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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2023
Stock Based Compensation |
Stock Based Compensation | 17. Stock Based Compensation The Company has various nonqualified plans approved by share owners under which it has granted restricted shares and performance vested restricted share units. At December 31, 2023, there were 9,078,852 shares available for grants under these plans. Total compensation cost for all grants of shares and units under these plans was $43 million, $33 million and $8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Restricted Shares and Restricted Share Units Restricted share units granted to employees vest over three years beginning on the first anniversary. Granted but unvested restricted share units are forfeited upon termination, unless certain retirement criteria are met. Holders of vested restricted share units receive one share of the Company’s common stock for each unit as units vest. Restricted share units granted to directors vest after one year. The fair value of the restricted shares and restricted share units is equal to the market price of the Company’s common stock on the date of the grant. The fair value of restricted shares and restricted share units, is amortized over the vesting periods which range from one to three years. The activity of restricted shares and restricted share units is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |
​ | ​ | Number of | ​ | Average |
​ | ​ | Restricted | ​ | Grant-Date |
​ | ​ | Shares | ​ | Fair Value |
​ | ​ | (thousands) | ​ | (per share) |
Nonvested at January 1, 2023 |  | 1,989 | ​ | $ | 11.94 | ​
Granted |  | 509 | ​ | ​ | 22.48 | ​
Vested |  | (918) | ​ | ​ | 12.26 | ​
Forfeited |  | (47) | ​ | ​ | 14.98 | ​
Nonvested at December 31, 2023 |  | 1,533 | ​ |  | 15.15 | ​
Awards granted during 2022 | ​ | ​ | ​ | $ | 11.94 | ​
Awards granted during 2021 | ​ | ​ | ​ | $ | 12.83 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Total fair value of shares vested | ​ | $ | 11 | ​ | $ | 10 | ​ | $ | 9 | ​
​ Performance Vested Restricted Share Units Performance vested restricted share units vest on January 1 of the third year following the year in which they are granted. Holders of vested units may receive up to two shares of the Company’s common stock for each unit, depending upon the attainment of consolidated performance goals established by the Compensation and Talent Development Committee of the Company’s Board of Directors. If minimum goals are not met, no shares will be issued. Granted but unvested restricted share units are forfeited upon termination of employment, unless certain retirement criteria are met. The fair value of each performance vested restricted share unit is equal to the product of the fair value of the Company’s common stock on the date of grant and the estimated number of shares into which the performance vested restricted share unit will be converted. The fair value of performance vested restricted share units is amortized ratably over the vesting period. Should the estimated number of shares into which the performance vested restricted share unit will be converted change, an adjustment will be recorded to recognize the accumulated difference in amortization between the revised and previous estimates. ​ ​ Performance vested restricted share unit activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Performance |  | Weighted Average |
​ | ​ | Vested Restricted Shares | ​ | Grant-Date Fair Value |
​ | ​ | Units (thousands) | ​ | (per unit) |
Nonvested at January 1, 2023 |  | 3,466 | ​ | $ | 12.19 | ​
Granted |  | 674 | ​ |  | 25.50 | ​
Vested |  | ​ | ​ |  | ​ | ​
Forfeited/Cancelled |  | (1,250) | ​ |  | 10.15 | ​
Nonvested at December 31, 2023 |  | 2,890 | ​ |  | 16.18 | ​
Awards granted during 2022 | ​ | ​ | ​ | $ | 12.19 | ​
Awards granted during 2021 | ​ | ​ | ​ | $ | 12.70 | ​
​ No shares were issued in 2023 related to performance vested restricted share units. As of December 31, 2023, there was $21 million of total unrecognized compensation cost related to all restricted shares, restricted share units and performance vested restricted share units. That cost is expected to be recognized over a weighted average period of approximately two years.

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