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Note 7 - Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
7. | Stock-based Compensation
We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan is the 2022 Equity and Incentive Compensation Plan (the “2022 EICP”). Our stock-based compensation expense and related income tax benefit for the three-months ended March 31, 2024 and 2023, respectively (in millions).
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Stock-based compensation expense, gross |  | $ | 6 |  |  | $ | 2 |
Income tax benefit at our statutory rate associated with stock-based compensation |  |  | (2 | ) |  |  | (1 | )
Stock-based compensation expense, net |  | $ | 4 |  |  | $ | 1 |
All shares of common stock and Class A common stock underlying Restricted stock, 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 common stock and Class A common stock activities for the three-months ended March 31, 2024 and 2023, respectively, is as follows:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Number |  |  | Grant Date |  |  | Number |  |  | Grant Date |
|  | of |  |  | Fair Value |  |  | of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 1,467,936 |  |  | $ | 12.17 |  |  |  | 997,745 |  |  | $ | 20.62 |
Granted (1) |  |  | 1,126,296 |  |  |  | 8.10 |  |  |  | 12,227 |  |  |  | 12.04 |
Vested |  |  | (307,276 | ) |  |  | 13.78 |  |  |  | (257,355 | ) |  |  | 20.21 |
Outstanding - end of period |  |  | 2,286,956 |  |  | $ | 9.95 |  |  |  | 752,617 |  |  | $ | 20.62 |
Restricted Class A common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 1,148,233 |  |  | $ | 12.37 |  |  |  | 677,238 |  |  | $ | 19.36 |
Granted (1) |  |  | 823,393 |  |  |  | 8.25 |  |  |  | 25,022 |  |  |  | 13.30 |
Vested |  |  | (318,733 | ) |  |  | 13.17 |  |  |  | (203,986 | ) |  |  | 18.76 |
Outstanding - end of period |  |  | 1,652,893 |  |  | $ | 10.16 |  |  |  | 498,274 |  |  | $ | 19.30 |
Restricted stock units - common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 587,168 |  |  | $ | 11.50 |  |  |  | 274,145 |  |  | $ | 23.60 |
Granted |  |  | 1,229,390 |  |  |  | 5.72 |  |  |  | 587,168 |  |  |  | 11.50 |
Vested |  |  | (564,793 | ) |  |  | 11.50 |  |  |  | (247,953 | ) |  |  | 23.64 |
Forfeited |  |  | (22,375 | ) |  |  | 11.50 |  |  |  | (26,192 | ) |  |  | 23.15 |
Outstanding - end of period |  |  | 1,229,390 |  |  | $ | 5.72 |  |  |  | 587,168 |  |  | $ | 11.50 |
| (1) For awards subject to future performance conditions, amounts assume target performance.

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