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Stock-Based Compensation
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 relates to restricted stock and RSUs awarded in 2022, 2021, 2020, and 2019 and the ESPP. Compensation expense for the three and nine months ended September 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 nine months ended September 30, 2022 and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Equity-classified awards:
Restricted stock$779 $682 $2,348 $1,995 
Market-based RSUs917 587 3,065 1,946 
Performance-based RSUs179 203 863 677 
Director grants385 334 1,086 890 
Employee Stock Purchase Plan39 — 133 — 
Total equity-classified award expense, net of forfeitures2,299 1,806 7,495 5,508 
Liability-classified awards
Time-vested RSUs(116)149 (136)522 
Dividend equivalent units34 24 53 76 
Market-based RSUs— 827 — 1,597 
Performance-based RSUs— 83 — 340 
Total liability-classified award expense, net of forfeitures(82)1,083 (83)2,535 
Total stock-based compensation expense, net of forfeitures$2,217 $2,889 $7,412 $8,043 
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.