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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation We use share-based payments to compensate employees and non-employee directors. We grant incentive awards in the form of restricted stock units (a small portion of which are subject to the achievement of performance conditions) and performance unit awards (which are subject to the achievement of performance conditions). Certain of these incentive awards are share-settled, and certain of these incentive awards are cash-settled. See Note 12 in Notes to consolidated financial statements in Item 8 of our Annual Report for further description of the various types of stock-based compensation awards (other than the 2025 Performance Units, which are described below) and the applicable award terms and accounting. Stock Options — No stock options have been granted since 2016. Stock option activity from January 1, 2025 to June 30, 2025 follows:
| Underlying Shares |  | Weighted Average Exercise Price Per Share
Outstanding at January 1, 2025 | 1,794,005 |  | $ | 22.26 |
Exercised | — |  | $ | — |
Expired | (616,800) |  | $ | 20.33 |
Outstanding at June 30, 2025 | 1,177,205 |  | $ | 23.27 |
Exercisable at June 30, 2025 | 1,177,205 |  | $ | 23.27 |
Restricted Stock Units (Equity Based) — Share-settled restricted stock unit activity from January 1, 2025 to June 30, 2025 follows:
| Time Based |  | Performance Based |  | Weighted Average Grant Date Fair Value Per Share
Non-vested restricted stock units outstanding at January 1, 2025 | 5,427,657 |  | 452,514 |  | $ | 11.34 |
Granted | 4,429,947 |  | — |  | $ | 6.04 |
Vested | (2,759,605) |  | — |  | $ | 11.43 |
Forfeited | (113,246) |  | (1,489) |  | $ | 10.32 |
Non-vested restricted stock units outstanding at June 30, 2025 | 6,984,753 |  | 451,025 |  | $ | 8.17 |
As of June 30, 2025, we had unrecognized compensation cost related to our unvested restricted stock units totaling $51.7 million. The weighted-average remaining vesting period for these unvested restricted stock units was 2.26 years as of June 30, 2025. Restricted Stock Units (Liability Based) — A portion of the annual restricted stock unit awards granted in 2025 are cash-settled. Cash-settled restricted stock unit activity from January 1, 2025 to June 30, 2025 follows:
| Time Based |  |
Non-vested cash-settled restricted stock units outstanding at January 1, 2025 | 13,134 |  |
Granted | 619,417 |  |
Vested | (4,376) |  |
Forfeited | — |  |
Non-vested cash-settled restricted stock units outstanding at June 30, 2025 | 628,175 |  |
As of June 30, 2025, we had unrecognized compensation cost related to our unvested cash-settled restricted stock units totaling $3.6 million. The weighted-average remaining vesting period for these unvested cash-settled restricted stock units was 2.83 years as of June 30, 2025. Performance Unit Awards — We have granted performance unit awards to certain employees (the “Performance Units”). The Performance Units generally vest over a three-year period based on the achievement of performance goals. Historically, Performance Units have been tied to total shareholder return (“TSR”) achievement as compared to the TSR of a designated peer group, and allow for a payout ranging between 0% and 200% of the target payout. With respect to the Performance Units granted in May 2025, (i) one-half are cash-settled and are otherwise structured similarly to the 2024 Performance Units with vesting tied to our TSR over 1-, 2- and 3-year performance periods (the “2025 TSR Performance Units”), and (ii) one-half are share-settled and tied to our relative free cash flow return over the three-year period commencing January 1, 2025 as compared to the free cash flow return of a designated peer group (“FCF”), and allow for a payout ranging between 0% and 200% of the target payout (the “2025 FCF Performance Units”). Share-settled Performance Units, excluding the 2025 FCF Performance Units, have vesting terms subject to a market condition and are measured at fair value on the date of grant using a Monte Carlo simulation model. The 2025 TSR Performance Units are cash-settled and are accounted for as liability classified awards and remeasured at fair value using a Monte Carlo simulation model at each reporting period. The 2025 FCF Performance Units are subject to an operational performance condition, with fair value determined based on the average closing price of our common stock over the 20 trading days immediately preceding the grant date. Stock-based compensation expense is subsequently adjusted to reflect the fair value of units expected to vest, based on the likelihood of meeting the performance condition. If the performance condition is not met, any previously recognized compensation expense will be reversed. Performance Units activity from January 1, 2025 to June 30, 2025 follows:
| Performance Units Share-Settled (at target) |  | Weighted Average Grant Date Fair Value Per Share |  | Performance Units Cash-Settled (at target) |  |
Non-vested outstanding at January 1, 2025 | 1,869,400 |  | $ | 15.62 |  |  | — |  |
Granted | 743,800 |  | $ | 5.86 |  |  | 743,800 |  |
Performance units settled (1) | (398,500) |  | $ | 25.95 |  |  | — |  |
Forfeited | — |  | $ | — |  |  | — |  |
Non-vested outstanding at June 30, 2025 | 2,214,700 |  | $ | 10.49 |  |  | 743,800 |  |
(1)Share-settled Performance Units granted in 2022 reached the end of their performance period during the six months ended June 30, 2025, and no shares were issued to settle such Performance Units. As of June 30, 2025, we had unrecognized compensation cost related to our unvested Performance Units totaling $21.2 million. The weighted-average remaining vesting period for these unvested Performance Units was 2.05 years as of June 30, 2025. Stock-Based Compensation Expense — Expense associated with restricted stock units and Performance Unit awards is included in “Selling, general and administrative” in our unaudited condensed consolidated statements of operations. The following table presents stock-based compensation expense for the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
Share-settled awards |  | 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  |
Restricted stock units |  | $ | 7,512 |  |  | $ | 8,681 |  |  |  |  | $ | 17,398 |  |  | $ | 18,624 |  |  |
Performance units – TSR |  | 1,568 |  |  | 2,131 |  |  |  |  | 3,971 |  |  | 4,240 |  |  |
Performance units – FCF |  | 498 |  |  | — |  |  |  |  | 498 |  |  | — |  |  |
Total share-settled awards |  | 9,578 |  |  | 10,812 |  |  |  |  | 21,867 |  |  | 22,864 |  |  |
Cash-settled awards |  |  |  |  |  |  |  |  |  |  |  |
Cash-settled restricted stock units |  | 204 |  |  | (130) |  |  |  |  | 212 |  |  | 1,110 |  |  |
Cash-settled performance units |  | 377 |  |  | — |  |  |  |  | 377 |  |  | — |  |  |
Total cash-settled awards |  | 581 |  |  | (130) |  |  |  |  | 589 |  |  | 1,110 |  |  |
Stock-based compensation expense |  | $ | 10,159 |  |  | $ | 10,682 |  |  |  |  | $ | 22,456 |  |  | $ | 23,974 |  |  |

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