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Share Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [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 June 30, |  |  | Six Months Ended June 30, |
($ in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Share-based compensation expense |  | $ | 5.7 |  |  | $ | 6.5 |  |  | $ | 12.0 |  |  | $ | 10.6 |
Income tax benefit |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 2.3 |  |  |  | 1.3 |
Schedule of Outstanding Performance Stock Units Activity, Restricted Stock Awards, Restricted Stock Units and Performance-based Stock Options | Activity for RSAs for the six months ended June 30, 2024 was as follows:
|  | Class A Common Stock |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 3,550,365 |  |  | $ | 9.26 |
Granted |  |  | 1,858,554 |  |  |  | 8.00 |
Forfeited (1) |  |  | 436,239 |  |  |  | 9.92 |
Vested |  |  | 703,836 |  |  |  | 10.78 |
Unvested at June 30, 2024 |  |  | 4,268,844 |  |  | $ | 8.39 |
(1) The forfeited shares include shares forfeited as a result of employee terminations and shares withheld to satisfy employees’ tax withholding and payment obligations in connection with the vesting of restricted stock awards under the Incentive Plan during the six months ended June 30, 2024; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan. Activity for RSUs for the six months ended June 30, 2024 was as follows:
|  | Class A Common Stock |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 171,384 |  |  | $ | 7.41 |
Granted |  |  | 130,923 |  |  |  | 9.70 |
Forfeited |  |  | — |  |  |  | — |
Vested |  |  | 171,384 |  |  |  | 7.41 |
Unvested at June 30, 2024 |  |  | 130,923 |  |  | $ | 9.70 |
Activity for PSUs for the six months ended June 30, 2024 was as follows:
|  | Class A Common Stock (1) |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 1,482,791 |  |  | $ | 10.88 |
Granted |  |  | 762,583 |  |  |  | 13.03 |
Forfeited |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Unvested at June 30, 2024 |  |  | 2,245,374 |  |  | $ | 11.61 |
(1) Represent shares to be paid out at 100% target level. Activity for PSOs for the six months ended June 30, 2024 was as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2023 |  |  | 1,148,822 |  |  |  | 6.13 |  |  |  | 7.0 |  |  | $ | 2,768,661 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at June 30, 2024 |  |  | 1,148,822 |  |  | $ | 6.13 |  |  |  | 7.0 |  |  | $ | 5,089,281 |
Options vested and exercisable at June 30, 2024 |  |  | 353,354 |  |  | $ | 6.13 |  |  |  | 7.0 |  |  | $ | 1,565,358 |
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:
|  | Six Months Ended June 30, 2023 |
Risk-free interest rate |  |  | 3.42 | %
Expected volatility |  |  | 52.82 | %
Dividend yield |  |  | 0 | %
Expected term (in years) |  |  | 4.5 |

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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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