Dividends. In May 2018, the Company announced the decision of its Board of Directors to reallocate future dividend funds towards debt reduction and other capital resource needs. Accordingly, the Company has not paid a dividend since 2018.

Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. To cover the exercise and/or vesting of its share-based payments, the Company uses a combination of new shares from its authorized, unissued share pool and its treasury shares. As discussed above, on the Effective Date, the then existing common shares of the Predecessor were canceled and the New Common Stock was issued. Accordingly, the existing share-based compensation awards issued pursuant to the 2017 Equity and Performance Incentive Plan were also canceled, which resulted in the recognition of any previously unamortized expense related to the canceled awards on the date of cancellation. Pursuant to the U.S. Plan, the reorganized Company adopted a new management incentive plan. The number of shares of common stock that may be issued pursuant to the 2023 Equity and Incentive Plan (the


	Successor		Predecessor
	Period from 08/12/2023 through 12/31/2023		Period from 01/01/2023 through 08/11/2023		Years ended December 31,
					2022		2021
Stock options
Pre-tax compensation expense	$	0.1	$	—	$	0.3	$	1.5
Tax benefit	—		—		—		(0.4)
Stock option expense, net of tax	$	0.1	$	—	$	0.3	$	1.1

RSU's
Pre-tax compensation expense	$	—	$	2.3	$	13.6	$	8.7
Acceleration of Predecessor awards	—		2.7		—		—
Tax benefit	—		(1.2)		(1.6)		(2.2)
RSU expense, net of tax	$	—	$	3.8	$	12.0	$	6.5

Performance shares
Pre-tax compensation expense	$	—	$	0.1	$	(0.5)	$	3.6
Tax benefit	—		—		—		(1.0)
Performance share expense, net of tax	$	—	$	0.1	$	(0.5)	$	2.6






Total share-based compensation
Pre-tax compensation expense	$	0.1	$	2.4	$	13.4	$	13.8
Acceleration of Predecessor awards	—		2.7		—		—
Tax benefit	—		(1.2)		(1.6)		(3.6)
Total share-based compensation, net of tax	$	0.1	$	3.9	$	11.8	$	10.2

Stock options, RSUs and performance shares were issued to officers and other management employees under the Company’s Amended and Restated 1991 Equity and Performance Incentive Plan (as amended and restated as of February 12, 2014) (the 1991 Plan) and the 2017 Plan in the Predecessor Period, and under the Company's 2023 Plan in the Successor Period. Certain awards have accelerated vesting clauses upon retirement, which results in either immediate or accelerated expense.

During the Successor Period in 2023, stock options were granted to non-employee directors that vest after a period of one year to four years and have a term of five years from the issuance date, and have an exercise price of $30.00. No stock options were granted in 2022 or 2021. The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions:


	Successor		Predecessor
	Period from 08/12/2023 through 12/31/2023		Period from 01/01/2023 through 08/11/2023		Years ended December 31,
					2022		2021
Expected life (in years)	3.75		0		0		0
Weighted-average volatility	65	%	—	%	—	%	—	%
Risk-free interest rate	3.94	%	—	%	—	%	—	%
Expected dividend yield	—	%	—	%	—	%	—	%

The Company uses historical data to estimate the expected life within the valuation model. Expected volatility is based on historical volatility of the price of guideline public companies shares over the expected life of the equity instrument. The risk-free rate of interest is based on U.S. Treasury Constant Maturity yields over the expected life of the equity instrument. The expected dividend yield is based on actual dividends paid per share and the price of the Company’s common stock.


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
		(per share)		(in years)
Outstanding at January 1, 2023 (Predecessor)	1.5	$	16.81
Expired or forfeited	(0.2)	$	3.71
Elimination of Predecessor awards	(1.3)	$	3.68
Outstanding at August 12, 2023 (Successor)	—	$	—

Granted	0.6	$	30.00
Outstanding at December 31, 2023 (Successor)	0.6	$	30.00	5	$	—
Options exercisable at December 31, 2023	—	$	—	0	$	—

(1)The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2023 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common stock.

The aggregate intrinsic value of options exercised was minimal for the years ended December 31, 2023, 2022 and 2021. The weighted-average, grant-date fair value of stock options granted for the year ended December 31, 2023 was $4.73.

Each RSU provides for the issuance of one share of common stock of the Company at no cost to the holder and are granted to both employees and non-employee directors. RSUs either cliff vest after one year or vest per annum over a three or four-year period. Non-vested employee RSUs are forfeited upon termination unless the Board of Directors determines otherwise.


	Number of Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023 (Predecessor)	2.2	$	7.53
Forfeited	(0.2)	$	7.96
Vested	(1.1)	$	7.30

Elimination of Predecessor awards	(0.9)	$	7.73
Non-vested at August 12, 2023 (Successor)	—	$	—
Granted	0.3	$	29.00
Non-vested at December 31, 2023 (Successor)	0.3	$	29.00

The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2022 and 2021 was $6.57 and $13.71, respectively. The weighted-average grant-date fair value of RSUs granted during the Successor Period of August 12, 2023 to December 31, 2023 was $29.00. The total fair value of RSUs vested during the period from January 1, 2023 to August 11, 2023, and the years ended December 31, 2022 and 2021 was $8.2, $11.0 and $10.3, respectively.

Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the Board of Directors. Each performance share earned entitles the holder to one share of common stock of the Company. The Company's performance shares include performance objectives that are assessed after a period of four years as well as performance objectives that are assessed annually over a period of four years. No shares are vested unless certain performance threshold objectives are met.


	Number of Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023 (Predecessor) (1)	1.4	$	0.30
Forfeited	(0.3)	$	0.35
Vested	—	$	—

Granted	—	$	—
Elimination of Predecessor awards	(1.1)	$	0.32
Non-vested at August 12, 2023 (Successor)	—	$	—
Granted	—	$	—
Non-vested at December 31, 2023 (Successor)	—	$	—

(1)Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors.

The weighted-average grant-date fair value of performance shares granted for the years ended December 31, 2022 and 2021 was $7.28 and $13.73, respectively. No performance shares were granted in the period from January 1, 2023 to August 11, 2023 or the period from August 12, 2023 to December 31, 2023. The total fair value of performance shares vested during the year ended December 31, 2022 was $2.0.

In addition to the equity awards described above, the Company has certain performance and service based awards that will be settled in cash and are accounted for as liabilities. The total compensation expense for these awards was $1.8, $3.8, $(4.7) and $7.1 for the period from August 12, 2023 to December 31, 2023, the period from January 1, 2023 to August 11, 2023 and the years ended December 31, 2022 and 2021, respectively. These awards vest ratably over a three-year period.