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Stock-based Compensation and Outstanding Awards
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation and Outstanding Awards

12. Stock-based Compensation and Outstanding Awards

For the six months ended June 30, 2023, the Company granted 739,885 shares of restricted stock awards ("RSAs") and restricted stock units and phantom shares (“RSUs”) with a weighted average fair value of $12.56 per share. In addition, the Company granted performance stock awards ("PSAs") to senior management employees with potential payouts varying from zero to 534,618 shares. The RSAs and RSUs vest on the first and third anniversary of the date of grant. The PSAs can be earned based on performance against established metrics over a three-year performance period.

Stock-based compensation expense for the three and six months ended June 30, 2023, totaled $4 million and $7 million, respectively, compared to $2 million and $4 million, respectively, for the corresponding periods of 2022.