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Note 7 - Stock-based Compensation | 6 Months Ended
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Jun. 30, 2025
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. The following table provides our stock-based compensation expense and related income tax benefit for the three and six-month periods ended June 30, 2025 and 2024 (in millions):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock-based compensation expense, gross |  | $ | 5 |  |  | $ | 6 |  |  | $ | 12 |  |  | $ | 12 |
Income tax benefit at our statutory rate associated with stock-based compensation |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | ) |  |  | (3 | )
Stock-based compensation expense, net |  | $ | 4 |  |  | $ | 4 |  |  | $ | 9 |  |  | $ | 9 |
All shares of common stock and Class A 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 common stock and Class A common stock activity for the six-month periods ended June 30, 2025 and 2024, respectively, is as follows:
|  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |
|  |  |  |  |  | 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) |  |  | 2,567,707 |  |  | $ | 9.03 |  |  |  | 1,467,936 |  |  | $ | 12.17 |
Granted (1) |  |  | 1,449,846 |  |  |  | 4.00 |  |  |  | 1,785,958 |  |  |  | 7.47 |
Vested |  |  | (851,400 | ) |  |  | 10.11 |  |  |  | (480,412 | ) |  |  | 11.23 |
Forfeited |  |  | - |  |  |  | - |  |  |  | (130,000 | ) |  |  | 8.10 |
Outstanding - end of period (1) |  |  | 3,166,153 |  |  | $ | 6.44 |  |  |  | 2,643,482 |  |  | $ | 9.36 |
Restricted stock - Class A common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period (1) |  |  | 1,589,020 |  |  | $ | 9.78 |  |  |  | 1,148,233 |  |  | $ | 12.37 |
Granted (1) |  |  | 961,422 |  |  |  | 6.97 |  |  |  | 823,393 |  |  |  | 8.25 |
Vested |  |  | (422,028 | ) |  |  | 12.26 |  |  |  | (318,733 | ) |  |  | 13.17 |
Outstanding - end of period (1) |  |  | 2,128,414 |  |  | $ | 8.02 |  |  |  | 1,652,893 |  |  | $ | 10.16 |
Restricted stock units - common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 1,229,390 |  |  | $ | 5.72 |  |  |  | 587,168 |  |  | $ | 11.50 |
Granted |  |  | - |  |  |  | - |  |  |  | 1,229,390 |  |  |  | 5.72 |
Vested |  |  | (1,163,515 | ) |  |  | 5.72 |  |  |  | (564,793 | ) |  |  | 11.50 |
Forfeited |  |  | (65,875 | ) |  |  | 5.72 |  |  |  | (22,375 | ) |  |  | 11.50 |
Outstanding - end of period |  |  | - |  |  | $ | - |  |  |  | 1,229,390 |  |  | $ | 5.72 |
(1) For awards subject to future performance conditions, amounts assume target performance.

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