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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