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STOCK BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in general and administrative expenses in the Condensed Consolidated Statements of Operations (in thousands):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Restricted stock units (1), (2)
$4,273 $2,747 $15,980 $8,105 
Stock options999 946 6,174 2,831 
Total stock compensation$5,272 $3,693 $22,154 $10,936 
(1) Includes compensation expense related to time-based RSUs and performance-based RSUs. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
(2)Stock-based compensation expense for the three and nine months ended September 30, 2020 includes expense recognized for equity awards associated with the acquisition of WLH, which were converted from WLH to TMHC equity awards.
Summary of Activity of Stock Units The following table summarizes the time-based RSU and performance-based RSU activity for the nine months ended September 30, 2020:
UnitsWeighted Average
Grant Date Fair
Value
Balance at December 31, 20191,708,393 $19.06 
Granted724,370 24.32 
Vested(632,464)17.34 
Forfeited (1)
(43,230)16.29 
Balance at September 30, 2020(2)
1,757,069 $22.04 
(1) Forfeitures on time-based RSUs are a result of terminations of employment, while forfeitures on performance-based RSUs are a result of failing to attain certain goals as outlined in our stock based compensation awards or termination of employment. Outstanding performance-based RSUs reflected in the table above are reported at target level of performance.
(2) The balance as of September 30, 2020 excludes 120,792 unvested RSUs relating to the acquisition of WLH.
Summary of Stock Option Activity The following table summarizes the stock option activity for the nine months ended September 30, 2020:
UnitsWeighted
Average Exercise
Price Per Share
Outstanding at December 31, 20193,339,244 $18.98 
Granted(1)
828,253 21.95 
Exercised(2)
(372,021)17.43 
Canceled/Forfeited(1)
(96,817)18.84 
Outstanding at September 30, 2020(2)
3,698,659 $19.81 
Options exercisable at September 30, 2020(2)
1,803,042 $18.78 
(1)Excludes the number of options granted and canceled in the same period.
(2)Amount excludes 68,054 of options exercised relating to the acquisition of WLH.
(3)Amount excludes 214,416 of outstanding and exercisable options relating to the acquisition of WLH.