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Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans

13. Stock-Based Compensation Plans

For the three months ended March 31, 2024 and 2023, the Company recognized stock-based compensation expense of $8.7 million and $8.0 million, respectively, resulting primarily from stock options, restricted stock units, and performance-based restricted stock units in the Condensed Consolidated Statements of Income.

During the three months ended March 31, 2024, the Company granted 4.4 million options at a weighted-average exercise price of $12.80 and 4.1 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $12.69. As of March 31, 2024, the Company had 11.0 million outstanding options at a weighted-average exercise price of $16.08, of which 4.7 million options were exercisable at a weighted-average exercise price of $19.07. The Company had 9.2 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $14.35 as of March 31, 2024.