During the three months ended March 31, 2023 and 2022, we granted restricted stock units (which we refer to as “RSUs”) covering 0.2 million and 0.2 million shares of common stock, respectively, with a grant date fair value of $62.61 and $64.37 per share, respectively, that primarily vest over a three year period.

During the three months ended March 31, 2023, we did not grant performance share units (which we refer to as “PSUs”). During the three months ended March 31, 2022, we granted PSUs covering up to 0.5 million shares of common stock, assuming maximum level of performance, with a grant date fair value of $55.93 per share that are subject to both service and performance vesting conditions. The quantity of shares that will ultimately vest for the PSUs ranges from 0% to up to 250% of a targeted number of shares for each participant and will be determined based on an achievement of a three year adjusted pre-tax income performance goal. During the three months ended March 31, 2023 and 2022, we issued 0.3 million and 0.3 million shares of common stock, respectively, upon the vesting and settlement of PSUs that were granted in previous periods. Approximately 0.6 million shares will vest from 2024 to 2025 if the defined maximum performance targets are met, and no shares will vest if the defined minimum performance targets are not met.

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


	As of March 31, 2023
Unvested units		770
Unrecognized compensation cost	$	24,436
Weighted-average years to recognize compensation cost		1.90

During the three months ended March 31, 2023 and 2022, we recognized stock-based compensation expense of $5.4 million and $4.1 million, respectively. Stock-based compensation expense is included in selling, general, and administrative expense on our condensed consolidated statements of operations.