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Equity Incentive Program (Notes)
 3 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Equity Incentive Program
11. Equity Incentive Program

The following table summarizes the stock-based compensation expense recognized by the Company for the periods presented:

 Three Months Ended June 30, Six Months Ended June 30,
(in millions)2024202320242023
Total pre-tax stock-based compensation expense$7.4 $7.1 $14.1 $14.9 
Tax benefit0.3 0.3 3.0 3.2 
Total stock-based compensation expense, net of tax$7.1 $6.8 $11.1 $11.7 
Stock Options

No stock options were granted during the six months ended June 30, 2024 and 2023.

The following table summarizes the Company's stock option activity for the six months ended June 30, 2024:
 Number of SharesWeighted-Average Exercise PriceAggregate Intrinsic ValueWeighted-Average Remaining Contractual Term (Years)
(in millions, except share and per share amounts)
Outstanding at December 31, 2023
2,104,356 $17.15 
Exercised(10,325)15.10 
Expired(331,709)19.27 
Outstanding at June 30, 2024
1,762,322 $16.77 $2.1 2.1
Exercisable at June 30, 2024
1,705,929 $16.62 $2.1 2.0

At June 30, 2024, unrecognized compensation expense related to stock options not yet exercisable of $0.2 million is expected to be recognized over a weighted-average period of 0.6 years.
RSUs

The following table summarizes the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2024:
 Share unitsWeighted-average grant date fair value
Unvested at December 31, 2023
2,075,007 $19.49 
Granted1,496,407 16.71 
Vested (1)
(920,876)19.73 
Forfeited(108,071)18.13 
Unvested at June 30, 2024
2,542,467 $17.83 
(1) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements.

At June 30, 2024, $32.7 million of unrecognized compensation expense related to RSUs is expected to be recognized over a weighted-average period of 2.0 years.

PSUs

The Company grants performance share units (“PSUs”) to senior management. In each case, the awards will cliff vest three years following the grant date. PSUs will be settled in shares of the Company's common stock. Depending on the Company's overall performance relative to the applicable measures, the size of the PSU awards are subject to adjustment, up or down, resulting in awards at the end of the performance period that can range from 0% to 225% of target. The Company will ratably recognize the expense over the applicable service period for each grant of PSUs and adjust the expense for the expected achievement of performance conditions as appropriate. The fair value of PSUs is determined by using a Monte Carlo simulation. For the awards granted in February 2024, 2023, and 2022, the number of PSUs that may be earned and vest is based on total shareholder return (“TSR”) relative to the component companies of the Russell 2000 Index over a three-year performance period.

The following table summarizes the Company's PSU activity for the six months ended June 30, 2024:
 Share unitsWeighted-average grant date fair value
Unvested at December 31, 2023
864,749 $29.28 
Granted414,680 24.09 
Vested (1)
(258,680)28.49 
Forfeited(69,360)27.60 
Unvested at June 30, 2024
951,389 $27.35 
(1) The number of PSUs vested includes shares that the Company withheld on behalf of employees to satisfy statutory tax withholding requirements.

At June 30, 2024, $14.5 million of unrecognized compensation expense related to PSUs is expected to be recognized over a weighted-average period of 1.7 years.