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Stock Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation | Stock Compensation Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units may be granted to officers, directors and other key employees. As of September 30, 2023, the company has granted restricted stock and restricted stock units under these plans. The company recognizes compensation cost, net of a forfeiture rate, in selling, general and administrative expense, and recognizes compensation cost only for those awards expected to vest. The company estimates the forfeiture rate based on its historical experience and its expectations about future forfeitures. During the nine months ended September 30, 2023 and 2022, the company recorded $12.9 million and $15.2 million of share-based restricted stock and restricted stock unit compensation expense, respectively. Restricted stock and restricted stock unit awards may contain time-based units, performance-based units, total shareholder return market-based units, or a combination of these units. Each performance-based and market-based unit will vest into zero to two shares depending on the degree to which the performance or market conditions are met. Compensation expense for performance-based awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. Compensation expense for market-related awards is recognized as expense ratably over the measurement period, regardless of the actual level of achievement, provided the service requirement is met. Restricted stock unit grants for the company’s directors vest upon award and compensation expense for such awards is recognized upon grant. A summary of restricted stock and restricted stock unit (RSU) activity for the nine months ended September 30, 2023 follows (shares in thousands):
|  | Restricted Stock and RSU |  | Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2022 |  | 2,230 |  |  | $ | 23.53 |
Granted |  | 3,862 |  |  | 4.14 |
Vested |  | (668) |  |  | 13.12 |
Forfeited and expired |  | (594) |  |  | 11.74 |
Outstanding at September 30, 2023 |  | 4,830 |  |  | 9.32 |
The aggregate weighted-average grant-date fair value of restricted stock and restricted stock units granted during the nine months ended September 30, 2023 and 2022 was $17.0 million and $27.0 million, respectively. The fair value of restricted stock and restricted stock units with time and performance conditions was determined based on the trading price of the company’s common shares on the date of grant. The fair value of awards with market conditions was estimated using a Monte Carlo simulation with the following weighted-average assumptions:
| Nine Months Ended September 30,
| 2023 |  | 2022
Weighted-average fair value of grant | $ | 7.32 |  |  | $ | 34.14 |
Risk-free interest rate(i) | 4.51 | % |  | 1.72 | %
Expected volatility(ii) | 63.63 | % |  | 57.71 | %
Expected life of restricted stock units in years(iii) | 2.84 |  | 2.85
Expected dividend yield | — | % |  | — | %
(i)Represents the continuously compounded semi-annual zero-coupon U.S. treasury rate commensurate with the remaining performance period.
(ii)Based on historical volatility for the company that is commensurate with the length of the performance period.
(iii)Represents the remaining life of the longest performance period.
As of September 30, 2023, there was $23.0 million of total unrecognized compensation cost related to outstanding restricted stock and restricted stock units granted under the company’s plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. The aggregate weighted-average grant-date fair value of restricted stock and restricted stock units vested during the nine months ended September 30, 2023 and 2022 was $8.8 million and $16.6 million, respectively. Common stock issued upon the lapse of restrictions on restricted stock and restricted stock units are newly issued shares. In light of its tax position, the company is currently not recognizing any tax benefits from the issuance of stock upon lapse of restrictions on restricted stock and restricted stock units.

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