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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 9. Stock-Based Compensation At September 30, 2022, the Company had a total of 5,350,487 shares available for grants as restricted stock, options, or other forms of related rights. The Company granted 3,096,694 shares of restricted stock, with an average fair value of $11.62 per share on the date of grant, during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, the Company granted 3,131,949 shares of restricted stock, with an average fair value of $11.20 per share. The shares of restricted stock that were granted during the nine months ended September 30, 2022 and 2021, vest over a one- or five year period. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $21 million and $22 million for the nine months ended September 30, 2022 and 2021, including $7 million and $7 million for the three months ended September 30, 2022 and September 30, 2021, respectively. The following table provides a summary of activity with regard to restricted stock awards in the nine months ended September 30, 2022:
|  | For the Nine Months Ended September 30, 2022 |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of year |  |  | 6,950,335 |  |  | $ | 11.68 |
Granted |  |  | 3,096,694 |  |  |  | 11.62 |
Vested |  |  | (2,288,069 | ) |  |  | 12.27 |
Canceled |  |  | (426,785 | ) |  |  | 11.49 |
Unvested at end of year |  |  | 7,332,175 |  |  |  | 11.49 |
As of September 30, 2022, unrecognized compensation cost relating to unvested restricted stock totaled $66 million. This amount will be recognized over a remaining weighted average period of 3.1 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the nine months ended September 30, 2022:
|  | Number of Shares |  |  | Performance Period |  | Expected Vesting Dates
Outstanding at beginning of year |  |  | 834,612 |  |  |  |  |
Granted |  |  | 473,211 |  |  |  |  |
Released |  |  | (176,090 | ) |  |  |  |
Canceled |  |  | (152,556 | ) |  |  |  |
Outstanding at end of period |  |  | 979,177 |  |  | January 1, 2021 - December 31, 2023 |  | March 31, 2023 and 2024
PSUs are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Compensation and benefits expense related to PSUs is recognized using the fair value as of the date the units were approved, on a straight-line basis over the vesting period and totaled $1 million and $2 million for the three and nine months ended September 30, 2022 and September 30, 2021. As of September 30, 2022, unrecognized compensation cost relating to unvested restricted stock totaled $5 million. This amount will be recognized over a remaining weighted average period of 1.7 years. As of September 30, 2022, the Company believes it is probable that the performance conditions will be met. The Company matches a portion of employee 401(k) plan contributions. Such expense totaled $2 million and $5 million for the three and nine months ended September 30, 2022 and September 30, 2021.

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