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Stock-Based Compensation Plans
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans

13. Stock-Based Compensation Plans

For the three months ended September 30, 2023 and 2022, the Company recognized stock-based compensation expense of $9.7 million and $9.6 million, respectively, resulting primarily from stock options, restricted stock units, and performance-based restricted stock units in the Condensed Consolidated Statements of Income. For the nine months ended September 30, 2023 and 2022, the Company recognized stock-based compensation expense of $27.2 million and $32.6 million, respectively.

During the nine months ended September 30, 2023, the Company granted 1.0 million options at a weighted-average exercise price of $13.27 and 4.4 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $13.05. As of September 30, 2023, the Company had 7.1 million outstanding options at a weighted-average exercise price of $18.09, of which 4.2 million options were exercisable at a weighted-average exercise price of $19.28. The Company had 7.7 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $16.53 as of September 30, 2023.