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Common Stock and Stock-Based Compensation (Notes) | 9 Months Ended
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Sep. 30, 2022
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Common Stock and Stock-Based Compensation In early December 2021, our Board of Directors authorized a stock repurchase program for up to $500 million (the “December 2021 Program”), which superseded our previous stock repurchase program. Under the December 2021 Program, we may purchase shares of our common stock from time to time in the open market or privately negotiated transactions. We are not obligated to acquire any shares under the program, and the program may be suspended or discontinued at any time. No shares of our common stock were repurchased during the six months ended June 30, 2022. Under the December 2021 Program, 1,218,313 shares of our common stock were repurchased for an aggregate purchase price of approximately $29.8 million during the three months ended September 30, 2022. Subsequent to September 30, 2022 we repurchased an additional 2,318,486 shares for an aggregate purchase price of $45.2 million under the December 2021 Program and approximately $285 million remains available for repurchases. Under previous stock repurchase programs, 335,508 shares of our common stock were repurchased during the three and nine months ended September 30, 2021 for an aggregate purchase price of approximately $20.0 million. We recognized $2.7 million and $5.6 million in compensation expense related to stock awards issued under the Rent-A-Center, Inc. 2021 Long-Term Incentive Plan (the “2021 Plan”) and 2016 Long-Term Incentive Plan (the “2016 Plan”) during the three months ended September 30, 2022 and 2021, and $11.1 million and $15.0 million during the nine months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022, we granted approximately 713,000 market-based performance units and 406,000 time-vesting units under the 2021 Plan. Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued based on our closing stock price on the trading day immediately preceding the date of the grant, or as of the date of modification in the event an award is modified. The weighted-average grant date fair value of the market-based performance and time-vesting restricted stock units granted during the nine months ended September 30, 2022 was $24.59 and $28.31, respectively. As described in Note 2, Aggregate Stock Consideration issued to the former owners of Acima Holdings included 10,779,923 of common shares valued at $51.14 per share, as of the date of closing. Of this total, 2,683,328 common shares were included in the aggregate purchase price of the transaction for financial reporting purposes, while 8,096,595 common shares, valued at $414.1 million, issued under restricted stock agreements and subject to vesting conditions, are recognized as stock compensation expense over the vesting term in accordance with ASC Topic 718, “Stock-based Compensation”. We recognized $42.1 million and $42.8 million in stock compensation expense related to these restricted stock agreements during the three months ended September 30, 2022 and 2021, and $111.5 million and $93.1 million during the nine months ended September 30, 2022 and 2021, which was recorded to Other charges in our Condensed Consolidated Statements of Operations, as described in Note 10.

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