 2020:

	PSUs			Weighted Average Grant Date Fair Value
Unvested PSUs at December 31, 2019		417,831		$	39.31
Granted		441,642		$	13.05
Vested		—		$	—
Forfeited		(20,772	)	$	36.52
Unvested PSUs at June 30, 2020		838,701		$	25.55

The grant date fair value of the PSUs granted during the six months ended June 30, 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 six months ended June 30, 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,” in the condensed consolidated statements of operations, net amounts capitalized to “Proved Properties,” in the condensed consolidated balance sheet. 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 provided by operating activities” in the condensed consolidated statements of cash flows.

The Company recognized the following share-based compensation expense, net for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Share-based compensation expense	$	4,455		$	3,702		$	7,667		$	5,977
Less: amounts capitalized to oil and gas properties		(2,108	)		(1,741	)		(3,693	)		(2,757	)
Total share-based compensation expense, net	$	2,347		$	1,961		$	3,974		$	3,220