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Stock Incentive Plans
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
On December 15, 2016, the Company’s shareholders approved the Eagle Bulk Shipping Inc. 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 764,087 shares of common stock for potential issuance under the 2016 Plan. On June 7, 2019, the Company’s shareholders approved an amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 357,142 shares to a maximum of 1,121,229 shares of common stock. On June 14, 2022, the Company’s shareholders approved a second amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 300,000 shares to a maximum of 1,421,229 shares of common stock. The 2016 Plan permits the granting of restricted stock, unrestricted stock, restricted stock units (“RSUs”), performance condition awards, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalents and other equity-based or equity-related awards (collectively, “Awards”).
A summary of restricted stock and RSU activity under the 2016 Plan for the three months ended March 31, 2023 is as follows:
 Number of Restricted shares and RSUsWeighted Average Grant Date Fair ValueAggregate Fair Value (in millions)
Unvested awards as of December 31, 2022323,128 $45.10 
Granted72,569 $55.46 
Vested(90,936)$39.64 
Forfeited(184)$46.24 
Unvested awards as of March 31, 2023304,577 $49.20 $13.9 
The fair value as of the respective vesting dates of restricted stock and RSUs for the three months ended March 31, 2023 was $4.6 million. The majority of restricted stock and RSUs that vested during the three months ended March 31, 2023 were net share settled. For the three months ended March 31, 2023, 30 thousand shares were withheld by the Company and $1.7 million was paid to taxing authorities for employee tax obligations.
As of March 31, 2023 and December 31, 2022, there were no vested or unvested options outstanding under the 2016 Plan.
Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses:
Three Months Ended
March 31, 2023March 31, 2022
Stock-based compensation expense$1,855 $1,487 
Stock-based compensation expense related to unvested awards yet to be recognized as of March 31, 2023 totaled $11.2 million and is expected to be recognized, on a weighted average basis, over 2.3 years.