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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Components of the Company’s Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
|  | (In millions)
Equity classified awards expense |  | $ | 5.0 |  |  | $ | 1.8 |  |  |  |  |
Liability classified awards expense |  | 0.6 |  |  | 0.7 |  |  |  |  |
Total stock-based compensation expense |  | $ | 5.6 |  |  | $ | 2.5 |  |  |  |  |
Schedule of Stock Option Valuation Assumptions | The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the three months ended March 31, 2024:
Risk-free interest rate |  | 4.3 | %
Historical volatility |  | 70.2 | %
Dividend yield |  | 4.2 | %
Expected years until exercise |  | 4.5
Fair value of options granted |  | $22.26
Schedule of Stock Option Activity | Stock option balances at March 31, 2024, and activity for the three months ended March 31, 2024 were as follows:
|  | Number of Shares Under Option |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2023 |  | 462,506 |  |  | $ | 77.59 |  |  |  |  |
Granted |  | 133,729 |  |  | 49.06 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Expired |  | (13,366) |  |  | 92.47 |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2024 |  | 582,869 |  |  | 70.70 |  |  | 6.7 |  | $ | — |
Vested and Expected to Vest at March 31, 2024 |  | 552,055 |  |  | 71.54 |  |  | 6.5 |  | $ | — |
Exercisable at March 31, 2024 |  | 377,446 |  |  | $ | 77.78 |  |  | 5.2 |  | $ | — |
Schedule of Restricted Stock Unit Activity | Outstanding balances as of March 31, 2024, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2024 were as follows:
|  | Shares of Restricted Stock |  | Weighted Average Grant Date Fair Value |  | Stock-Settled Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 |  | 338,622 |  |  | $ | 73.33 |  |  | 58,475 |  |  | $ | 54.07 |
Granted |  | 277,117 |  |  | 49.05 |  |  | 29,473 |  |  | 49.06 |
Released |  | (130,347) |  |  | 74.85 |  |  | (16,789) |  |  | 75.01 |
Forfeited |  | (7,917) |  |  | 70.09 |  |  | — |  |  | — |
Outstanding at March 31, 2024 |  | 477,475 |  |  | $ | 58.88 |  |  | 71,159 |  |  | $ | 47.10 |

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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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