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STOCK INCENTIVE PLANS | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK INCENTIVE PLANS | STOCK INCENTIVE PLANS Restricted Stock We issue restricted stock unit awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three-year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We granted 1,413,805 and 1,271,502 restricted stock units during the nine months ended September 30, 2025 and 2024, respectively, including 316,112 and 334,082 performance-based restricted stock units during those same periods, respectively. We have shareholder approval under the Plan to issue up to 14,000,000 shares of common stock. As of September 30, 2025, we had 7,550,730 remaining shares available for awards under the Plan. The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change in control as defined in the award agreements. The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 12.1
| Nine Months Ended September 30,
| 2025 |  | 2024
| Units |  | Weighted Average Grant Price per Share |  | Units |  | Weighted Average Grant Price per Share
Unvested units outstanding at beginning of period | 3,571,311 |  |  | $ | 13.38 |  |  | 3,502,598 |  |  | $ | 12.89 |
Granted | 1,413,805 |  |  | 14.51 |  |  | 1,271,502 |  |  | 14.05 |
Net adjustment | 304,524 |  |  | — |  |  | 362,042 |  |  | — |
Vested | (1,580,678) |  |  | 13.48 |  |  | (1,520,737) |  |  | 12.75 |
Forfeited/expired/canceled | (198,227) |  |  | 13.15 |  |  | (40,377) |  |  | 12.42 |
Unvested units outstanding at end of period | 3,510,735 |  |  | 13.90 |  |  | 3,575,028 |  |  | 13.38 |
The following table provides certain information related to restricted stock units: TABLE 12.2
| Nine Months Ended September 30,
(in millions) | 2025 |  | 2024
Stock-based compensation expense | $ | 15 |  |  | $ | 16 |
Tax benefit related to stock-based compensation expense | 3 |  |  | 3 |
Fair value of units vested | 21 |  |  | 19 |
As of September 30, 2025, there was $13.5 million of unrecognized compensation cost related to unvested restricted stock units. The components of the restricted stock units as of September 30, 2025 are as follows: TABLE 12.3
(dollars in millions) | Service- Based Units |  | Performance- Based Units |  | Total
Unvested restricted stock units | 2,547,595 |  |  | 963,140 |  |  | 3,510,735 |
Unrecognized compensation expense | $ | 13 |  |  | $ | — |  |  | $ | 13 |
Intrinsic value | $ | 41 |  |  | $ | 16 |  |  | $ | 57 |
Weighted average remaining life (in years) | 1.93 |  | 2.12 |  | 1.98

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