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Stock-based Compensation and Outstanding Awards (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Significant Assumptions Used to Calculate the Grant Date Fair Market Values of Options Granted

For the stock options granted in 2021, 2020 and 2019, the fair value of each option award was estimated on the date of grant using the Black-Scholes framework that uses the assumptions noted in the table below.

		December 31,
		2021				2020				2019
Valuation Assumptions:
Expected volatility			61.3	%			43.7	%			43.7	%
Risk-free interest rate			0.5	%			1.4	%			2.5	%
Expected dividends (per share)		$	—			$	—			$	—
Expected term (in years)			4.5				4.5				4.5

Summary of Stock Option Activity

The following table summarizes award activity for stock options:

Stock Options		Shares (in thousands)				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2020			4,386			$	17.93
Granted			750				10.26
Forfeited and expired			(1,208	)			23.81
Exercised			(314	)			9.88
Other adjustment			(18	)			26.16
Outstanding as of December 31, 2021			3,596			$	15.02				3.4			$	—
Exercisable at December 31, 2021			2,379			$	17.39				2.3			$	—

Summary of Status of Nonvested Shares of RSAs, RSUs and PSAs

The following table summarizes award activity for RSAs and RSUs:

RSAs / RSUs		Shares (in thousands)				Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2020			634			$	10.25
Granted			430				10.31
Vested (1)			(281	)			8.76
Forfeited			(42	)			11.43
Nonvested as of December 31, 2021			741			$	10.79

(1)54 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

The following table summarizes award activity for performance stock awards:

PSAs		Shares (in thousands)				Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2020			315			$	12.53
Granted			490				13.08
Vested (1)			(94	)			10.52
Forfeited			(42	)			10.32
Nonvested as of December 31, 2021			669			$	13.35

(1)28 thousand shares were withheld and retired from the vesting of shares to employees to satisfy minimum tax withholding.

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Tabular disclosure of share-based payment arrangement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Section 50
-Paragraph 2
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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