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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes the impact of all stock-based compensation expense on our Consolidated Statements of (Loss) Income for the years ended December 31, 2022, 2021, and 2020:

(in millions)		2022		2021		2020
Selling, general and administrative expense	$	9.5	$	15.2	$	6.5
Loss before income tax		(9.5)		(15.2)		(6.5)
Income tax benefit		(2.2)		(3.6)		(1.6)
Net loss	$	(7.3)	$	(11.6)	$	(4.9)

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

Stock-based compensation expense by award type for the years ended December 31, 2022, 2021 and 2020 was as follows:

(in millions)		2022		2021		2020
Stock option compensation expense	$	3.7	$	3.6	$	2.7
RSU compensation expense		4.4		5.3		5.2
PSU compensation expense		1.4		6.3		(1.4)
Total stock-based compensation expense	$	9.5	$	15.2	$	6.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model and the weighted average assumptions as outlined in the following table:

		Year Ended December 31,
		2022		2021		2020
Weighted average expected lives		6.0 years		6.0 years		6.0 years
Weighted average risk-free interest rate		1.89 %		0.93 %		0.81 %
Weighted average expected volatility		41.7 %		41.3 %		36.0 %
Expected dividend yield		3.60 %		3.07 %		3.16 %
Weighted average grant date fair value		$2.43		$2.45		$2.03

Summary of Changes in Stock Options Outstanding

A summary of the changes in stock options outstanding under the Plan during the year ended December 31, 2022 is presented below:

		Number Outstanding				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2021			5,860,567			$	9.34
Granted			1,793,833			$	8.35
Exercised			(573,860	)		$	7.51
Forfeited			(351,925	)		$	8.59
Outstanding at December 31, 2022			6,728,615			$	9.27			6.1 years			- million
Exercisable shares at December 31, 2022			3,643,352			$	10.04			4.2 years			- million

Summary of Changes in RSUs Outstanding

A summary of the changes in the RSUs outstanding under the Plan during 2022 is presented below:

		Stock Units				Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021			1,906,891			$	8.64
Granted			695,057			$	8.15
Vested and distributed			(489,964	)		$	8.86
Forfeited and cancelled			(95,864	)		$	8.25
Outstanding at December 31, 2022			2,016,120			$	8.43
Vested and deferred at December 31, 2022(1)			574,409			$	8.84

(1)Included in outstanding at December 31, 2022. Vested and deferred RSUs are primarily related to deferred compensation for non-employee directors.

Summary of Changes in PSUs Outstanding

A summary of the changes in the PSUs outstanding under the Plan during 2022 is presented below:

		Stock Units				Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021			1,758,220			$	8.42
Granted			1,170,884			$	8.88
Vested			(350,656	)		$	8.42
Forfeited and cancelled			(161,938	)		$	8.62
Other - decrease due to performance of PSUs			(1,743,341	)		$	8.71
Outstanding at December 31, 2022			673,169			$	8.42

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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