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Note 8 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
8. | Stock-based Compensation
We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. The following table provides our stock-based compensation expense and related income tax benefit for the three and nine-month periods ended September 30, 2022 and 2021 (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock-based compensation expense, gross |  | $ | 6 |  |  | $ | 3 |  |  | $ | 17 |  |  | $ | 10 |
Income tax benefit at our statutory rate associated with share-based compensation |  |  | (2 | ) |  |  | (1 | ) |  |  | (4 | ) |  |  | (3 | )
Stock-based compensation expense, net |  | $ | 4 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | 7 |
All shares of class A common stock and common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2022 EICP for purposes of determining the number of shares available for future issuance. A summary of restricted class A common stock, common stock and restricted stock units activity for the nine-month periods ended September 30, 2022 and 2021 is as follows:
|  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | average |  |  |  |  |  |  | average |
|  |  |  |  |  | Grant Date |  |  |  |  |  |  | Grant Date |
|  | Number of |  |  | Fair Value |  |  | Number of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted stock - common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period (1) |  |  | 1,035,728 |  |  | $ | 19.69 |  |  |  | 917,533 |  |  | $ | 16.84 |
Granted(1) |  |  | 400,927 |  |  | $ | 21.68 |  |  |  | 343,402 |  |  | $ | 18.73 |
Vested |  |  | (341,918 | ) |  | $ | 19.03 |  |  |  | (613,179 | ) |  | $ | 15.48 |
Outstanding - end of period (1) |  |  | 1,094,737 |  |  | $ | 20.62 |  |  |  | 647,756 |  |  | $ | 19.13 |
Restricted stock - class A common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period (1) |  |  | 720,421 |  |  | $ | 18.22 |  |  |  | 480,042 |  |  | $ | 16.10 |
Granted(1) |  |  | 250,448 |  |  | $ | 20.52 |  |  |  | 233,425 |  |  | $ | 17.67 |
Vested |  |  | (229,758 | ) |  | $ | 16.99 |  |  |  | (248,539 | ) |  | $ | 15.00 |
Outstanding - end of period (1) |  |  | 741,111 |  |  | $ | 19.38 |  |  |  | 464,928 |  |  | $ | 17.47 |
Restricted stock units - common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 125,247 |  |  | $ | 19.02 |  |  |  | 90,184 |  |  | $ | 18.92 |
Granted |  |  | 259,079 |  |  | $ | 23.87 |  |  |  | 95,115 |  |  | $ | 19.05 |
Vested |  |  | (108,921 | ) |  | $ | 19.03 |  |  |  | (60,052 | ) |  | $ | 18.92 |
Forfeited |  |  | (1,260 | ) |  | $ | 19.05 |  |  |  | - |  |  | $ | - |
Outstanding - end of period |  |  | 274,145 |  |  | $ | 23.60 |  |  |  | 125,247 |  |  | $ | 19.02 |
(1) For awards subject to future performance conditions, amounts assume target performance.

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