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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Expense

Share-based compensation expense is included in selling, general, and administrative expenses in the Consolidated Statements of Operations and was as follows:

						Years Ended December 31,
(in thousands)						2021						2020						2019
Share-based compensation expense						$	61,237					$	96,013					$	85,626

Summary of Distributed Shares Activity

The following table summarizes activity related to the Distributed Shares during 2021:

						Performance Tranche
						Number of Distributed Shares						Weighted-Average Grant Fair Value
Unvested as of December 31, 2020						9,583,754						$	13.10
Vested						—						—
Forfeited						(80,086)						13.42
Unvested as of December 31, 2021						9,503,668						$	13.08

Summary of Related 2018 Plan Top-up Options Activity

The following table summarizes activity related to the 2018 Plan Top-up Options:

						Service Tranche												Performance Tranche
						Number of Top-up Options						Weighted-Average Exercise Price						Number of Top-up Options						Weighted-Average Exercise Price						Aggregate Intrinsic Value(a) (in thousands)						Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2020						5,974,369						$	13.30					5,923,973						$	13.30
Exercised						—						—						—						—
Forfeited						—						—						(73,424)						13.30
Outstanding as of December 31, 2021						5,974,369						$	13.30					5,850,549						$	13.30					—						6.0
Exercisable as of December 31, 2021						5,974,369						$	13.30					—						$	13.30					—						6.0

________________________

(a)The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2021.

The following table summarizes activity related to 2018 Plan options during 2021:

						Number of Options						Weighted-Average Exercise Price						Aggregate Intrinsic Value(a) (in thousands)						Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2020						24,191,120						$	6.60
Granted						—						—
Exercised						(1,951,552)						5.55
Forfeited						(773,750)						7.49
Outstanding as of December 31, 2021						21,465,818						$	6.64					$	50,657					7.2
Exercisable as of December 31, 2021						10,611,711						$	8.33					$	19,089					6.8

________________________

(a)The intrinsic value represents the amount by which the fair value of the Company’s Common Stock exceeds the option exercise price as of December 31, 2021.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

During 2020 and 2019, the grant date fair values of options granted under the 2018 Plan were determined using the Black-Scholes valuation approach with the following assumptions:

												Years Ended December 31,
												2020						2019
Risk-free interest rate												0.51% - 1.40%						1.58% - 2.51%
Expected exercise term (years)												6						6.0 - 6.5
Expected dividend yield												2.2% - 2.7%						2.0% - 2.7%
Expected volatility												45% - 46%						41% - 42%

Summary of Related 2018 Plan RSUs Activity

The following table summarizes activity related to the 2018 Plan RSUs (including DEUs) during 2021:

						Number of RSUs						Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2020						16,763,274						$	6.56
Granted						6,585,882						8.09
Vested						(6,481,391)						7.14
Forfeited						(1,322,919)						7.32
Unvested as of December 31, 2021						15,544,846						$	6.90

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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