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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company's stock-based compensation expense for the three months ended March 31, 2024 and 2023 included PRSUs, non-qualified stock options and RSUs. A summary of the Company's stock-based compensation expense is presented in the following table:
| Three Months Ended March 31, |  |
(in millions) | 2024 |  | 2023 |  |  |  |
PRSU expense | $ | 4.1 |  |  | $ | 5.1 |  |  |  |  |
Option expense | 0.6 |  |  | 0.6 |  |  |  |  |
RSU expense | 4.5 |  |  | 5.1 |  |  |  |  |
Total stock-based compensation expense | $ | 9.2 |  |  | $ | 10.8 |  |  |  |  |
The Company grants PRSUs to executive officers and certain members of management. Actual payout under the PRSUs is dependent upon the achievement of certain financial goals. During the first quarter of 2024, the Company granted PRSUs as a component of the long-term incentive plan ("2024 PRSUs"). The Company has recorded stock-based compensation expense related to the 2024 PRSUs during the three months ended March 31, 2024, as it was probable that the Company would achieve the specified performance targets for the performance period.

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