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Equity-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
2020 Equity Incentive Plan
On October 14, 2020, the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) became effective. The 2020 Plan authorized 6,683,919 new shares, subject to adjustments pursuant to the 2020 Plan.
Restricted Stock Units
Pursuant to the 2020 Plan, the Company grants restricted stock units (“RSUs”) to employees and members of the Company’s board of directors. The fair value of the RSUs is determined using the market value of the Company’s common stock on the grant date.

RSU activity under the 2020 Plan during the three months ended March 31, 2024, was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 20231,670,509 $15.44 
Shares granted1,048,812 12.17 
Shares vested(506,189)15.53 
Shares forfeited(56,653)16.09 
Outstanding non-vested, March 31, 20242,156,479 $13.77 

Performance Stock Units
The Company has granted performance stock units (“PSUs”) to certain employees. The PSUs cliff vest after three years and upon meeting certain revenue and adjusted EPS targets. The PSUs also contain a modifier based on the total stock return (“TSR”) compared to a certain index which modifies the number of PSUs that vest. The PSUs were valued using a Monte-Carlo simulation method on the date of grant based on the U.S. Treasury Constant Maturity rates. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the PSUs issued during the three months ended March 31, 2023:

2024(1)
2023
Volatility— %90 %
Risk-free interest rate— %3.74 %
Dividend yield— %— %
(1) No PSUs were issued during the three months ended March 31, 2024.

PSU activity under the 2020 Plan during the three months ended March 31, 2024, was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding non-vested, December 31, 2023692,473 $14.54 
Shares granted— — 
Shares vested— — 
Shares forfeited(112,708)21.61 
Outstanding non-vested, March 31, 2024579,765 $14.09 

For three months ended March 31, 2024 and 2023, the Company recognized $4.0 million and $3.3 million, respectively, in equity-based compensation costs. At March 31, 2024, the Company had $28.2 million of unrecognized compensation costs related to RSUs and PSUs, which are expected to be recognized over 2.4 and 1.8 years, respectively.