Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation |
7. Share-Based Compensation The Company has share-based compensation plans, which are more fully described in Note 9, Share-Based Compensation, to the Consolidated Financial Statements included in the 2023 10-K. During the nine months ended September 30, 2024, the Company granted restricted stock units subject to service conditions and stock appreciation rights, or SARs, subject to service conditions and service and performance conditions. Share-based compensation expense amounted to $13.0 million and $13.7 million for the three months ended September 30, 2024 and 2023, respectively, and $36.7 million and $35.7 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total unrecognized compensation cost related to all non-vested stock awards was $73.7 million and the related weighted-average period over which it is expected to be recognized is approximately 1.7 years. During the nine months ended September 30, 2024, the Company granted SARs with service conditions to certain executives which generally vest over a two-year period. During the nine months ended September 30, 2024, the Company granted SARs with performance conditions to a consultant where tranches could vest during the first quarter of , , or subject to certain North America and Global volume points performance targets being achieved by the Company. The fair value of all these SARs was determined on the date of grant using the Black-Scholes-Merton option pricing model. These grants are included in the table below. The following table summarizes the activity for all SARs under the Company’s share-based compensation plans for the nine months ended September 30, 2024:
(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 September 30, 2024 and December 31, 2023, respectively.
(3)
Includes 3.4 million performance condition SARs granted to a consultant.
(4)
Includes less than 0.1 million performance condition SARs.
(5)
Includes 0.6 million performance condition SARs.
(6)
Includes 0.6 million performance condition SARs.
The weighted-average grant date fair value of SARs granted during the three months ended September 30, 2024 and 2023 was $5.36 and $10.30, respectively. The weighted-average grant date fair value of SARs granted during the nine months ended September 30, 2024 and 2023 was $4.52 and $7.93, respectively. There were no SARs exercised during the three and nine months ended September 30, 2024. The total intrinsic value of SARs exercised during both the three and nine months ended September 30, 2023 was less than $0.1 million. The following table summarizes the activities for all restricted stock units under the Company’s share-based compensation plans for the nine months ended September 30, 2024:
(1)
Includes 190,412 and 307,116 performance-based restricted stock units as of September 30, 2024 and December 31, 2023, respectively, which represents the maximum amount that can vest.
(2)
Includes 116,704 performance-based restricted stock units.
The total vesting date fair value of restricted stock units which vested during the three months ended September 30, 2024 and 2023 was $0.1 million and $1.0 million, respectively. The total vesting date fair value of restricted stock units which vested during the nine months ended September 30, 2024 and 2023 was $17.2 million and $23.8 million, respectively. |
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