XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.23.1

Share Based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Schedule of Share Based Compensation Expense and Related Income Tax Benefit | The following table summarizes share-based compensation expense and the related income tax benefit recognized for the Company’s share-based compensation awards. Share-based compensation expenses are recorded within Selling, general and administrative in the Company’s Condensed Consolidated Statement of Operations.
|  | Three Months Ended March 31, |
($ in millions) |  | 2023 |  |  | 2022 |
Share-based compensation expense |  | $ | 4.1 |  |  | $ | 3.1 |
Income tax (expense) benefit |  |  | 1.1 |  |  |  | 1.2 |
Schedule of Outstanding Performance Stock Units Activity, Restricted Stock Awards, Restricted Stock Units and Performance-based Stock Options | Activities for RSAs for the three months ended March 31, 2023 are as follows:
|  | Class A Common Stock |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 2,111,635 |  |  | $ | 16.23 |
Granted |  |  | 2,519,355 |  |  |  | 6.16 |
Forfeited (1)(2) |  |  | 179,419 |  |  |  | 17.53 |
Vested |  |  | 381,116 |  |  |  | 17.26 |
Unvested at March 31, 2023 |  |  | 4,070,455 |  |  | $ | 9.84 |
Activities for RSUs for the three months ended March 31, 2023 are as follows:
|  | Class A Common Stock |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 108,909 |  |  | $ | 13.22 |
Granted |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Vested |  |  | 9,304 |  |  |  | 18.27 |
Unvested at March 31, 2023 |  |  | 99,605 |  |  | $ | 12.75 |
Activities for PSUs for the three months ended March 31, 2023 are as follows:
|  | Class A Common Stock (3) |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 634,023 |  |  | $ | 19.19 |
Granted |  |  | 1,102,497 |  |  |  | 8.87 |
Forfeited |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Unvested at March 31, 2023 |  |  | 1,736,520 |  |  | $ | 12.64 |
(1) The forfeited shares include the Company’s failure to meet certain performance measures and employee terminations during the three months ended March 31, 2023; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (2) Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. (3) Represent shares to be paid out at target level. Activities for PSOs for the three months ended March 31, 2023 are as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Granted |  |  | 1,148,822 |  |  |  | 6.13 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 1,148,822 |  |  | $ | 6.13 |  |  |  | 7.0 |  |  | $ | 505,482 |
Options vested and exercisable at March 31, 2023 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions:
|  | Three Months Ended March 31, 2023 |
Risk-free interest rate |  |  | 3.42 | %
Expected volatility |  |  | 52.82 | %
Dividend yield |  |  | 0 | %
Expected term (in years) |  |  | 4.5 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration