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Stock-Based Compensation
12 Months Ended
Dec. 31, 2020
Stock-Based Compensation [Abstract]  
Stock-Based Compensation 16. Stock-Based Compensation

During the years ended December 31, 2020, 2019, and 2018, we granted performance share units (which we refer to as “PSUs”) covering up to 0.3 million shares of common stock in each year, assuming maximum level of performance, with grant date fair values of $26.38, $22.01, and $28.10, respectively, per share that are subject to both service and performance vesting conditions. The quantity of shares that will vest under the PSUs range from 0% to 250% of a targeted number of shares for each participant and will be determined based on an achievement of a 3 year pre-tax income performance goal. During the years ended December 31, 2020, 2019 and 2018, we also granted restricted stock units (which we refer to as “RSUs”) covering 0.4 million, 0.6 million and 0.3 million shares of common stock, respectively, with grant date fair values of $30.44, $23.85 and $30.43 per share, respectively, that vest over a 1 to 3 year period. Prior to 2017, we had granted restricted stock awards (“RSAs”) which fully vested during the year ended December 31, 2018.

The following table summarizes the activity of our PSUs, RSUs, and RSAs for the years ended December 31, 2020, 2019 and 2018 (in thousands):

Year Ended December 31,

2020

2019

2018

Shares

Weighted average per share grant date fair value

Shares

Weighted average per share grant date fair value

Shares

Weighted average per share grant date fair value

Outstanding, beginning of year

1,219

$

24.64

846

$

25.14

834

$

18.16

Granted

701

28.90

882

23.49

592

29.86

Vested

(454)

24.42

(430)

23.53

(491)

18.02

Forfeited

(4)

28.56

(79)

24.99

(89)

22.44

Outstanding, end of year

1,462

$

26.76

1,219

$

24.64

846

$

25.14

A summary of our outstanding RSUs and PSUs, assuming current estimated level of performance achievement, are as follows (in thousands, except years):

As of December 31, 2020

Unvested units

1,462

Unrecognized compensation cost

$

13,642

Period to recognize compensation cost

1.76 years

During the years ended December 31, 2020, 2019 and 2018, the Company recognized stock-based compensation expense of $18.3 million, $15.3 million and $13.7 million, respectively, which is generally included in selling, general and administrative on the consolidated statements of operations.