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Note 8 - Stock-based Compensation | 12 Months Ended
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Dec. 31, 2023
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 under our active stock-based compensation plan, the “2022 EICP”. The following table presents our stock-based compensation expense and the related income tax benefits for the years ended December 31, 2023, 2022 and 2021 (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Stock-based compensation expense, gross |  | $ | 20 |  |  | $ | 22 |  |  | $ | 14 |
Income tax benefit at our statutory rate associated with stock-based compensation |  |  | (5 | ) |  |  | (6 | ) |  |  | (4 | )
Stock-based compensation expense, net |  | $ | 15 |  |  | $ | 16 |  |  | $ | 10 |
Currently, the 2022 EICP provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance. All shares of common stock and Class A common stock underlying outstanding options (if any), restricted stock units and performance awards are counted as issued under the 2022 EICP for purposes of determining the number of shares available for future issuance. As of December 31, 2023, we had $14 million of total unrecognized compensation expense related to all non-vested stock-based compensation arrangements. This expense is expected to be recognized over a period of 2.6 years. A summary of activity for the years ended December 31, 2023, 2022 and 2021 under our stock based compensation plans is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Number |  |  | Grant Date |  |  | Number |  |  | Grant Date |  |  | Number |  |  | Grant Date |
|  | of |  |  | Fair Value |  |  | of |  |  | Fair Value |  |  | of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted stock - common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 997,745 |  |  | $ | 20.62 |  |  |  | 1,035,728 |  |  | $ | 19.69 |  |  |  | 917,533 |  |  | $ | 16.84 |
Granted |  |  | 1,007,919 |  |  |  | 8.15 |  |  |  | 400,927 |  |  |  | 21.68 |  |  |  | 731,374 |  |  |  | 19.73 |
Vested |  |  | (537,728 | ) |  |  | 20.32 |  |  |  | (438,910 | ) |  |  | 19.38 |  |  |  | (613,179 | ) |  |  | 15.48 |
Outstanding - end of period |  |  | 1,467,936 |  |  | $ | 12.17 |  |  |  | 997,745 |  |  | $ | 20.62 |  |  |  | 1,035,728 |  |  | $ | 19.69 |
Restricted stock - Class A common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 677,238 |  |  | $ | 19.36 |  |  |  | 720,421 |  |  | $ | 18.22 |  |  |  | 480,042 |  |  | $ | 16.10 |
Granted |  |  | 738,854 |  |  |  | 8.34 |  |  |  | 250,448 |  |  |  | 20.52 |  |  |  | 488,918 |  |  |  | 18.66 |
Vested |  |  | (267,859 | ) |  |  | 18.95 |  |  |  | (293,631 | ) |  |  | 17.55 |  |  |  | (248,539 | ) |  |  | 15.00 |
Outstanding - end of period |  |  | 1,148,233 |  |  | $ | 12.37 |  |  |  | 677,238 |  |  | $ | 19.36 |  |  |  | 720,421 |  |  | $ | 18.22 |
Restricted stock units - common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 274,145 |  |  | $ | 23.60 |  |  |  | 125,247 |  |  | $ | 19.02 |  |  |  | 90,184 |  |  | $ | 18.92 |
Granted |  |  | 587,168 |  |  |  | 11.50 |  |  |  | 259,079 |  |  |  | 23.87 |  |  |  | 95,115 |  |  |  | 19.05 |
Vested |  |  | (247,953 | ) |  |  | 23.64 |  |  |  | (108,921 | ) |  |  | 19.03 |  |  |  | (60,052 | ) |  |  | 18.92 |
Forfeited |  |  | (26,192 | ) |  |  | 23.15 |  |  |  | (1,260 | ) |  |  | 19.05 |  |  |  | - |  |  |  | - |
Outstanding - end of period |  |  | 587,168 |  |  | $ | 11.50 |  |  |  | 274,145 |  |  | $ | 23.60 |  |  |  | 125,247 |  |  | $ | 19.02 |

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