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Equity Incentive Plan
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plan Equity Incentive Plans
On June 2, 2022, the Company’s stockholders approved the adoption of the 2022 Plan. The 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based, or RSUs, and performance-based, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. As of December 31, 2022, the Company had 7,250,000 shares of common stock available for future issuance under the 2022 Plan.
With the adoption of the 2022 Plan, no new equity awards may be granted under the 2017 Plan, but previously-granted restricted stock, RSUs and PSUs remain outstanding under the 2017 Plan. As of December 31, 2022, the Company had 1,977,927 shares of common stock available for future issuance under the 2017 Plan.
The Company accounts for equity-based awards under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of services received in exchange for equity-based awards based on the grant-date fair value of the awards. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of awards of the Company’s restricted stock and RSUs is typically equivalent to the closing stock price on the grant date. The unrecognized compensation cost relating to such awards is recognized as an expense over the awards’ remaining vesting periods.
As of December 31, 2022, there was $47.5 thousand of total unrecognized compensation cost for awards of restricted stock that will be recognized over the grants’ remaining weighted average vesting period of 0.1 years. For the year ended December 31, 2022, the Company recognized $0.7 million of compensation expense associated with these awards, compared to $2.3 million and $1.4 million for the year ended December 31, 2021, and 2020, respectively, within compensation and benefits expense on the consolidated statements of income.
As of December 31, 2022, there was $5.7 million of total unrecognized compensation cost for awards of RSUs that will be recognized over the grants’ remaining weighted average vesting period of 1.0 year. For the year ended December 31, 2022, the Company recognized $5.9 million of compensation expense associated with these awards, compared to $4.3 million for the year ended December 31, 2021, within compensation and benefits expense on the consolidated statements of income. The Company did not recognize any compensation expense associated with grants of RSUs in any period prior to January 1, 2021.
Awards of PSUs have a three-year cliff vesting with the number of performance-based stock units vesting at the end of the three-year period based upon the Company’s absolute and relative “core” return on average equity, or Core ROAE, performance, as set in the applicable award agreements. More specifically, between 0% and 200% of the target number of units may vest at the end of the performance period based (i) 50% against the predetermined internal Company performance goal for Core ROAE and (ii) 50% against the Company’s performance ranking for Core ROAE among a group of commercial mortgage REIT peer companies. The commercial mortgage REIT peer group includes publicly traded commercial mortgage REITs, which the Company believes derive the majority of their revenues from commercial real estate balance sheet lending activities and meet certain market capitalization criteria.
As of December 31, 2022, there was $2.1 million of total unrecognized compensation cost for awards of PSUs that will be recognized over the grants’ remaining weighted average vesting period of 0.9 years. For the year ended December 31, 2022, the Company recognized $0.5 million of compensation expense associated with these awards, respectively, compared to $1.0 million for the year ended December 31, 2021, within compensation and benefits expenses on the consolidated statements of income. The Company did not recognize any compensation expense associated with grants of PSUs in any period prior to January 1, 2021.
The following table summarizes the grants, vesting and forfeitures of restricted stock, RSUs and PSUs for the years ended December 31, 2020, 2021, and 2022, respectively:

Restricted StockRSUsPSUsWeighted Average Grant Date Fair Market Value
Outstanding at December 31, 2019461,371 — — $18.75 
Granted367,489 403,903 — 12.81 
Vested(243,713)— — (18.74)
Forfeited(15,612)— — (18.68)
Outstanding at December 31, 2020569,535 403,903 — $14.93 
Granted— 564,415 347,896 11.43 
Vested(189,820)(31,078)— (12.74)
Forfeited(115,053)(3,957)— (16.16)
Outstanding at December 31, 2021264,662 933,283 347,896 $12.48 
Granted— 523,190 312,538 11.78 
Vested(103,038)(218,034)— 13.38 
Forfeited(69,039)— — 18.87 
Outstanding at December 31, 202292,585 1,238,439 660,434 11.83 
Below is a summary of restricted stock, RSU and PSU vesting dates as of December 31, 2022:
Vesting YearRestricted StockRSUsPSUsTotal Awards
202392,585 387,508 347,896 827,989 
2024— 327,625 312,538 640,163 
2025— 523,306 — 523,306 
Total92,585 1,238,439 660,434 1,991,458