Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Valuation Assumptions |
The weighted-average fair value of SPRs outstanding as of December 31, 2023 and December 31, 2022 was $18.37 and $7.65 per SPR, respectively, using the following assumptions: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | Expected volatility | 41.1% to 45.9% | | 43.4% to 52.2% | Risk-free rate of return | 4.5% to 5.3% | | 4.4% to 4.7% | Expected term (in years) | 0.3 to 1.5 | | 0.5 to 2.0 | Expected annual dividend | $0 | | $0 |
The weighted average fair value assumptions used in the model were as follows: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | Expected volatility | 45.2% to 45.6% | | 43.7% to 44.6% | Risk-free rate of return | 3.6% to 4.5% | | 2.7% to 3.1% | Expected term (in years) | 6.2 years | | 6.5 years | Expected annual dividend | $0 | | $0 |
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Activity Related to SPRs |
Activity related to the Company’s SPRs during the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of SPRs | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in millions) | Outstanding on December 31, 2022 | 352,368 | | | $ | 7.65 | | | | | | | | | | | | | | Granted | — | | | — | | | | | | Exercised | (93,350) | | | 28.16 | | | | | | Cancelled | — | | | — | | | | | | Outstanding on December 31, 2023 | 259,018 | | | 18.37 | | | 1.5 | | $ | 4.6 | | Exercisable on December 31, 2023 | 259,018 | | | $ | 18.37 | | | 1.5 | | $ | 4.6 | |
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Activity Related to RSAs |
Activity related to the Company’s RSAs during the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | Restricted Stock Awards | | Weighted Average Grant Date Fair Value | Outstanding on December 31, 2022 | 113,174 | | | $ | 24.35 | | | | | | Granted | 53,054 | | | 21.86 | | Cancelled | (13,810) | | | 25.89 | | Exchanged for common shares | (54,202) | | | 22.86 | | Outstanding on December 31, 2023 | 98,216 | | | $ | 23.57 | |
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MSU Rollforward |
Activity related to the Company’s MSUs during 2023 was as follows: | | | | | | | | | | | | | | | | | | | Number of Market Stock Units | | Maximum Shares Potentially Issuable | | Weighted Average Grant Date Fair Value | Outstanding on December 31, 2022 | 162,936 | | | 234,586 | | | $ | 19.90 | | | | | | | | Granted | 518 | | | 777 | | | 30.54 | | Cancelled | (32,732) | | | (49,098) | | | 30.54 | | Exchanged for common shares | (14,615) | | | (22,710) | | | 17.49 | | Outstanding on December 31, 2023 | 116,107 | | | 163,555 | | | $ | 17.25 | |
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Activity Related to Options |
Upon vesting, stock options are recognized as a component of equity. Activity related to the Company’s stock options during the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in millions) | Outstanding on December 31, 2022 | 576,000 | | | $ | 38.80 | | | | | | | | | | | | | | Granted | 1,402,605 | | | 37.03 | | | | | | Exercised | — | | | — | | | | | | Cancelled | (98,538) | | | 33.89 | | | | | | Outstanding on December 31, 2023 | 1,880,067 | | | 37.53 | | | 9.0 | | $ | 3.1 | | Exercisable on December 31, 2023 | 180,800 | | | $ | 29.74 | | | 4.9 | | $ | 1.7 | |
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Activity Related to Performance Awards |
Activity related to the Company’s PAs during the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | | | Number of Performance Awards | | Maximum Shares Potentially Issuable | | Weighted Average Grant Date Fair Value | Outstanding on December 31, 2022 | 43,826 | | | 65,739 | | | $ | 24.08 | | | | | | | | Granted | 326 | | | 489 | | | 25.55 | | Exercised | (11,404) | | | (17,106) | | | 21.54 | | Cancelled | (6,668) | | | (10,002) | | | 20.85 | | Outstanding on December 31, 2023 | 26,080 | | | 39,120 | | | $ | 25.70 | |
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