Accounting for Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The following table reflects the impact of total compensation expense related to stock-based equity plans on the reported operating results for the respective periods (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Effect on income (loss) before income taxes	$	(4	)	$	(3	)	$	(10	)	$	(8	)
Effect on net income (loss)	$	(3	)	$	(2	)	$	(8	)	$	(7	)

Schedule of Share-based Payment Awards, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the Black Scholes option pricing model with the following assumptions and weighted-average fair values during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Expected volatility	N/A	N/A	87.3%	84.3% - 87.5%
Expected dividends	N/A	N/A	—	—
Expected term	N/A	N/A	6 years	3 - 6 years
Risk-free interest rate	N/A	N/A	4.2%	1.5% - 1.6%

Schedule of Share-based Compensation, Stock Options, Activity

Options outstanding and exercisable under the 2009 Plan as of June 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows (in millions, except share and per share data):

						Weighted-	Aggregate
				Weighted-		Average	Intrinsic
				Average		Remaining	Value as of
				Exercise		Contractual	June 30,
	Shares			Price		Term	2023
Outstanding at December 31, 2022		2,831,751		$	7.32
Granted		814,000			6.15
Exercised		(8,334	)		4.97
Forfeited and cancelled		—			—
Outstanding at March 31, 2023		3,637,417			7.06
Granted		—			—
Exercised		(6,667	)		4.93
Forfeited and cancelled		—			—
Outstanding at June 30, 2023		3,630,750		$	7.07	7.8 years	$	—
Exercisable at June 30, 2023		2,071,994		$	6.46	6.9 years	$	—

Schedule of Share-based Compensation, Restricted Stock, Activity

Restricted stock outstanding under the 2009 Plan as of June 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows:

				Weighted-
				Average Grant
	Shares			Date Fair Value
Unvested at December 31, 2022		5,541,065		$	8.53
Granted		2,651,000			6.14
Vested		(2,076,569	)		6.77
Forfeited		(10,001	)		9.31
Unvested at March 31, 2023		6,105,495			8.09
Granted		59,000			3.34
Vested		(56,668	)		8.79
Forfeited		(12,001	)		9.32
Unvested at June 30, 2023		6,095,826			8.03

Schedule of Share-based Compensation, Restricted Stock Units, Activity

RSUs outstanding under the 2009 Plan as of June 30, 2023, and changes during each of the three-month periods following December 31, 2022, was as follows:

				Weighted-
				Average Grant
	Shares			Date Fair Value
Unvested at December 31, 2022		512,360		$	7.54
Granted		365,037			6.15
Vested		(95,577	)		7.92
Forfeited		—			—
Unvested at March 31, 2023		781,820			6.84
Granted		—			—
Vested		(5,894	)		5.00
Forfeited		—			—
Unvested at June 30, 2023		775,926			6.86