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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

A summary of PSP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	4.86		909,828			909,828			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.73		(45,736	)		(45,736	)		—
Forfeited	$	5.50		(24,250	)		(24,250	)		—
Outstanding at December 31, 2021	$	4.87		839,842			839,842			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.81		(101,900	)		(101,900	)		—
Forfeited	$	4.80		(29,562	)		(29,562	)		—
Outstanding at December 31, 2022	$	4.88		708,380			708,380			—
Granted	$	—		—			—			—
Awarded	$	—		—			—			—
Vested	$	4.69		(532,282	)		(532,282	)		—
Forfeited	$	5.25		(8,326	)		(8,326	)		—
Outstanding at December 31, 2023	$	5.47		167,772			167,772			—

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Weighted- average grant date fair value		Granted shares			Awarded shares			Shares not yet awarded
Outstanding at January 1, 2021	$	19.89		9,694,337			6,919,847			2,774,490
Granted	$	46.05		1,143,094			204,826			938,268		(1)
Awarded	$	25.80		310,147			1,272,554			(962,407	)
Vested	$	15.73		(3,223,964	)		(3,223,964	)		—
Forfeited	$	30.54		(315,168	)		(147,702	)		(167,466	)
Outstanding at December 31, 2021	$	21.59		7,608,446			5,025,561			2,582,885
Granted	$	65.22		1,478,613			693,802			784,811		(2)
Awarded	$	28.73		470,793			1,383,216			(912,423	)
Vested	$	20.09		(2,179,476	)		(2,179,476	)		—
Forfeited	$	37.78		(313,428	)		(168,454	)		(144,974	)
Outstanding at December 31, 2022	$	25.01		7,064,948			4,754,649			2,310,299
Granted	$	56.39		1,558,826			235,738			1,323,088		(3)
Awarded	$	47.60		330,310			977,447			(647,137	)
Vested	$	25.46		(1,561,615	)		(1,561,615	)		—
Forfeited	$	49.37		(271,154	)		(129,889	)		(141,265	)
Outstanding at December 31, 2023	$	27.50		7,121,315			4,276,330			2,844,985

(1)

Of the 938,268 performance-based shares granted in 2021, the payout for 486,679 shares may be increased up to 200% of the target or decreased to zero, 21,651 shares may be increased up to 120% of the target or decreased to zero and 3,886 shares may be increased up to 150% or decreased to 50% of target subject to the level of performance attained. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(2)

Of the 784,811 performance-based shares granted in 2022, the payout for 378,836 shares may be increased up to 200% of the target or decreased to zero and 15,114 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(3)

Of the 1,323,088 performance-based shares grant in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

Summary of Non-Cash Stock-Based Compensation Expense

The non-cash stock-based compensation expense for the years ended December 31 is as follows:


(in millions)	2023		2022		2021
Stock incentive plan	$	75.3	$	55.4	$	50.7
Employee stock purchase plan		12.5		10.4		9.9
Performance stock plan		1.0		0.3		0.4
Sharesave plan		0.6
Total	$	89.4	$	66.1	$	61.0

2010 Stock Incentive Plan

Schedule of Performance Stock Plan and 2010 Stock Incentive Plan

The following table sets forth information as of December 31, 2023, 2022 and 2021, with respect to the number of time-based restricted shares granted and awarded, the number of performance-based restricted shares granted, and the number of performance-based restricted shares awarded under our Performance Stock Plan and 2010 and 2019 Stock Incentive Plans:


Year	Time-based restricted stock granted and awarded		Performance-based restricted stock granted			Performance-based restricted stock awarded
2023		235,738		1,323,088	(1)		977,447
2022		693,802		784,811	(2)		1,383,216
2021		204,826		938,268	(3)		1,272,554

(1)

Of the 1,323,088 performance-based shares granted in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.

(2)

(3)