The Company sponsors the 2018 Equity and Incentive Compensation Plan (the “2018 Equity Plan”). See Note 14 to the Company’s audited consolidated financial statements in the 2022 Form 10-K for more information on the 2018 Equity Plan, the Long-Term Incentive (LTI) Plan and stock-based compensation awards for the year ended December 31, 2022, including restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance stock units (“PSUs”).

The following table shows the activity of restricted stock awards during the six months ended June 30, 2023:



	Number of restricted shares	Weighted-average grant date fair value
Non-vested shares, beginning of year	295,076	$	25.83
Granted	10,440	27.42
Vested	(96,265)	24.08
Forfeited	(27,826)	22.69
Non-vested shares at June 30, 2023	181,425	$	27.33

In the first half of 2023, the Company granted an aggregate of 10,440 RSAs to various employees, under the LTI Plan. The fair value of the RSAs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which averaged $27.42 per RSA. These RSAs will vest in three equal installments on each of the first three anniversaries of the grant date.

The Company recorded compensation expense related to the RSAs of $0.5 million and $0.8 million during the three months ended June 30, 2023 and 2022, respectively, and $1.5 million and $1.6 million during the six months June 30, 2023 and 2022, respectively. The total unamortized deferred compensation expense of $2.1 million for all unvested restricted stock outstanding at June 30, 2023 will be recognized over a weighted average period of 1.4 years.

The following table shows the activity of RSUs and PSUs during the six months ended June 30, 2023:



	Stock-settled RSUs			Stock-settled PSUs
	Number of RSUs	Weighted-average grant date fair value			Number of PSUs	Weighted-average grant date fair value
Non-vested, beginning of year	123,970	$	22.83		137,199	$	17.43
Granted	207,976	24.66			53,420	25.09
Vested	(64,181)	22.65			(10,442)	19.00
Forfeited	(8,220)	26.21			(2,867)	33.63
Non-vested, at June 30, 2023	259,545	$	24.23		177,310	$	19.38

On February 16, 2023, the Company granted an aggregate of 113,297 RSUs to various executive officers under the LTI Plan. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $28.93 per RSU. These RSUs will vest in three equal installments on each of the first three anniversaries of the grant date.

On February 16, 2023, the Company granted a target of 38,049 PSUs to various executive officers under the LTI Plan. These PSUs generally vest at the end of a three-year performance period, but only result in the issuance of shares of Class A common stock if the Company achieves a performance target. The Company used an option pricing model to estimate fair value of the PSUs granted which was $29.11 per PSU.

In the second quarter of 2023, the Company granted an aggregate of 65,759 RSUs to various executive officers and employees. The fair values of the RSUs granted were based on the market price of the shares of the Company’s Class A common stock at the grant date. The weighted average fair value of these RSUs was $19.04 per RSU. These RSUs will vest in three equal installments on each of the first three anniversaries of the grant date.

In the second quarter of 2023, the Company granted a target of 15,371 PSUs to various executive officers under the LTI Plan. These PSUs generally vest at the end of a three-year performance period, but only result in the issuance of shares of Class A common stock if the Company achieves a performance target. The Company used an option pricing model to estimate fair value of the PSUs granted. The weighted average fair value of the PSUs granted was $15.60 per PSU.

On June 7, 2023, the Company granted 28,920 stock-settled RSUs to its independent directors. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $20.74 per RSU. These RSUs will vest within one year.

The Company recorded compensation expense related to RSUs and PSUs of $1.1 million and $0.5 million during the three months ended June 30, 2023 and 2022, respectively, and $2.0 million and $1.0 million during the six months June 30, 2023 and 2022, respectively. The total unamortized deferred compensation expense of $6.5 million for all unvested stock-settled RSUs and PSUs outstanding at June 30, 2023 will be recognized over a weighted average period of 1.6 years.