Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
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, 2024:
Awards Weighted Average Grant Date Fair Value
(in thousands)
Nonvested, at December 31, 2023
 1,488  $ 8.74 
Granted —  — 
Vested (156) 9.64 
Forfeited (39) 9.44 
Nonvested, at March 31, 2024
 1,293  $ 8.61 
The following table presents a summary of the Company’s stock options activity for the three months ended March 31, 2024:
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, 2023
 684  $ 8.08 
Granted 296  12.42 
Exercised (72) 8.42 
Forfeited —  — 
Options outstanding at March 31, 2024
 908  $ 9.47  8.74 $ 4,593 
Options exercisable at March 31, 2024
 314  $ 8.38  8.11 $ 1,933 

Stock-based compensation expense totaled $0.7 million during the three months ended March 31, 2024, and is included in general and administrative expenses on the consolidated statements of operations. For the three months ended March 31, 2023, net stock-based compensation activity resulted in a reduction to expense of $0.4 million due to the forfeiture of certain options as well as the revised estimates on the expected PSU achievement.
The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement:
March 31, 2024
(in thousands, except period)
Unvested units 1,293 
Remaining cost on unvested units $ 1,505 
Remaining vesting period 2.75 years
Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value which is based on the closing price as of the grant date. The expense associated with the PSUs also incorporates the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends.