Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.1.u1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Share-Based Compensation Plans

The following table summarizes the activity for all SARs under the Company’s share-based compensation plans for the three months ended March 31, 2024:

 

 

 

Number of
Awards

 

 

Weighted-
Average
Exercise Price
Per Award

 

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value(1)

 

 

 

(in thousands)

 

 

 

 

 

 

 

(in millions)

 

Outstanding as of December 31, 2023(2)

 

 

4,340

 

 

$

19.85

 

 

6.4 years

 

$

2.4

 

Granted(3)

 

 

6,083

 

 

$

8.39

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

Forfeited

 

 

(11

)

 

$

29.63

 

 

 

 

 

 

Outstanding as of March 31, 2024(2)

 

 

10,412

 

 

$

13.14

 

 

7.4 years

 

$

10.1

 

Exercisable as of March 31, 2024(4)

 

 

1,804

 

 

$

26.11

 

 

2.2 years

 

$

—

 

Vested and expected to vest as of March 31, 2024(5)

 

 

7,035

 

 

$

15.19

 

 

7.4 years

 

$

3.8

 

 

(1)
The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.
(2)
Includes 4.0 million and 0.6 million performance condition SARs as of March 31, 2024 and December 31, 2023, respectively.
(3)
Includes 3.4 million performance condition SARs to a consultant
(4)
Includes 0.6 million performance condition SARs
(5)
Includes 0.9 million performance condition SARs

The following table summarizes the activities for all restricted stock units under the Company’s share-based compensation plans for the three months ended March 31, 2024:

 

 

 

Number of Shares

 

 

Weighted-
Average Grant
Date Fair Value
Per Share

 

 

 

(in thousands)

 

 

 

 

Outstanding and nonvested as of December 31, 2023(1)

 

 

6,118

 

 

$

20.76

 

Granted

 

 

617

 

 

$

8.07

 

Vested

 

 

(783

)

 

$

39.04

 

Forfeited

 

 

(108

)

 

$

17.89

 

Outstanding and nonvested as of March 31, 2024(1)

 

 

5,844

 

 

$

17.03

 

Expected to vest as of March 31, 2024

 

 

4,713

 

 

$

15.48

 

 

(1)
Includes 307,116 performance-based restricted stock units as of both March 31, 2024 and December 31, 2023, which represents the maximum amount that can vest.