XML 79 R54.htm IDEA: XBRL DOCUMENT v3.24.0.1
CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Treasury Stock Activity Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2021, 2022 and 2023.

 

Number of
Treasury Shares

 

 

Cost

 

Balance at January 1, 2021

 

5.05

 

 

$

87.0

 

Restricted stock withholdings (1)

 

0.24

 

 

 

4.1

 

Restricted stock forfeitures (2)

 

0.06

 

 

 

—

 

Balance at December 31, 2021

 

5.35

 

 

$

91.1

 

Restricted stock withholdings (1)

 

0.26

 

 

 

4.3

 

Restricted stock forfeitures (2)

 

0.07

 

 

 

—

 

Balance at December 31, 2022

 

5.68

 

 

$

95.4

 

Restricted stock withholdings (1)

 

0.22

 

 

 

2.9

 

Restricted stock forfeitures (2)

 

0.10

 

 

 

—

 

Balance at December 31, 2023

 

6.00

 

 

$

98.3

 
(1)
Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated:

 

 

Year Ended December 31,

 

 

2021

 

2022

 

2023

Market Values

 

$15.21 to $24.14

 

$12.11 to $18.33

 

$11.16 to $18.36
(2)
Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the years ended December 31, 2021, 2022 and 2023:

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

December 31, 2021

 

 

December 31, 2022

 

 

December 31, 2023

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at January 1

 

 

1.43

 

 

$

21.11

 

 

 

1.99

 

 

$

21.73

 

 

 

1.85

 

 

$

20.64

 

Granted

 

 

1.24

 

 

$

21.91

 

 

 

0.88

 

 

$

16.40

 

 

 

1.38

 

 

$

12.07

 

Vested

 

 

(0.62

)

 

$

20.92

 

 

 

(0.95

)

 

$

19.13

 

 

 

(0.78

)

 

$

21.04

 

Forfeited

 

 

(0.06

)

 

$

18.96

 

 

 

(0.07

)

 

$

18.91

 

 

 

(0.10

)

 

$

16.40

 

Outstanding at December 31

 

 

1.99

 

 

$

21.73

 

 

 

1.85

 

 

$

20.64

 

 

 

2.35

 

 

$

15.67

 

 
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock award activity recorded for the periods indicated.

 

 

Year Ended December 31,

 

 

 

2021

 

 

2022

 

 

2023

 

Compensation expense recognized during the period:

 

 

 

 

 

 

 

 

 

CUSA employees (1)

 

$

22.0

 

 

$

14.8

 

 

$

15.1

 

Holdings directors

 

 

0.9

 

 

 

1.0

 

 

 

1.2

 

Total recognized by Holdings

 

$

22.9

 

 

$

15.8

 

 

$

16.3

 

 

 

 

 

 

 

 

 

 

 

Fair value of vested restricted stock held by:

 

 

 

 

 

 

 

 

 

CUSA employees

 

$

9.7

 

 

$

15.3

 

 

$

9.1

 

Holdings directors

 

 

1.3

 

 

 

0.6

 

 

 

1.3

 

Holdings total

 

$

11.0

 

 

$

15.9

 

 

$

10.4

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit recognized upon vesting of restricted stock
awards held by:

 

 

 

 

 

 

 

 

 

CUSA employees

 

$

0.8

 

 

$

2.7

 

 

$

0.6

 

Holdings directors

 

 

0.3

 

 

 

0.1

 

 

 

0.3

 

Holdings total income tax benefit

 

$

1.1

 

 

$

2.8

 

 

$

0.9

 
(1)
The former CEO of Holdings retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021.
Schedule of Estimated Remaining expense

As of December 31, 2023, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows:

 

 

Estimated

 

 

 

Remaining

 

 

 

Expense

 

CUSA employees (1)

 

$

17.8

 

Holdings directors

 

 

0.6

 

Total remaining - Holdings (1)

 

$

18.4

 

(1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.5 years.
Summary of Performance Metrics and Measurement Period of Performance Award Below is a summary of the performance metrics and measurement period for these performance awards:

Performance Measurement Period

 

Three years with additional service requirement to the third anniversary of the date of the grant

Maximum Performance Target Level

 

200% of target level

Percentage of maximum performance stock units that vest if performance metrics meet the threshold level (1)

 

25% or 0.37 PSUs

Percentage of maximum performance stock units that vest if performance metrics are at target (1)

 

50% or 0.73 PSUs

Percentage of maximum performance stock units that vest if performance metrics are at the maximum (1)

 

100% or 1.47 PSUs

Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued

 

Target

Assumed forfeiture rate for performance stock unit awards

 

5%
(1)
Number of PSUs that vest based on maximum amount of PSUs that could vest of 1.47.
Restricted Stock Units (RSUs)  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of performance stock unit activity for the periods presented:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2022

 

 

2023

 

Number of performance stock unit awards that vested during the period

 

 

0.23

 

 

 

0.10

 

 

 

0.14

 

Fair value of performance stock unit awards that vested during the period

 

$

4.1

 

 

$

1.7

 

 

$

1.8

 

Accumulated dividends paid upon vesting of performance stock unit awards

 

$

0.1

 

 

$

0.3

 

 

$

0.2

 

Compensation expense recognized during the period (1)

 

$

6.4

 

 

$

5.7

 

 

$

8.7

 

Income tax benefit (expense) related to stock unit awards

 

$

0.7

 

 

$

—

 

 

$

(0.8

)
(1)
The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021.