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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Valuation Assumptions | The weighted-average fair value of SPRs outstanding as of December 31, 2023 and December 31, 2022 was $18.37 and $7.65 per SPR, respectively, using the following assumptions:
| December 31,
| 2023 |  | 2022
Expected volatility | 41.1% to 45.9% |  | 43.4% to 52.2%
Risk-free rate of return | 4.5% to 5.3% |  | 4.4% to 4.7%
Expected term (in years) | 0.3 to 1.5 |  | 0.5 to 2.0
Expected annual dividend | $0 |  | $0
The weighted average fair value assumptions used in the model were as follows:
| December 31,
| 2023 |  | 2022
Expected volatility | 45.2% to 45.6% |  | 43.7% to 44.6%
Risk-free rate of return | 3.6% to 4.5% |  | 2.7% to 3.1%
Expected term (in years) | 6.2 years |  | 6.5 years
Expected annual dividend | $0 |  | $0
Activity Related to SPRs | Activity related to the Company’s SPRs during the year ended December 31, 2023 was as follows:
| Number of SPRs |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding on December 31, 2022 | 352,368 |  |  | $ | 7.65 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (93,350) |  |  | 28.16 |  |  |  |  |
Cancelled | — |  |  | — |  |  |  |  |
Outstanding on December 31, 2023 | 259,018 |  |  | 18.37 |  |  | 1.5 |  | $ | 4.6 |
Exercisable on December 31, 2023 | 259,018 |  |  | $ | 18.37 |  |  | 1.5 |  | $ | 4.6 |
Activity Related to RSAs | Activity related to the Company’s RSAs during the year ended December 31, 2023 was as follows:
| Restricted Stock Awards |  | Weighted Average Grant Date Fair Value
Outstanding on December 31, 2022 | 113,174 |  |  | $ | 24.35 |
Granted | 53,054 |  |  | 21.86 |
Cancelled | (13,810) |  |  | 25.89 |
Exchanged for common shares | (54,202) |  |  | 22.86 |
Outstanding on December 31, 2023 | 98,216 |  |  | $ | 23.57 |
MSU Rollforward | Activity related to the Company’s MSUs during 2023 was as follows:
| Number of Market Stock Units |  | Maximum Shares Potentially Issuable |  | Weighted Average Grant Date Fair Value
Outstanding on December 31, 2022 | 162,936 |  |  | 234,586 |  |  | $ | 19.90 |
Granted | 518 |  |  | 777 |  |  | 30.54 |
Cancelled | (32,732) |  |  | (49,098) |  |  | 30.54 |
Exchanged for common shares | (14,615) |  |  | (22,710) |  |  | 17.49 |
Outstanding on December 31, 2023 | 116,107 |  |  | 163,555 |  |  | $ | 17.25 |
Activity Related to Options | Upon vesting, stock options are recognized as a component of equity. Activity related to the Company’s stock options during the year ended December 31, 2023 was as follows:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding on December 31, 2022 | 576,000 |  |  | $ | 38.80 |  |  |  |  |
Granted | 1,402,605 |  |  | 37.03 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Cancelled | (98,538) |  |  | 33.89 |  |  |  |  |
Outstanding on December 31, 2023 | 1,880,067 |  |  | 37.53 |  |  | 9.0 |  | $ | 3.1 |
Exercisable on December 31, 2023 | 180,800 |  |  | $ | 29.74 |  |  | 4.9 |  | $ | 1.7 |
Activity Related to Performance Awards | Activity related to the Company’s PAs during the year ended December 31, 2023 was as follows:
| Number of Performance Awards |  | Maximum Shares Potentially Issuable |  | Weighted Average Grant Date Fair Value
Outstanding on December 31, 2022 | 43,826 |  |  | 65,739 |  |  | $ | 24.08 |
Granted | 326 |  |  | 489 |  |  | 25.55 |
Exercised | (11,404) |  |  | (17,106) |  |  | 21.54 |
Cancelled | (6,668) |  |  | (10,002) |  |  | 20.85 |
Outstanding on December 31, 2023 | 26,080 |  |  | 39,120 |  |  | $ | 25.70 |

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