Landsea Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the three months ended March 31, 2023:


	Awards	Weighted Average Grant Date Fair Value
	(in thousands)
Nonvested, at December 31, 2022	1,625	$	8.82
Granted	171	7.70
Vested	(219)	9.53
Forfeited	—	—
Nonvested, at March 31, 2023	1,577	$	8.60

Schedule of Stock Option Activity

The following table presents a summary of the Company’s stock options activity for the three months ended March 31, 2023:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Options outstanding at December 31, 2022	684	$	8.82
Granted	228	6.46
Exercised	—	—
Forfeited	(184)	8.83
Options outstanding at March 31, 2023	728	$	8.08	9.27	$	—
Options exercisable at March 31, 2023(1)	167	$	8.82	8.96	$	—

(1) As of March 31, 2023, the exercisable stock options were out-of-the-money, as the exercise price of the stock options exceeded the market price of the Company’s common stock.

Schedule of Outstanding RSUs and PSUs

summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years):


	March 31, 2023
	(in thousands, except period)
Unvested units	1,577
Remaining cost on unvested units	$	3,503
Remaining vesting period	3.75 years