Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Activities Under Share-Based Compensation Plans

The following table summarizes the activities for all SARs under the Company’s share-based compensation plans for the year ended December 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)

 

 

7,364

 

 

$

8.60

 

 

 

 

 

 

Forfeited/expired(4)

 

 

(702

)

 

$

22.97

 

 

 

 

 

 

Outstanding as of December 31, 2024(2)

 

 

11,002

 

 

$

12.12

 

 

7.1 years

 

$

—

 

Exercisable as of December 31, 2024(5)

 

 

2,676

 

 

$

20.39

 

 

4.9 years

 

$

—

 

Vested and expected to vest as of December 31, 2024(6)

 

 

7,367

 

 

$

14.04

 

 

7.6 years

 

$

—

 

 

(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 December 31, 2024 and 2023, respectively.
(3)
Includes 3.4 million performance condition SARs granted to a consultant.
(4)
Includes 0.1 million performance condition SARs.
(5)
Includes 0.6 million performance condition SARs.
(6)
Includes 0.6 million performance condition SARs.

The following table summarizes the activities for all stock units under the Company’s share-based compensation plans for the year ended December 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

 

 

5,445

 

 

$

9.41

 

Vested

 

 

(2,626

)

 

$

21.35

 

Forfeited(2)

 

 

(2,648

)

 

$

16.32

 

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

 

 

6,289

 

 

$

12.56

 

Expected to vest as of December 31, 2024

 

 

6,112

 

 

$

12.58

 

 

(1)
Includes zero and 307,116 performance based stock unit awards as of December 31, 2024 and 2023, respectively, which represents the maximum amount that can vest.
(2)
Includes 307,116 performance-based stock unit awards.
Service Condition SARs Awards [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted-Average Assumptions used in Calculation of Fair Value for Awards Granted

The following table summarizes the weighted-average assumptions used in the calculation of the fair value for service condition SARs awards granted during the years ended December 31, 2024 and 2023:

 

 

 

SARs

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Expected Volatility

 

 

53.5

%

 

 

48.4

%

Dividend Yield

 

 

0.0

%

 

 

0.0

%

Expected Term

 

5.0 years

 

 

5.5 years

 

Risk-Free Interest Rate

 

 

4.3

%

 

 

3.7

%
Performance Condition SARs Awards [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted-Average Assumptions used in Calculation of Fair Value for Awards Granted

The following table summarizes the weighted-average assumptions used in the calculation of the fair value for performance condition SARs awards granted during the year ended December 31, 2024:

 

 

 

SARs

 

 

 

December 31,

 

 

 

2024

 

Expected Volatility

 

 

47.2

%

Dividend Yield

 

 

0.0

%

Expected Term

 

7.0 years

 

Risk-Free Interest Rate

 

 

4.3

%