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Common Stock and Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Stock-Based Compensation [Abstract] |
Common Stock and Stock-Based Compensation | Common Stock and Stock-Based Compensation Stock Repurchase Program 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Board of Directors authorized a stock repurchase program for up to $500 million (the “December 2021 Program”), which superseded our previous stock repurchase program.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. During the nine months ended September 30, 2023 and 2022, we repurchased 916,269 and 1,218,313 shares of our common stock for an aggregate purchase price of approximately $27.1 million and $29.8 million, respectively. As of September 30, 2023, under the December 2021 Program approximately $258.0 million remains available for repurchases. Stock Based Compensation We recognized $6.2 million and $2.7 million in compensation expense related to stock awards issued under the Upbound Group, Inc. Amended 2021 Long-Term Incentive Plan (the “2021 Plan”) and 2016 Long-Term Incentive Plan (the “2016 Plan”) during the three months ended September 30, 2023 and 2022, and $18.6 million and $11.1 million during the nine months ended September 30, 2023 and 2022. During the nine months ended September 30, 2023, we granted 599,845 market-based performance units and 361,169 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, 2023 was $32.30 and $26.34, respectively. In connection with the acquisition of Acima Holdings, LLC in 2021, we issued to the former owners of Acima Holdings 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” and recorded to Other charges in our unaudited Condensed Consolidated Statements of Operations. We recognized $9.4 million and $42.1 million in stock compensation expense related to these restricted stock agreements during the three months ended September 30, 2023 and 2022, and $128.1 million and $111.5 million during the nine months ended September 30, 2023 and 2022. Stock compensation expense recognized during the nine months ended September 30, 2023 for these restricted stock agreements included $78.4 million attributable to the acceleration of vesting provisions, primarily related to Aaron Allred's transition from Executive Vice President of Acima to an advisory role.

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