Incentive Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Based Compensation

Incentive Based Compensation

Stock options, restricted stock and restricted stock units

The following table presents a summary of activity for the first nine months of 2023: 

	Stock Options			Restricted Stock & Units
	Number of Shares	Weighted Average Exercise Price		Number of Shares & Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	1,678,524	$	28.86	4,651,196	$	14.89
Granted	—	$	—	1,845,409	$	25.77
Exercised/Vested	(184,028)	$	10.47	(2,729,366)	$	12.49
Canceled	(374,431)	$	34.41	(159,450)	$	21.05
Outstanding at September 30, 2023	1,120,065	$	30.03	3,607,789	$	21.99

Stock-based performance unit awards

During the first nine months of 2023, we granted 222,464 stock-based performance units to eligible officers, which are settled in shares. The grant date fair value per unit was $32.97. During the first nine months of 2023, we stock settled the units related to the 2020 grant. At September 30, 2023, there were 686,266 outstanding stock-based performance units to be settled in shares to officers.

During the first nine months of 2023, we also granted 222,464 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $27.05 as of September 30, 2023. During the first nine months of 2023, we also cash settled the units related to the 2021 grant. At September 30, 2023, there were 389,507 units outstanding of the stock-based performance unit awards to be settled in cash to officers.