Stock Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Compensation

Stock Compensation

Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”), to grant cash and equity awards of Class A Common Stock, par value $0.01 per share (the “Common Stock”), to certain individuals. Holdings has established the Long-Term Incentive Plan (the “LTIP”) under the Omnibus Plan to grant equity awards to certain employees of the Company.

The Company recognized a net total of $8.2 and $6.6 of stock compensation expense for the three months ended March 31, 2022 and April 1, 2021, respectively.

During the three months ended March 31, 2022, 421,199 time or service-based restricted stock units ("RSUs") were granted with aggregate date fair values of $20.0 under the Company's LTIP. Awards generally vest over a two or three-year period, beginning on the date of grant. Values for these awards are based on the value of Common Stock on the grant date.

During the three months ended March 31, 2022, 284,653 performance-based restricted stock units ("PBRSUs") were granted with aggregate grant date fair value of $22.0 under the Company’s LTIP. These awards are earned based on Holdings’ total shareholder return relative to its peer group over a three year performance period. Values for these awards are initially measured on the grant date using the estimated payout levels derived from a Monte Carlo valuation model.

During the three months ended March 31, 2022, 1,247 shares of restricted Common Stock and 2,263 non-employee director restricted stock units (“DRSUs”) were granted, as pro rata equity awards under the current 2021-2022 non-employee director compensation program, to recently appointed members of the Board of Directors with an aggregate grant date fair value of $0.2. Both types of awards vest if the non-employee director remains continuously in service for the entire one year term to which the grant relates. If the non-employee director incurs a termination for any reason before the end of the term (before the annual meeting of stockholders following the grant), the awards are forfeited. Upon vesting, shares relating to restricted Common Stock awards are delivered to the director free of restriction; however, vested shares of Common Stock underlying DRSUs are

not delivered to the director until the date that the director leaves the Board. Values for these awards are based on the value of Common Stock on the grant date.

During the three months ended March 31, 2022, 287,893 shares of Common Stock with an aggregate grant date value of $15.4 vested under the Company's LTIP.