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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We record stock-based compensation at fair value on the date of grant and record the expense for these awards in SG&A expenses in our Unaudited Condensed Consolidated Statements of Operations on a ratable basis over the requisite employee service period. Stock-based compensation expense includes actual forfeitures incurred. For performance-based awards, including performance-based restricted stock units (“PRSUs”) and our 2021 LTIP PRSUs, we reassess at each reporting date whether achievement of the performance condition is probable and accrue compensation expense if and when achievement of the performance condition is probable. The table below summarizes stock-based compensation expense:
| Three Months Ended March 31,
| 2025 |  | 2024
Stock-based compensation expense | $ | 2.1 |  |  | $ | 1.3 |
Tax effect on stock-based compensation | 0.4 |  |  | 0.3 |
Stock-based compensation expense, net of tax | $ | 1.7 |  |  | $ | 1.0 |
As of March 31, 2025, there were approximately 6.1 million shares remaining for issuance under the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (as amended, restated, supplemented or otherwise modified from time to time). Activity related to our restricted stock units (“RSUs”) and PRSUs is as follows:
| RSUs |  | PRSUs
| Quantity |  | Weighted Average Grant Date Fair Value |  | Quantity |  | Weighted Average Grant Date Fair Value
Outstanding, January 1, 2025 | 1,788,457 |  | $ | 5.60 |  |  | 1,977,514 |  | $ | 15.51 |
Granted | 641,039 |  | $ | 6.28 |  |  | 629,986 |  | $ | 6.27 |
Vested | (849,120) |  | $ | 5.60 |  |  | (293,913) |  | $ | 4.95 |
Forfeited | (6,511) |  | $ | 4.68 |  |  | (596,789) |  | $ | 22.52 |
Outstanding, March 31, 2025 | 1,573,865 |  | $ | 5.88 |  |  | 1,716,798 |  | $ | 11.49 |

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