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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2023
Share-based Payment Arrangement [Abstract] |
Employee Benefit Plans | Note 11 — Employee Benefit Plans Long-Term Incentive Plan As of June 30, 2023, there were 3.5 million shares of our common stock available for issuance under our 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). During the six-month period ended June 30, 2023, the following grants of share-based awards were made under the 2005 Incentive Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Grant Date | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Fair Value | ​ | ​
Date of Grant |  | Award Type |  | Shares/Units |  | Per Share/Unit |  | Vesting Period
January 1, 2023 (1) |  | RSU |  | 506,436 | ​ | $ | 7.38 |  | 33% per year over three years
January 3, 2023 (1) |  | PSU |  | 489,498 | ​ | $ | 9.26 |  | 100% on December 31, 2025
January 1, 2023 (2) |  | Restricted stock |  | 9,210 | ​ | $ | 7.38 |  | 100% on January 1, 2025
April 1, 2023 (2) |  | Restricted stock |  | 7,267 | ​ | $ | 7.74 |  | 100% on January 1, 2025
(1) | Reflects grants to our executive officers.
(2) | Reflects grants to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash.
Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis. Forfeitures are recognized as they occur. No restricted stock awards have been granted to our executive officers or other employees since 2020. For the three- and six-month periods ended June 30, 2023, $0.3 million and $0.6 million, respectively, were recognized as share-based compensation related to restricted stock. For the three- and six-month periods ended June 30, 2022, $0.8 million and $1.4 million, respectively, were recognized as share-based compensation related to restricted stock. Our performance share units (“PSUs”) granted prior to 2021 were settled solely in shares of our common stock and were accounted for as equity awards. Our PSUs granted beginning in January 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board and have been accounted for as equity awards. Those PSUs consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which component contains a service and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which component contains a service and a performance condition. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of a three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero. For PSUs with a service and a market condition that are accounted for as equity awards, compensation cost is measured based on the grant date estimated fair value determined using a Monte Carlo simulation model and subsequently recognized over the vesting period on a straight-line basis. For PSUs with a service and a performance condition that are accounted for as equity awards, compensation cost is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition. For the three- and six-month periods ended June 30, 2023, $1.2 million and $2.4 million, respectively, were recognized as share-based compensation related to PSUs. For the three- and six-month periods ended June 30, 2022, $1.1 million and $2.1 million, respectively, were recognized as share-based compensation related to PSUs. In January 2023, based on the performance of our common stock price as compared to our performance peer group over a three-year period, 369,938 PSUs granted in 2020 vested at 77%, representing 285,778 shares of our common stock with a total market value of $3.6 million. Our currently outstanding RSUs may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. Liability RSUs are measured at their estimated fair value based on the closing share price of our common stock as of each balance sheet date, and subsequent changes in the fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability RSUs equals the actual payout value upon vesting. For the three- and six-month periods ended June 30, 2023, $1.2 million and $2.4 million, respectively, were recognized as compensation cost. For the three- and six-month periods ended June 30, 2022, $0.2 million and $0.8 million, respectively, were recognized as compensation cost. In 2023 and 2022, we granted fixed-value cash awards of $6.0 million and $5.5 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the three- and six-month periods ended June 30, 2023, $1.2 million and $2.4 million, respectively, were recognized as compensation cost. For the three- and six-month periods ended June 30, 2022, $1.1 million and $2.1 million, respectively, were recognized as compensation cost. Defined Contribution Plans We sponsor a defined contribution 401(k) retirement plan (the “401(k) Plan”) in the U.S. as well as various other defined contribution plans globally. During the three- and six-month periods ended June 30, 2023, we made contributions to our defined contribution plans totaling $1.0 million and $2.1 million, respectively. During the three- and six-month periods ended June 30, 2022, we made contributions to our defined contribution plans totaling $0.7 million and $1.5 million, respectively. Employee Stock Purchase Plan We have an employee stock purchase plan (the “ESPP”). As of June 30, 2023, 1.2 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period. For more information regarding our employee benefit plans, including the 2005 Incentive Plan, the 401(k) Plan and the ESPP, see Note 13 to our 2022 Form 10-K.

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