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Stock Compensation Plans
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Compensation Plans

NOTE 12. STOCK COMPENSATION PLANS

Stock based awards are made pursuant to stock compensation plans that are approved by our shareholders. The 2022 Performance Plan was adopted by our shareholders on April 11, 2022 and will expire on February 28, 2032 unless earlier terminated. The 2022 Performance Plan replaced the 2017 Performance Plan, which was terminated on April 11, 2022, except with respect to outstanding awards.

Our Board of Directors granted 0.8 million restricted stock units and 0.4 million performance share units during the nine months ended September 30, 2022 under our stock compensation plans. We measure the fair value of grants of restricted stock units and performance share units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. The weighted average fair value per share was $15.04 for restricted stock units and $15.60 for performance share units granted during the nine months ended September 30, 2022.

We recognized stock-based compensation expense of $6 million and $19 million during the three and nine months ended September 30, 2022, respectively. At September 30, 2022, unearned compensation cost related to the unvested portion of all stock-based awards was approximately $32 million and is expected to be recognized over the remaining vesting period of the respective grants, through the third quarter of 2025. We recognized stock-based compensation of $11 million and $22 million during the three and nine months ended September 30, 2021, respectively.