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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the "2019 Plan") and the 2021 Employee Stock Purchase Plan ("ESPP") under which the Company has several types of stock-based compensation — restricted stock and restricted stock units ("RSUs") for key employees, and the opportunity for all employees to purchase Company stock through the ESPP.
The Company's compensation expense for the three and six months ended June 30, 2022 relates to restricted stock and RSUs awarded in 2022, 2021, 2020, and 2019 and the ESPP. Compensation expense for the three and six months ended June 30, 2021 relates to restricted stock and RSUs awarded in 2021, 2020, 2019, and 2018. Restricted stock, the 2022 RSUs, 2021 RSUs, and the 2020 RSUs are equity-classified awards (settled in shares of the Company) for which compensation expense per share is fixed. The 2019 and 2018 RSUs are liability-classified awards (settled in cash) for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. For the three and six months ended June 30, 2022 and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Equity-classified awards:
Restricted stock$789 $682 $1,569 $1,314 
Market-based RSUs936 586 2,148 1,359 
Performance-based RSUs312 218 684 474 
Director grants369 223 701 229 
Employee Stock Purchase Plan42 — 94 — 
Total equity-classified award expense, net of forfeitures2,448 1,709 5,196 3,376 
Liability-classified awards
Time-vested RSUs(152)211 (20)373 
Dividend equivalent units4 26 19 52 
Market-based RSUs— 657 — 770 
Performance-based RSUs— 151 — 257 
Total liability-classified award expense, net of forfeitures(148)1,045 (1)1,452 
Total stock-based compensation expense, net of forfeitures$2,300 $2,754 $5,195 $4,828 
Information on the Company's stock compensation plan, including information on the Company's equity-classified and liability-classified awards is discussed in note 15 of the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Grants of Equity-Classified Awards
Under the 2019 Plan, in June 2022, the Company granted 44,549 shares of stock with a grant date value of $1.5 million to independent members of the Company's board of directors (the "Board") for their service as members of the Board. These shares vested on the issuance date, and the Company records the related expense over the directors' one year service period.