A summary of the activity for RSUs to be settled in common stock for the six months ended June 30, 2025 and 2024 is as follows (RSUs in thousands):


	2025		2024
	RSUs	Weighted Average Grant Date Fair Value (Per Unit)	RSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	2,024	$173.32	2,548	$104.76
Granted	506	$274.46	581	$237.81
Vested	(516)	$163.89	(653)	$112.69
Forfeited	(61)	$187.76	(110)	$156.63
Unvested at June 30	1,953	$201.57	2,366	$133.10

The approximate fair value of RSUs that vested during the six months ended June 30, 2025 and 2024 was $130.8 million and $157.3 million.

During the six months ended June 30, 2025 and 2024, Quanta recognized $66.7 million and $53.3 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of June 30, 2025, there was $268.5 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 2.71 years.

A summary of the activity for PSUs to be settled in common stock for the six months ended June 30, 2025 and 2024 is as follows (PSUs in thousands):


	2025		2024
	PSUs	Weighted Average Grant Date Fair Value (Per Unit)	PSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	425	$177.69	491	$129.70
Granted	92	$259.17	109	$263.34
Vested	(165)	$123.88	(175)	$96.45

Unvested at June 30	352	$224.11	425	$177.69


	2025		2024
Valuation date price based on February 27, 2025 and March 4, 2024 closing stock prices of Quanta common stock	$259.26		$243.34
Expected volatility (1)	34	%	33	%
Risk-free interest rate	4.05	%	4.43	%
Term in years	2.84		2.83

(1) The expected volatility inputs for Quanta are based on historical volatility, which is based on Quanta’s dividend-adjusted closing prices over a period equivalent to the performance period.

During the six months ended June 30, 2025 and 2024, Quanta recognized $15.5 million and $19.3 million of non-cash stock compensation expense related to PSUs to be settled in common stock.

As of June 30, 2025, there was an estimated $44.5 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 1.87 years.

During each of the six months ended June 30, 2025 and 2024, 0.3 million shares of common stock were issued in connection with earned and vested PSUs. The approximate fair values of PSUs earned and vested during the six months ended June 30, 2025 and 2024 were $83.9 million and $75.4 million.