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Stockholders' Equity and Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity and Employee Benefit Plans | 14. Stockholders' Equity and Employee Benefit Plans Share-based awards under the 2019 Omnibus Incentive Plan (the “2019 Plan”) include (i) restricted stock units (“RSUs”) granted to employees of the Company, consultants, and non-employee directors and (ii) performance stock units (“PSUs”) granted to certain executive officers. Restricted Stock Units The RSUs are valued at the fair market value of the Company’s common stock on the grant date as defined in the 2019 Plan. The stock awards for employees generally vest in equal installments on each of the first three anniversaries of the awards, provided that the participant remains continuously employed with the Company during that time. If the participant’s employment has terminated by reason of retirement, or upon death or disability, the unvested shares of an award will vest. The stock awards for non-employee directors generally vest the earlier of (a) the first anniversary of the grant date or (b) the date of the next annual stockholders meeting following the grant date. Any forfeiture of restricted stock awards before vesting has been achieved, results in a reduction in the balance of outstanding common shares. Performance Stock Units The PSUs are valued at the fair market value of the Company’s common stock on the grant date as defined in the 2019 Plan. In March 2024, certain executives of the Company were granted 0.08 million PSUs (the “2024 PSUs”). In March 2023 and November 2023, certain executives of the Company were granted 0.1 million and 0.2 million PSUs (the “2023 PSUs”), respectively. 50% of the 2024 and 2023 PSUs are eligible to vest in an amount between 0% to 200% of a target award based on achievement of relative total shareholder return and the remaining 50% are eligible to vest in an amount between 0% to 200% of a target award based on achievement of annualized tangible book value growth. The 2024 and 2023 PSUs vest over a period of three to five years and are settled into shares of the Company’s common stock. In March 2022, certain executives of the Company were granted 0.1 million PSUs (the “2022 PSUs”). The 2022 PSUs are eligible to vest and be settled into shares of common stock in an amount between 0% and 200% of a target award based on achievement of total shareholder return performance vesting criteria over a period of three years. Share-Based Award Activities The following table summarizes the Company’s share-based awards:
Share-based Awards | Shares (or Units) (in thousands) |  | Weighted-Average Grant Date Fair Value, per Share (or Unit)
Share-based awards outstanding as of December 31, 2023 | 2,113 |  |  | $ | 41.73 |
Granted | 642 |  |  | 74.58 |
Vested | (1,122) |  |  | 33.05 |
Forfeited | (50) |  |  | 55.23 |
Share-based awards outstanding as of December 31, 2024 | 1,583 |  |  | 58.32 |
The Company recorde d $37, $28 and $29 of expenses related to share-based awards during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, unrecognized compensation expense totaled $46 related to non-vested stock award payments that are expected to be recognized over a weighted average period of 1.2 years. The Company is eligible to receive a tax benefit when the vesting date fair value of an award exceeds the value used to recognize compensation expense at the date of grant. The excess tax benefit resulting from tax deductions in excess of the compensation cost recognized by the Company was $13, $12 and $11 for the years ended December 31, 2024, 2023 and 2022, respectively. Employee Benefit Plans The Company sponsors a defined contribution plan (401(k) plan) that covers all full-time employees. The Company matches 100% of participant contributions up to 2% of their total eligible annual base compensation and matches 50% of contributions for the next 4% of each participant’s total eligible annual base compensation. Matching contributions by the Company totaled $16, $11 and $18 for the years ended December 31, 2024, 2023 and 2022 respectively.

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