XML 70 R60.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock Based Awards and Other Equity Instruments - Summary of Activity for MSUs (Details) - MSUs
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
$ / shares
shares
MSUs outstanding  
Unvested outstanding, Beginning balance | shares 120,000
MSUs outstanding, Granted | shares 432 [1]
Unvested MSUs, Cancelled | shares (35,000)
Unvested outstanding, Ending balance | shares 517,000 [2]
Weighted Average Grant-Date Fair Value Per Share  
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares $ 28.15
Weighted Average Grant-Date Fair Value Per Share, Granted | $ / shares 9.26 [1]
Weighted Average Grant-Date Fair Value Per Share, Cancelled | $ / shares 28.15
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares $ 12.36 [2]
Aggregate Intrinsic Value  
Unvested MSUs outstanding, Aggregate Intrinsic Value | $ $ 11 [2]
[1] Inclusive of approximately 378,000 MSUs awarded to our CEO during July 2022. A Monte-Carlo simulation model, which simulated the present value of the potential outcomes of future stock prices was used to calculate the grant-date fair value of our MSU awards. These MSUs shall vest on July 1, 2025, with 25% vesting if our stock price is equal to or greater than $35.00 but less than $45.00, 50% if our stock price is equal to or greater than $45.00 but less than $55.00 and 100% if our stock price is equal to or greater than $55.00, subject to the CEO’s continuous employment with, or performance of services for, the Company. The estimated grant-date fair value of this award will be amortized on a straight-line basis over the requisite service period through July 1, 2026.
[2] pproximately 85,000 outstanding MSUs provide for vesting based upon the Company’s total shareholder return, or TSR, performance over the period commencing January 1, 2020 through December 31, 2022 relative to the TSR performance of The Nasdaq Composite Total Return Index. Based upon actual attainment relative to the target performance metric, the grantees have the ability to receive up to 200% of the target number of MSUs originally granted, or to receive none at all.