12. STOCK-BASED COMPENSATION

Omnibus Incentive Plan

At the Company's 2022 Annual Meeting of Stockholders (the "2022 Annual Meeting"), Company stockholders approved the Company's Amended and Restated Omnibus Incentive Plan (as may be amended or restated from time to time, the “Incentive Plan”), as further described in the Company's Definitive Proxy Statement for the 2022 Annual Meeting, filed with the SEC on April 29, 2022.

Stock-based compensation of $5,702 and $5,127 was recognized during the three months ended September 30, 2023 and 2022, respectively, and stock-based compensation of $16,657 and $13,643 was recognized during the nine months ended September 30, 2023 and 2022, respectively.

The number of units awarded under the Incentive Plan are generally based on a weighted average of the Class A Common Stock in the days leading up to the grant. Fair values for restricted stock units ("RSUs") and performance stock units ("PSUs") based on the Company’s operating performance are valued based on the price of the Class A Common Stock at the time of grant. Fair values for options are calculated using a Black-Scholes option pricing model and PSUs with market conditions are fair valued using a Monte Carlo simulation model. The following table represents activity within the Incentive Plan for the nine months ended September 30, 2023:

The following table represents outstanding equity awards as of September 30, 2023:

The grant date fair values for the PSUs with market conditions issued during the nine months ended September 30, 2023 were calculated using a Monte Carlo simulation model. Assumptions used for the Monte Carlo simulation model were as follows: