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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS Stock-based compensation expense consists of the following:
(In millions) |  | For the Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Stock options |  | $ | 8.2 |  |  | $ | 8.5 |  |  |  |  |
Restricted stock units |  | 2.7 |  |  | 1.4 |  |  |  |  |
Total |  | $ | 10.9 |  |  | $ | 9.9 |  |  |  |  |
Pursuant to our Amended and Restated Incentive Compensation Plan, we can grant stock-based awards in the form of restricted stock, restricted stock units, and stock options to team members, officers, directors, and contractors. Instead of a short-term compensation program providing for rolling, annual equity awards to our executive officers and senior leaders, we utilize a multi-year compensation program that grants a one-time equity award at the beginning of the compensation program period that is intended to incentivize recipients over the multi-year compensation period. Our current compensation program for executive officers and senior leaders covers the 2021 through 2024 compensation period and included a one-time equity award in December 2020 with a vesting period of four years. Based on the stock-based awards that are currently outstanding, we expect to recognize the future stock-based compensation expense as follows:
(in millions) |  |  |  |  |  |
Year |  | Total Projected Stock-Based Compensation Expense |  |  |  |
Remainder of 2024 |  | $ | 31.1 |  |  |  |  |
2025 |  | 11.4 |  |  |  |  |
2026 |  | 5.4 |  |  |  |  |
2027 |  | 0.2 |  |  |  |  |
2028 |  | — |  |  |  |  |
Total |  | $ | 48.1 |  |  |  |  |

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