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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity is as follows:

 

   Number of
Shares
   Weighted
Average
Grant
Date
Fair
Value
Per Share
 
Unvested Outstanding at January 1, 2021   2,149,118   $5.20 
Granted (1)   1,728,236   $10.15 
Forfeited (2)   (520,227)  $(5.66)
Vested (3)   (1,317,873)  $(6.24)
Unvested Outstanding at December 31, 2021   2,039,254   $8.60 

 

(1) The RSUs that were granted during the year ended December 31, 2021 included: (a) 48,466 RSUs under the Board’s compensation program for non-employee directors which vest during the year of grant and remain unsettled until the director leaves the Company; (b) 658,020 RSUs under an incentive program for management and other personnel, as to which one-half was in the form of performance-based RSUs that are conditioned on attainment of performance criteria for fiscal year 2021 and subject to a time-based service period through December 31, 2023 and the other one-half vests in instalments through December 31, 2023; and (c) sign-on awards covering an aggregate of 975,000 RSUs to members of senior management in connection with their entering into new employment agreements or amendments thereof which have vesting schedules through December 31, 2025, including 750,000 RSUs to our Executive Chairman (comprised of a mix of time-based RSUs, performance-based RSUs and stock price based RSUs).
   
(2) The RSUs that were forfeited during the year ended December 31, 2021 included 468,517 RSUs subject to market price vesting conditions that had a satisfaction deadline of December 23, 2021. The applicable market price targets were not met by the deadline.
   
(3) The RSUs that vested during the year ended December 31, 2021 included: (a) 213,466 RSUs that remain subject to deferred settlement terms such that the awards do not settle until the participant’s services terminate; (b) 285,069 RSUs that vested June 30, 2021, resulting in 160,390 shares being issued in connection with the net settlement thereof and 124,679 withheld for taxes; and (c) 819,338 RSUs that vested on December 31, 2021, resulting in 442,817 shares being issued in settlement thereof and 376,521 withheld for taxes (the processing of the issuance and delivery of such 442,817 shares did not occur until January 2022).
Schedule of Restricted Stock Activity

A summary of the Company’s Restricted Stock activity is as follows:

 

   Number of
Shares
   Weighted
Average
Grant
Date
Fair
Value
Per Share
 
Unvested Outstanding at January 1, 2021   624,116   $5.63 
Granted      $ 
Forfeited (1)   (624,116)  $(5.63)
Vested      $ 
Unvested Outstanding at December 31, 2021      $ 

 

 

 

(1)Reflects forfeiture of unvested restricted stock awards which had been subject to market price vesting conditions that had a satisfaction deadline of December 23, 2021. The applicable market price targets were not met by the deadline.
Schedule of Stock Based Compensation Expense

The Company recognized stock-based compensation expense as follows:

 

   Year Ended
December 31,
2021
   Year Ended
December 31,
2020
   Year Ended
December 31,
2019
 
   (in millions) 
Restricted Stock and RSUs  $11.9   $4.6   $8.7 
Payroll taxes on vesting of RSUs   1.1    0.2    0.3 
   $13.0   $4.8   $9.0