v3.22.4
Preferred and Common Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Activity for Stock Options and Stock Units
The activity in 2022 for stock options and stock units, including performance stock units granted to the Company's executive officers, was as follows:
Stock optionsStock units
Number of
options		Weighted
average
exercise price		Number of
units		Weighted
average FMV
per unit
Outstanding, January 1, 2022590,906 $25.56 3,913,337 $15.14 
Granted— — 1,227,768 25.73 
Exercised(147,418)20.61 — — 
Converted(1)
— — (1,314,188)9.67 
Expired or forfeited(29,896)32.25 (194,074)22.18 
Performance share adjustment(2)
— — (307,673)30.84 
Outstanding, December 31, 2022413,592 26.84 3,325,170 19.35 
_____________________
(1)The number of converted units includes 420,790 shares “withheld” to meet the Company’s statutory tax withholding requirements related to the income earned by the employees as a result of vesting in the units.
(2)In 2022, the Company adjusted the target payout of the performance stock units granted in 2022, 2021, and 2020. Since the respective grant date, the fair value related to the performance condition of the 2022 and 2021 performance stock units has been expensed based on a payout at 100% of target. Additionally, the fair value related to the 2020 performance stock units has been expensed based on a payout at 8.3% of target (previously adjusted in the second half of 2021). However, at December 31, 2022, the estimated future payout for the 2022, 2021, and 2020 performance stock units was determined to be at 15.9%, 27.2%, and 7.9% of target, respectively. Accordingly, the number of non-vested performance stock units outstanding were adjusted to reflect the probable payout percentage.