Accounting for Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [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
	March 31,
	2023			2022
Effect on income before income taxes	$	(6	)	$	(5	)
Effect on net loss	$	(5	)	$	(4	)

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 months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023	2022
Expected volatility	87.3%	84.3% - 87.5%
Expected dividends	—	—
Expected term	6 years	3 - 6 years
Risk-free interest rate	4.2%	1.5% - 1.6%

Schedule of Share-based Compensation, Stock Options, Activity

Options outstanding and exercisable under the 2009 Plan as of March 31, 2023, and changes during the three-month period 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	March 31,
	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	8.1 years	$	—
Exercisable at March 31, 2023		2,078,661		$	6.46	7.2 years	$	—

Schedule of Share-based Compensation, Restricted Stock, Activity

Restricted stock outstanding under the 2009 Plan as of March 31, 2023, and changes during the three-month period 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

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

RSUs outstanding under the 2009 Plan as of March 31, 2023, and changes during the three-month period 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