7. Share-Based Compensation

The Company has share-based compensation plans, which are more fully described in Note 9, Share-Based Compensation, to the Consolidated Financial Statements included in the 2023 10-K. During the three months ended March 31, 2024, the Company granted restricted stock units subject to service conditions and stock appreciation rights, or SARs, subject to service conditions and service and performance conditions.

Share-based compensation expense amounted to $11.9 million and $10.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total unrecognized compensation cost related to all non-vested stock awards was $64.1 million and the related weighted-average period over which it is expected to be recognized is approximately 1.7 years.

During the three months ended March 31, 2024, the Company granted SARs with service conditions to certain executives which generally vest over a two-year period. During the three months ended March 31, 2024, the Company granted SARs with performance conditions to a consultant where tranches could vest during the first quarter of 2025, 2026, or 2027 subject to certain North America and Global volume points performance targets being achieved by the Company. The fair value of all these SARs was determined on the date of grant using the Black-Scholes-Merton option pricing model. These grants are included in the table below.

The weighted-average grant date fair value of SARs granted during the three months ended March 31, 2024 was $4.43. The weighted-average grant date fair value of SARs granted during the three months ended March 31, 2023 was $9.20. The total intrinsic value of SARs exercised during the three months ended March 31, 2024 and 2023 was zero and less than $0.1 million, respectively.

The total vesting date fair value of restricted stock units which vested during the three months ended March 31, 2024 and 2023 was $6.5 million and $20.0 million, respectively.