Equity-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

7. Equity-Based Compensation Plans

We reserved 2.5 million shares for issuance to key management personnel and directors under the 2019 Incentive and Equity Award Plan, in addition to the 5.0 million shares reserved for the Amended and Restated 2011 Incentive and Equity Award Plan. As of December 31, 2022, 1.4 million shares remain available for future issuance under these plans. The plans permit the issuance of restricted stock and stock units, as well as options, stock appreciation rights, and performance stock and performance stock unit awards. Awards under the plan can be generally satisfied in cash or shares at the discretion of the Board of Directors. According to the plan provisions, the stock units provide the holders the right to receive one share of our Common Stock upon vesting (and distribution) of one stock unit. The plan requires the exercise price of any option granted may not be less than the fair market value of a share of our Common Stock on the date of grant.

Additionally, we reserved 3.0 million shares for issuance to employees under the 2020 employee stock purchase plan. As of December 31, 2022, 2.6 million shares remain available for future issuance under this plan.

Restricted Stock and Stock Units

A summary of the activity of our unvested restricted stock and stock unit awards are presented in the following table:


	Shares/units (in thousands)			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		993		$	9.50
Granted		1,656			2.12
Vested and distributed		(820	)		5.44
Forfeited		(258	)		2.96
Unvested at December 31, 2020		1,571			4.90
Granted		1,151			7.21
Vested and distributed		(709	)		5.28
Forfeited		(239	)		3.21
Unvested at December 31, 2021		1,774			6.48
Granted		662			9.39
Vested and distributed		(580	)		5.69
Forfeited		(81	)		9.80
Unvested at December 31, 2022		1,775		$	7.65

As of December 31, 2022, all of the members of the Board of Directors have deferred receipt of the Common Stock underlying some or all of the restricted stock units they have been awarded until a later date, such as when the director ceases to serve on the Board or, under certain circumstances, upon a change of control. Thus, while some of these restricted stock units have vested, the directors have not yet received the underlying Common Stock. For the years ended December 31, 2022, 2021, and 2020, the total number of restricted stock units that are vested but for which the underlying Common Stock has not been distributed was 800,000, 570,000, and 580,000, respectively; these shares are shown as unvested in the above table.

The intrinsic value of unvested shares as of December 31, 2022 was $4.5 million. The Company records expense on a straight-line basis over the vesting term. For the years ended December 31, 2022, 2021 and 2020, the Company recorded compensation expense for restricted stock and stock unit awards of $4.9 million, $3.8 million, and $2.9 million, respectively. Unrecognized compensation expense related to restricted stock and stock unit awards of $5.8 million at December 31, 2022 is expected to be recognized over a weighted-average period of 1.4 years.

The vesting provisions for the restricted stock and stock unit awards and the related number of shares granted during the year ended December 31 are as follows:


	Shares/units (in thousands)
Vesting Terms	2022		2021		2020
33.3% within 30 days and 33.3% on the 1 and 2 year anniversary of grant date		151		494		12
20% per year for five years		150		492		—
100% immediately		77		135		129
25% immediately and 25% on the 1, 2 and 3 year anniversary of grant date		—		—		1,500
Other various vesting terms		284		30		15
Total restricted stock and stock units granted		662		1,151		1,656

The fair value of non-vested shares is determined based on the closing trading price of our shares on the grant date. The fair value of shares vested and distributed during the years ended December 31, 2022, 2021 and 2020 was $3.3 million, $3.7 million, and $4.5 million, respectively.