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Stock Compensation | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, 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 three months ended March 31, 2025 and 2024, the company recorded $6.8 million and $6.7 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 three months ended March 31, 2025 follows (shares in thousands):
|  | Restricted Stock and RSU |  | Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2024 |  | 5,705 |  |  | $ | 6.26 |
Granted (i) |  | 3,756 |  |  | 4.48 |
Vested |  | (2,282) |  |  | 6.17 |
Forfeited and expired |  | (193) |  |  | — |
Outstanding at March 31, 2025 |  | 6,986 |  |  | 4.93 |
(i) Awards granted during the three months ended March 31, 2025 were time-based conditions awards. The aggregate weighted-average grant-date fair value of restricted stock and restricted stock units granted during the three months ended March 31, 2025 and 2024 was $15.6 million and $18.6 million, respectively. The fair value of awards with time and performance conditions is 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 is estimated using a Monte Carlo simulation. As of March 31, 2025, there was $22.6 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 2.3 years. The aggregate weighted-average grant-date fair value of restricted stock and restricted stock units vested during the three months ended March 31, 2025 and 2024 was $14.1 million and $9.6 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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