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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022, and 2021:

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Selling, general and administrative expense

 

$

14.8

 

 

$

9.5

 

 

$

15.2

 

Income (loss) before income tax

 

 

(14.8

)

 

 

(9.5

)

 

 

(15.2

)

Income tax benefit

 

 

(3.4

)

 

 

(2.2

)

 

 

(3.6

)

Net income (loss)

 

$

(11.4

)

 

$

(7.3

)

 

$

(11.6

)
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, 2023, 2022, and 2021 was as follows:

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Stock option compensation expense

 

$

2.7

 

 

$

3.7

 

 

$

3.6

 

RSU compensation expense

 

 

6.4

 

 

 

4.4

 

 

 

5.3

 

PSU compensation expense

 

 

5.7

 

 

 

1.4

 

 

 

6.3

 

Total stock-based compensation expense

 

$

14.8

 

 

$

9.5

 

 

$

15.2

 

 
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

Weighted average expected lives

 

6.0 years

 

6.0 years

Weighted average risk-free interest rate

 

1.89 %

 

0.93 %

Weighted average expected volatility

 

41.7 %

 

41.3 %

Expected dividend yield

 

3.60 %

 

3.07 %

Weighted average grant date fair value

 

$2.43

 

$2.45
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, 2023 is presented below:

 

 

 

Number
Outstanding

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term

 

Aggregate
Intrinsic
Value

Outstanding at December 31, 2022

 

 

6,728,615

 

 

$

9.27

 

 

 

 

 

Forfeited

 

 

(103,389

)

 

$

9.70

 

 

 

 

 

Outstanding at December 31, 2023

 

 

6,625,226

 

 

$

9.26

 

 

5.3 years

 

zero

Exercisable shares at December 31, 2023

 

 

5,015,909

 

 

$

9.55

 

 

4.4 years

 

zero
Summary of Changes in RSUs Outstanding

A summary of the changes in the RSUs outstanding under the Plan during 2023 is presented below:

 

 

 

Stock
Units

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at December 31, 2022

 

 

2,016,120

 

 

$

8.43

 

Granted

 

 

1,969,191

 

 

$

5.23

 

Vested and distributed

 

 

(536,132

)

 

$

8.26

 

Forfeited and cancelled

 

 

(4,729

)

 

$

8.46

 

Outstanding at December 31, 2023

 

 

3,444,450

 

 

$

6.63

 

Vested and deferred at December 31, 2023(1)

 

 

673,883

 

 

$

8.65

 

 

(1)
Included in outstanding at December 31, 2023. 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 2023 is presented below:

 

 

 

Stock
Units

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at December 31, 2022

 

 

673,169

 

 

$

8.42

 

Granted

 

 

2,301,907

 

 

$

5.39

 

Vested

 

 

(336,077

)

 

$

8.42

 

Other - decrease due to performance of PSUs

 

 

(867,309

)

 

$

4.34

 

Outstanding at December 31, 2023

 

 

1,771,690

 

 

$

6.48