Equity-Based Compensation

6 Months Ended

Jun. 30, 2022

In March 2021, the Company granted 4.8 million RSUs to certain employees and directors in connection with the Transaction. Of the RSUs granted, the Company intends to settle less than 0.1 million RSUs in cash. The RSUs had an aggregate grant date fair value of $62.1 million. Of the RSUs granted, 2.0 million vested at the grant date and 2.8 million were to vest over two years in equal annual installments, of which the first installment vested in March 2022. In addition to the March 2021 grant, an additional 0.4 million RSUs with an aggregate grant date fair value of $4.1 million were granted to certain employees during the year ended December 31, 2021.

In March 2022, the Company granted 1.1 million RSUs with an aggregate grant date fair value of $10.8 million to certain employees. Of the RSUs granted, the Company intends to settle approximately 0.1 million RSUs in cash. Of the RSUs granted, 0.5 million vested at the grant date and 0.6 million vest over two years in equal annual installments. Upon delivery, which is expected to occur each August following each annual vesting in March, the Company may withhold the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested.

An additional 0.1 million RSUs with an aggregate grant date fair value of $0.6 million were granted to certain employees during the three months ended June 30, 2022.

A summary of non-vested RSU activity for the six months ended June 30, 2022 is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of December 31, 2021	3,004,411	$	12.84
Granted	1,149,116	9.93
Vested	(1,955,171)	12.09
Forfeited	(72,668)	12.90
Balance as of June 30, 2022	2,125,688	$	11.96

The total grant-date fair value of RSUs that vested during the six months ended June 30, 2022 was $23.6 million. For both the three months ended June 30, 2022 and 2021, $5.6 million of compensation expense related to RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income. For the six months ended June 30, 2022 and 2021, $15.5 million and $32.6 million of compensation expense related to the RSUs was recorded within employee compensation and benefits in the Condensed Consolidated Statements of Income, respectively. As of June 30, 2022, total unrecognized compensation expense related to unvested RSUs was $18.2 million and is expected to be recognized over the remaining weighted average period of 1.1 years.