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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Option Activity | The summary of stock option activity for the year ended December 31, 2023 is presented below:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
WRL Omnibus Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2023 | 56,269 |  |  | $ | 61.14 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (32,284) |  |  | $ | 60.89 |  |  |  |  |
Forfeited or expired | — |  |  | $ | — |  |  |  |  |
Outstanding as of December 31, 2023 | 23,985 |  |  | $ | 61.48 |  |  | 1.48 |  | $ | 710,776 |
Fully vested and expected to vest as of December 31, 2023 | 23,985 |  |  | $ | 61.48 |  |  | 1.48 |  | $ | 710,776 |
Exercisable as of December 31, 2023 | 23,985 |  |  | $ | 61.48 |  |  | 1.48 |  | $ | 710,776 |
WML Share Option Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2023 | 33,003,400 |  |  | $ | 1.68 |  |  |  |  |
Granted | 5,017,000 |  |  | $ | 0.76 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (800,000) |  |  | $ | 3.18 |  |  |  |  |
Outstanding as of December 31, 2023 | 37,220,400 |  |  | $ | 1.52 |  |  | 6.85 |  | $ | 1,367,352 |
Fully vested and expected to vest as of December 31, 2023 | 37,220,400 |  |  | $ | 1.52 |  |  | 6.85 |  | $ | 1,367,352 |
Exercisable as of December 31, 2023 | 19,288,200 |  |  | $ | 1.96 |  |  | 5.45 |  | $ | 210,563 |
WIL Omnibus Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2023 | 79,883 |  |  | $ | 878.27 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (12,145) |  |  | $ | 489.23 |  |  |  |  |
Outstanding as of December 31, 2023 | 67,738 |  |  | $ | 111.35 |  |  | 6.98 |  | $ | — |
Fully vested and expected to vest as of December 31, 2023 | 67,738 |  |  | $ | 111.35 |  |  | 6.98 |  | $ | — |
Exercisable as of December 31, 2023 | 59,525 |  |  | $ | 113.49 |  |  | 6.95 |  | $ | — |
The following is provided for stock options under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
WRL Omnibus Plan(1) |  |  |  |  |
Weighted average grant date fair value | $ | — |  |  | $ | 18.56 |  |  | $ | — |
WML Share Option Plan(2) |  |  |  |  |
Weighted average grant date fair value | $ | 0.25 |  |  | $ | 0.26 |  |  | $ | 0.26 |
Intrinsic value of stock options exercised | $ | — |  |  | $ | — |  |  | $ | — |
Cash received from the exercise of stock options | $ | — |  |  | $ | — |  |  | $ | — |
WIL Omnibus Plan(3) |  |  |  |  |
Weighted average grant date fair value | $ | — |  |  | $ | 35.36 |  |  | $ | 159.51 |
Intrinsic value of stock options exercised | $ | — |  |  | $ | 1,241 |  |  | $ | — |
(1)As of December 31, 2023, there was no unamortized compensation expense related to stock options. (2)As of December 31, 2023, there was $5.0 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 3.18 years. (3)As of December 31, 2023, there was $1.6 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 0.97 years.
Valuation Assumptions | The fair value of stock options granted under the WRL Omnibus Plan was estimated on the date of grant using the following weighted average assumption:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected dividend yield | — | % |  | — | % |  | — | %
Expected volatility | — | % |  | 56.9 | % |  | — | %
Risk-free interest rate | — | % |  | 2.7 | % |  | — | %
Expected term (years) | — |  |  | 1.8 |  | — |
The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected dividend yield | 5.7 | % |  | 1.3 | % |  | 2.9 | %
Expected volatility | 53.8 | % |  | 45.7 | % |  | 46.4 | %
Risk-free interest rate | 3.6 | % |  | 3.2 | % |  | 1.1 | %
Expected term (years) | 6.5 |  | 6.5 |  | 6.5
The fair value of stock options granted under the WIL Omnibus Plan was estimated on the date of grant using the following weighted average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected dividend yield | — | % |  | — | % |  | — | %
Expected volatility | — | % |  | 47.5 | % |  | 50.0 | %
Risk-free interest rate | — | % |  | 2.93 | % |  | 0.60 | %
Expected term (years) | — |  |  | 5.1 |  | 6.3
Nonvested and Performance Nonvested Share Activity | The summary of nonvested and performance nonvested share activity under the Company's stock-based compensation plans for the year ended December 31, 2023 is presented below:
| Shares |  | Weighted Average Grant Date Fair Value
WRL Omnibus Plan |  |  |
Nonvested as of January 1, 2023 | 838,471 |  |  | $ | 93.18 |
Granted | 727,522 |  |  | $ | 94.13 |
Vested | (565,079) |  |  | $ | 88.24 |
Forfeited | (23,256) |  |  | $ | 89.31 |
Nonvested as of December 31, 2023 | 977,658 |  |  | $ | 96.62 |
WML Share Award Plan |  |  |
Nonvested as of January 1, 2023 | 20,318,446 |  |  | $ | 0.97 |
Granted | 6,908,870 |  |  | $ | 1.08 |
Vested | (3,746,630) |  |  | $ | 1.44 |
Forfeited | (1,148,880) |  |  | $ | 1.07 |
Nonvested as of December 31, 2023 | 22,331,806 |  |  | $ | 0.92 |
WIL Omnibus Plan |  |  |
Nonvested as of January 1, 2023 | 10,886 |  |  | $ | 37.20 |
Granted | — |  |  | $ | — |
Vested | (1,854) |  |  | $ | 37.07 |
Forfeited | (6,822) |  |  | $ | 37.31 |
Nonvested as of December 31, 2023 | 2,210 |  |  | $ | 36.95 |
Schedule of Stock-Based Compensation Plans | The following is provided for the share awards under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
WRL Omnibus Plan |  |  |  |  |
Weighted average grant date fair value | $ | 94.13 |  |  | $ | 62.34 |  |  | $ | 108.68 |
Fair value of shares vested | $ | 56,689 |  |  | $ | 52,965 |  |  | $ | 41,133 |
WML Share Award Plan |  |  |  |  |
Weighted average grant date fair value | $ | 1.08 |  |  | $ | 0.62 |  |  | $ | 1.56 |
Fair value of shares vested | $ | 3,941 |  |  | $ | 20,547 |  |  | $ | 4,771 |
Schedule of Performance Shares Activity | The summary of PSU activity during the year ended December 31, 2023 is provided below:
| Units |  | Weighted Average Grant Date Fair Value
Nonvested as of January 1, 2023 | — |  |  | $ | — |
Granted | 24,910 |  |  | $ | 121.70 |
Vested | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
Nonvested as of December 31, 2023 | 24,910 |  |  | $ | 121.70 |
Share-Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Casino | $ | 2,163 |  |  | $ | 12,401 |  |  | $ | 13,899 |
Rooms | 800 |  |  | 1,252 |  |  | 1,525 |
Food and beverage | 1,636 |  |  | 2,417 |  |  | 3,264 |
Entertainment, retail and other(1) | 8,230 |  |  | 10,964 |  |  | 19,978 |
General and administrative | 51,686 |  |  | 40,593 |  |  | 56,572 |
Total stock-based compensation expense | 64,515 |  |  | 67,627 |  |  | 95,238 |
Total stock-based compensation capitalized | 5,268 |  |  | 3,246 |  |  | 5,058 |
Total stock-based compensation costs | $ | 69,783 |  |  | $ | 70,873 |  |  | $ | 100,296 |
(1)In 2021, reflects compensation cost of $2.7 million recognized in connection with the vesting of restricted stock performance awards.

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