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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Equity Awards |  |  |  |  |  |  |
Restricted stock | $ | 6,083 |  |  | $ | 6,311 |  |  | $ | 21,522 |  |  | $ | 30,324 |
Stock option awards | — |  |  | — |  |  | — |  |  | 1 |
Performance stock units | 8,023 |  |  | 9,709 |  |  | 25,191 |  |  | 39,260 |
Total stock-based compensation expense | $ | 14,106 |  |  | $ | 16,020 |  |  | $ | 46,713 |  |  | $ | 69,585 |
Schedule of Restricted Stock Activity | The following table provides information about restricted stock activity during the nine months ended September 30, 2024:
| Restricted Stock |  | Weighted Average Fair Value
Unvested balance as of December 31, 2023 | 3,821,231 |  |  | $ | 8.58 |
Granted | 2,248,692 |  |  | 15.01 |
Vested | (1,874,301) |  |  | 10.17 |
Forfeited | (565,008) |  |  | 11.24 |
Unvested balance as of September 30, 2024 | 3,630,614 |  |  | 12.42 |
Summary of Stock Option Activity | The following table provides information about stock option awards outstanding during the nine months ended September 30, 2024:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023 | 681,699 |  |  | $ | 16.64 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (22,666) |  |  | 11.26 |  |  |  |  | $ | 127 |
Forfeited | — |  |  | — |  |  |  |  |
Expired | (238,500) |  |  | 18.01 |  |  |  |  |
Outstanding as of September 30, 2024 | 420,533 |  |  | 16.15 |  |  | 3.2 |  | $ | 566 |
Exercisable as of September 30, 2024 | 420,533 |  |  | 16.15 |  |  | 3.2 |  | $ | 566 |
Schedule of Variable Performance Stock Units Valuation Assumptions | The following table summarizes the key assumptions and related information used to determine the fair value of PSUs granted during the nine months ended September 30, 2024:
| 2024 Awards
Number of PSUs granted | 731,472
Fair value per share | $24.81
Expected implied stock volatility | 43.9%
Risk-free interest rate | 4.3%
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | The following table provides information about PSUs outstanding during the nine months ended September 30, 2024:
| Awards |  | Weighted Average Fair Value
Unvested balance as of December 31, 2023 | 5,019,425 |  |  | $ | 15.18 |
Granted | 731,472 |  |  | 24.81 |
Vested(1) | (283,462) |  |  | 20.81 |
Forfeited | (123,052) |  |  | 19.77 |
Unvested balance as of September 30, 2024 | 5,344,383 |  |  | 16.54 |
(1) This balance includes vested PSU awards as of September 30, 2024 based on the original number of PSUs granted. Actual PSUs vested is based upon the Company’s absolute annualized TSR calculation and the Company’s TSR relative to the TSR of a peer group of companies at the time of vesting, which may be greater than or less than the original number granted.

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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