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Shareholders’ Equity and Stock Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the Company’s stock option activity:
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at January 1, 20241,911,354 $9.19 
Granted— $— 
Exercised(13,000)$10.51 
Cancelled— $— 
Expired— $— 
Outstanding at March 31, 20241,898,354 $9.18 
Exercisable at March 31, 20241,898,354 $9.18 
Schedule of RSU Activity
The following table summarizes the Company’s activity related to RSUs and PSUs:
RSUsPSUs
SharesWeighted-Average Grant Date Fair ValueShares Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024428,762 $34.09 471,935 
(1)
$36.40 
Granted (2)
202,826 $34.22 131,906 $34.06 
Vested(170,783)$37.40 (272,362)
(3)
$29.00 
Cancelled— $— (37,101)
(4)
$41.92 
Outstanding at March 31, 2024460,805 $32.95 294,378 $41.33 
(1)    Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target, PSUs granted in March 2022 at 89.6% of the target and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target.
(2)    The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.
(3)    Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs.
(4)    The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724.
Schedule of PSU Activity
The following table summarizes the Company’s activity related to RSUs and PSUs:
RSUsPSUs
SharesWeighted-Average Grant Date Fair ValueShares Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024428,762 $34.09 471,935 
(1)
$36.40 
Granted (2)
202,826 $34.22 131,906 $34.06 
Vested(170,783)$37.40 (272,362)
(3)
$29.00 
Cancelled— $— (37,101)
(4)
$41.92 
Outstanding at March 31, 2024460,805 $32.95 294,378 $41.33 
(1)    Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target, PSUs granted in March 2022 at 89.6% of the target and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target.
(2)    The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.
(3)    Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs.
(4)    The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724.