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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We issue stock-based compensation in the form of restricted stock units, performance-based stock units, and stock options. As of December 31, 2024, we have authorized 10,211,440 shares available for grant. Restricted stock units and performance-based stock units are granted at the closing market price on the date of the grant. Forfeitures of restricted stock units, performance-based stock units, and stock options are accounted for as they occur. The following table presents total stock-based compensation expense and related tax benefit:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Stock-based compensation expense | $ | 54 |  |  | $ | 48 |  |  | $ | 28 |
Tax benefit | 9 |  | 12 |  | 7
Restricted Stock The Company granted 5,280,114 shares of restricted stock, with an average fair value of $10.23 per share on the date of grant, during the year ended 2024. The shares of restricted stock that were granted during the year ended December 31, 2024 and 2023, vest over a one to five years period. The following table provides a summary of activity with regard to restricted stock units (RSUs):
| Year Ended December 31, 2024
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 5,057,980 |  | $ | 31.46 |
Granted | 5,280,114 |  | 10.23 |
Vested | (1,303,365) |  | 32.28 |
Forfeited | (1,413,398) |  | 28.28 |
Unvested at end of period | 7,621,331 |  | 17.20 |
As of December 31, 2024, unrecognized compensation cost relating to unvested restricted stock totaled $95 million. This amount will be recognized over a remaining weighted average period of 2.2 years. Performance-Based Stock The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units (PSUs):
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Performance Period |  | Expected Vesting Date
Outstanding at beginning of year | 406,096 |  | $ | 29.85 |  |  | January 1, 2022 - December 31, 2025 |  | March 31, 2025 - 2026
Granted | — |  | — |  |  |  |  |
Released | — |  | — |  |  |  |  |
Forfeited | (361,428) |  | 30.21 |  |  |  |  |
Outstanding at end of period | 44,668 |  | 26.85 |  |  | January 1, 2022 - December 31, 2025 |  | March 31, 2025 - 2026
Performance-based restricted stock units are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. As of December 31, 2024, there was an immaterial amount of unrecognized compensation cost relating to unvested restricted stock that will be recognized over a remaining weighted average period of 1.3 years. As of December 31, 2024, the Company believes it is probable that the performance conditions will be met. Stock Options The following table summarizes the stock options granted and their respective vesting schedules:
(in thousands) |  | Year Ended December 31, 2024
Grant Date |  | Options Granted |  | Vest Date
March 6, 2024 |  | 5,000 |  | Quarterly through March 2027
March 6, 2024 |  | 1,333 |  | Fully vest on March 6, 2025
April 25, 2024 (1) |  | 3,000 |  | Annually through April 2027
June 21, 2024 |  | 1,000 |  | Annually through June 2027
July 24, 2024 |  | 1,000 |  | Annually through July 2027
July 29, 2024 |  | 1,000 |  | Annually through July 2027
July 29, 2024 |  | 1,000 |  | Annually through July 2027
Total |  | 13,333 |  |
(1) 1,000 of the options granted on April 25, 2024 are expected to be forfeit during Q1 2025. The Company generally utilizes the Black-Scholes option pricing model to measure the fair value of granted stock options at the grant date. The estimated grant date fair value of options granted during the year ended 2024 was $72 million, which will be recognized in compensation expense on a straight-line basis over the vesting period, of which $22 million was recognized in 2024. The remaining $50 million will be recognized over the vesting period. The following table summarizes stock options activity for the period indicated:
(in thousands, except per share data) | Year Ended December 31, 2024
Stock Options | Number of Options |  | Weighted- Average Exercise Price per Share
Outstanding as of January 1, 2024 | — |  | $ | — |
Granted | 13,333,000 |  | 8.44 |
Vested | (1,250,000) |  | 6.00 |
Unvested at December 31, 2024 | 12,083,000 |  | 8.69 |
Exercisable at December 31, 2024 | 1,250,000 |  |

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