Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

A summary of restricted stock and restricted stock unit (RSU) activity for the six months ended June 30, 2023 follows (shares in thousands):

	Restricted Stock  and RSU	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2022	2,230	$	23.53
Granted	3,821	4.12
Vested	(575)	12.60
Forfeited and expired	(444)	12.08
Outstanding at June 30, 2023	5,032	9.52

Schedule of Assumptions Used

The fair value of awards with market conditions was estimated using a Monte Carlo simulation with the following weighted-average assumptions:

	Six Months Ended June 30,
	2023			2022
Weighted-average fair value of grant	$	7.32		$	34.14
Risk-free interest rate(i)	4.51		%	1.72		%
Expected volatility(ii)	63.63		%	57.71		%
Expected life of restricted stock units in years(iii)	2.84			2.85
Expected dividend yield	—		%	—		%

(i)Represents the continuously compounded semi-annual zero-coupon U.S. treasury rate commensurate with the remaining performance period.

(ii)Based on historical volatility for the company that is commensurate with the length of the performance period.

(iii)Represents the remaining life of the longest performance period.