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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
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,
20232022
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,
20232022
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
Activity Related to SPRs
Activity related to the Company’s SPRs during the year ended December 31, 2023 was as follows:
Number of SPRsWeighted Average Exercise Price
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Outstanding on December 31, 2022352,368 $7.65 
Granted— — 
Exercised(93,350)28.16 
Cancelled— — 
Outstanding on December 31, 2023259,018 18.37 1.5$4.6 
Exercisable on December 31, 2023259,018 $18.37 1.5$4.6 
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, 2022113,174 $24.35 
Granted53,054 21.86 
Cancelled(13,810)25.89 
Exchanged for common shares(54,202)22.86 
Outstanding on December 31, 202398,216 $23.57 
MSU Rollforward
Activity related to the Company’s MSUs during 2023 was as follows:
Number of Market Stock UnitsMaximum Shares Potentially Issuable
Weighted Average Grant Date Fair Value
Outstanding on December 31, 2022162,936 234,586 $19.90 
Granted518 777 30.54 
Cancelled(32,732)(49,098)30.54 
Exchanged for common shares(14,615)(22,710)17.49 
Outstanding on December 31, 2023116,107 163,555 $17.25 
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 OptionsWeighted Average Exercise Price
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in millions)
Outstanding on December 31, 2022576,000 $38.80 
Granted1,402,605 37.03 
Exercised— — 
Cancelled(98,538)33.89 
Outstanding on December 31, 20231,880,067 37.53 9.0$3.1 
Exercisable on December 31, 2023180,800 $29.74 4.9$1.7 
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 AwardsMaximum Shares Potentially Issuable
Weighted Average Grant Date Fair Value
Outstanding on December 31, 202243,826 65,739 $24.08 
Granted326 489 25.55 
Exercised(11,404)(17,106)21.54 
Cancelled(6,668)(10,002)20.85 
Outstanding on December 31, 202326,080 39,120 $25.70