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LONG-TERM COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
LONG-TERM COMPENSATION PLANS | LONG-TERM COMPENSATION PLANS In 2014 the Company's stockholders adopted the 2013 Plan in connection which a maximum of 15,500,000 shares of common stock were reserved and made available for issuance. On June 4, 2024, the Company adopted the 2024 Plan. Under the 2024 Plan, an additional 10,000,000 shares were reserved for issuance in connection with the vesting of equity-based awards to be granted to our officers, other employees and directors. If awards under our 2013 Plan are forfeited, cancelled, expired or otherwise terminated, the number of shares available under the 2024 Plan will be increased by that amount. For 2024, 2023 and 2022, compensation expense associated with the Company's long-term compensation plans was as follows:
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
RSUs |  | $ | 14.8 |  |  | $ | 9.3 |  |  | $ | 17.4 |
Stock options |  | — |  |  | 0.1 |  |  | 0.3 |
Total |  | $ | 14.8 |  |  | $ | 9.4 |  |  | $ | 17.7 |
Unrecognized compensation expense for awards expected to vest |  | $ | 19.4 |  |  |  |  |
Weighted average remaining vesting period (months) |  | 19 |  |  |  |
At December 31, 2024, a total of 9,767,258 shares of common stock had been issued, and 4,307,288 RSUs and stock options were outstanding.
|  | Total |  | RSUs |  |  |  | Stock Options
Outstanding at December 31, 2023 |  | 4,256,974 |  |  | 3,872,289 |  |  |  |  | 384,685 |
Granted |  | 1,041,581 |  |  | 1,041,581 |  |  |  |  | — |
Exercised/Issued |  | (909,066) |  |  | (892,085) |  |  |  |  | (16,981) |
Forfeited |  | (82,201) |  |  | (82,201) |  |  |  |  | — |
Outstanding at December 31, 2024 |  | 4,307,288 |  |  | 3,939,584 |  |  |  |  | 367,704 |
The total fair value of RSUs which vested during 2024, 2023 and 2022 was $20.9 million, $21.2 million and $70.8 million respectively, based on the stock price on the date of vest. RSUs The Company granted the following equity classified RSUs:
Year of Issuance: |  | RSUs |  | Weighted Average Grant Date Fair Value |  | Weighted Average Vesting Period (months)
2024 |  | 1,041,581 |  |  | $ | 22.54 |  |  | 28
2023 |  | 1,185,157 |  |  | $ | 19.75 |  |  | 27
2022 |  | 2,847,135 |  |  | $ | 23.23 |  |  | 51
Certain of the RSUs granted during the period contain performance vesting conditions in addition to a service vesting condition. RSUs granted with service or performance vesting conditions were valued at the grant date stock price. Certain RSUs with performance vesting conditions also contain provisions for additional share awards in the event certain performance conditions are met at the end of the applicable measurement periods. These conditions are generally based on Adjusted EBITDA, adjusted earnings per share and cash return on investment. In February 2022, certain key executives were granted 1.95 million performance-based RSUs with an aggregate fair value of $45.4 million. The vesting of these shares is subject to the achievement by the Company of a performance target of adjusted earnings per share of $2.72 by December 31, 2026, and continuous service. If the performance target is achieved, the actual number of shares vested will be determined by applying a total shareholder return (TSR) multiplier based on the Company's TSR relative to a benchmark index for the performance period. The TSR multiplier will range from 0.85 to 1.15. The Company has not recognized compensation expense for these awards as the achievement of the performance target was not probable at December 31, 2024, 2023 and 2022 respectively. At December 31, 2024, the following equity classified RSUs were outstanding:
|  | December 31, 2024 |  |
Vesting Conditions: |  | Outstanding |  |  |  | Weighted Average Remaining Vesting Period (months) |  | Potential Additional Awards |  |  |  |  |  |
Service-based |  | 616,477 |  |  |  |  | 10 |  | — |  |  |  |  |  |  |
Performance-based |  | 1,373,107 |  |  |  |  | 15 |  | 1,373,107 |  |  |  |  |  |  |
Performance-based awards deemed not probable |  | 1,950,000 |  |  |  |  | 26 |  | 292,500 |  |  |  |  |  |  |
Total |  | 3,939,584 |  |  |  |  | 16 |  | 1,665,607 |  |  |  |  |  |  |
Stock Options At December 31, 2024, there were 367,704 outstanding stock options, which were vested and in-the-money, with an aggregate intrinsic value of $5.1 million. There were no unvested outstanding stock options.

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