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Treasury Stock and Share Based Awards (Tables) | 9 Months Ended
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Sep. 30, 2023
Summary of Treasury Stock Activity | Below is a summary of Holdings’ treasury stock activity for the nine months ended September 30, 2023:
|  | Number of |  |  |  |
|  | Treasury |  |  |  |
|  | Shares |  |  | Cost |
Balance at January 1, 2023 |  |  | 5.68 |  |  | $ | 95.4 |
Restricted stock withholdings (1) |  |  | 0.20 |  |  |  | 2.5 |
Restricted stock forfeitures (2) |  |  | 0.08 |  |  |  | — |
Balance at September 30, 2023 |  |  | 5.96 |  |  | $ | 97.9 |
(1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and performance stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vesting dates, which ranged from $11.16 to $18.36 per share. (2) Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with its 2017 Omnibus Plan.
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the nine months ended September 30, 2023:
|  | Shares of |  |  | Weighted Average |
|  | Restricted |  |  | Grant Date |
|  | Stock |  |  | Fair Value |
Outstanding at January 1, 2023 |  |  | 1.85 |  |  | $ | 20.64 |
Granted |  |  | 1.37 |  |  |  | 12.05 |
Vested |  |  | (0.72 | ) |  |  | 40.48 |
Forfeited |  |  | (0.08 | ) |  |  | 16.23 |
Outstanding at September 30, 2023 |  |  | 2.42 |  |  |  | 15.84 |
Unvested restricted stock at September 30, 2023 |  |  | 2.42 |  |  |  |
Performance metrics and measurement period for these performance awards | Below is a summary of the performance metrics and measurement period for these performance awards:
Performance Measurement Period |  | Three years with additional service requirement to the third anniversary of the date of the grant
Maximum Performance Target Level |  | 200% of target level
Percentage of maximum performance stock units that vest if performance metrics meet the threshold level (1) |  | 25% or 0.37 PSUs
Percentage of maximum performance stock units that vest if performance metrics are at target (1) |  | 50% or 0.73 PSUs
Percentage of maximum performance stock units that vest if performance metrics are at the maximum (1) |  | 100% or 1.47 PSUs
Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued |  | Target
Assumed forfeiture rate for performance stock unit awards |  | 5%
Number of PSUs that vest based on maximum amount of PSUs that could vest of 1.47.
CUSA |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated.
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Compensation expense recognized during the period: |  |  |  |  |  |
CUSA employees |  | $ | 11.6 |  |  | $ | 11.3 |
Holdings directors |  |  | 0.9 |  |  |  | 0.7 |
Total recognized by Holdings |  | $ | 12.5 |  |  | $ | 12.0 |
Fair value of restricted stock that vested during the period: |  |  |  |  |  |
CUSA employees |  | $ | 8.1 |  |  | $ | 14.6 |
Holdings directors |  |  | 1.3 |  |  |  | 0.6 |
Holdings total |  | $ | 9.4 |  |  | $ | 15.2 |
Income tax benefit related to vested restricted stock: |  |  |  |  |  |
CUSA employees |  | $ | 0.6 |  |  | $ | 2.4 |
Holdings directors |  |  | 0.3 |  |  |  | 0.1 |
Holdings total income tax benefit |  | $ | 0.9 |  |  | $ | 2.5 |
Restricted Stock (Member) |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | As of September 30, 2023, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:
|  | Estimated |
|  | Remaining |
|  | Expense |
CUSA employees (1) |  | $ | 21.6 |
Holdings directors |  |  | 1.0 |
Total remaining - Holdings (1) |  | $ | 22.6 |
(1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.8 years.
Performance Shares [Member] |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of performance stock unit activity for the periods presented:
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Number of performance stock units that vested during the period |  |  | 0.1 |  |  |  | 0.1 |
Fair value of performance stock units that vested during the period |  | $ | 1.5 |  |  | $ | 1.7 |
Accumulated dividends paid upon vesting of performance stock units |  | $ | 0.2 |  |  | $ | 0.3 |
Compensation expense recognized during the period |  | $ | 6.4 |  |  | $ | 4.2 |
Income tax (expense) benefit related to performance stock units |  | $ | (0.5 | ) |  | $ | 0.1 |

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