Stock-based Compensation and Outstanding Awards

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation and Outstanding Awards

11. Stock-based Compensation and Outstanding Awards

For the nine months ended September 30, 2022, the Company granted 1,152,413 shares of restricted stock awards ("RSAs") and restricted stock units ("RSUs") with a weighted average fair value of $9.86 per share. In addition, the Company granted performance stock awards ("PSAs") to senior management employees with potential payouts varying from zero to 701,668 shares. The RSAs and RSUs vest on the first and third anniversary of the date of grant. The PSAs can be earned based on performance against established metrics over a three-year performance period.

Stock-based compensation expense for the three and nine months ended September 30, 2022, totaled $3 million and $7 million, respectively, compared to $2 million and $6 million, respectively, for the corresponding periods of 2021.