Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Common Stock Awards

A summary of the restricted common stock awards ("RSAs") for the three months ended March 31, 2024 is as follows:

Number of Shares of Restricted Common Stock Awards

Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2023
 135,701 $ 23.60
Vested (52,193) $ 25.73
Unvested and outstanding at March 31, 2024
 83,508 $ 22.27
Total expense of RSAs was $0.3 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total compensation cost related to unvested RSAs not yet recognized is $0.4 million. Unvested RSA expense not yet recognized is expected to be recognized over a weighted average period of 0.8 years.

Restricted Stock Units

A summary of the restricted stock units ("RSUs") activity for the three months ended March 31, 2024 is as follows:

Number of RSUs Average Grant-Date Fair Value
Unvested and outstanding at December 31, 2023
 689,837 $ 47.43
Forfeited (72,472) $ 59.14
Vested (165,575) $ 59.94
Unvested and outstanding at March 31, 2024
 451,790 $ 40.94

Total (benefit) expense of RSUs, net of amounts capitalized, was $(1.2) million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total compensation cost related to unvested RSUs not yet recognized is $4.8 million. Unvested RSU expense not yet recognized is expected to be recognized over a weighted average period of 1.9 years.