Holdings has established the stockholder-approved 2014 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) to grant cash and equity awards to certain individuals. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense. The Company’s Omnibus Plan was amended in October 2019 to allow for participants to make tax elections with respect to their equity awards.

Holdings has recognized a net total of $26.8, $36.6, and $25.8 of stock compensation expense for the twelve months ended December 31, 2023, 2022, and 2021, respectively.

As part of the separation agreement with the former President and Chief Executive Officer of the Company, the requirement to be employed by the Company through the applicable vesting date was waived for 91,978 previously issued time- based restricted stock units. This modification resulted in a decrease of $1.0 of stock compensation expense due to the decrease in the fair value of the modified awards.

22,594 and 93,565 shares of Common Stock with aggregate grant date fair value of $0.6 and $3.0 were granted, and vested immediately, to employees in connection with the ratification of new labor contracts during the twelve months ended December 31, 2023 and 2022, respectively.

The Short-Term Incentive Program under the Omnibus Plan enables eligible employees to receive incentive benefits in the form of cash as determined by the Compensation Committee.

The Company’s Omnibus Plan provides non-employee directors the opportunity to receive grants of restricted shares of Common Stock, or Restricted Stock Units (“RSUs”) or a combination of both Common Stock and RSUs. The Common Stock grants and RSU grants vest one year from the grant date subject to the director's compliance with the one-year service condition; however, the RSU grants are not payable until the director’s separation from service. The Board of Directors is authorized to make discretionary grants of shares or RSUs from time to time. Compensation values are based on the value of Holdings’ Common Stock on the grant date, which is added to equity and charged to period expense.

The Company expensed a net amount of $2.0, $1.6, and $1.5 for the restricted shares of Common Stock and RSUs for the twelve months ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company’s unamortized stock compensation related to these restricted shares of Common Stock and RSUs is $0.7, which will be recognized over a weighted average remaining period of 4 months. The intrinsic value of the unvested restricted shares of Common Stock and RSUs, based on the value of the Company’s stock at December 31, 2023, was $2.6, based on the value of the Company’s Common Stock and the number of unvested shares of restricted Common Stock and RSUs.

The following table summarizes grants of restricted Common Stock and RSUs to members of the Company’s Board of Directors for the twelve months ended December 31, 2023, 2022, and 2021:


	Shares	Value(1)
	Class A	Class A
	(Thousands)
Board of Directors Stock Grants
Nonvested at December 31, 2020	65	$	1.2
Granted during period	36	1.6
Vested during period	(65)	(1.2)
Forfeited during period	—	—
Nonvested at December 31, 2021	36	$	1.6
Granted during period	68	2.2
Vested during period	(41)	(1.8)
Forfeited during period	—	—
Nonvested at December 31, 2022	63	$	2.0
Granted during period	81	2.0
Vested during period	(63)	(2.0)
Forfeited during period	—	—
Nonvested at December 31, 2023	81	$	2.0

Holdings has established the Long-Term Incentive Plan (the “LTIP”) under the Omnibus Plan to grant equity awards to certain employees. Generally, specified employees are entitled to receive a long-term incentive award that, for the 2023 year, consisted of the following:

•50% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (restricted stock units (“RSUs”)). Values for these awards are based on the value of Common Stock on the grant date.

•25% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.

•12.5% of the award consisted of performance-based, (performance-condition) restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon the Company's 2024 - 2025 free cash flow meeting certain pre-established goals. Values for these awards are based on the dividend adjusted value of Common Stock on the grant date.

•12.5% of the award consisted of performance-based, (performance-condition) restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon the Company's revenue growth over a three-year performance period meeting certain pre-established goals. Values for these awards are based on the dividend adjusted value of Common Stock on the grant date.

•50% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (RSUs). Values for these awards are based on the value of Common Stock on the grant date.

•50% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.

•60% of the award consisted of time-based, service-condition restricted Common Stock that vests in equal installments over a three-year period (restricted stock awards (“RSAs”) or RSUs). Values for these awards are based on the value of Common Stock on the grant date.

•40% of the award consisted of performance-based, market-condition restricted Common Stock that vests on the three-year anniversary of the grant date contingent upon TSR compared to the Company’s peers (the “TSR Award”). Values for these awards are initially measured on the grant date using estimated payout levels derived from a Monte Carlo valuation model.

For the twelve months ended December 31, 2023, 1,229,552 time or service-based RSUs were granted with aggregate date fair values of $29.6 under the Company's LTIP. In addition, 463,939 performance-based restricted stock units (“PBRSUs”) were granted with aggregate grant date fair value of $20.1 under the Company's LTIP.

For the twelve months ended December 31, 2022, 553,578 time or service-based RSUs were granted with aggregate date fair values of $24.0 under the Company's LTIP. In addition, 284,653 PBRSUs were granted with aggregate grant date fair value of $22.0 under the Company’s LTIP.

For the twelve months ended December 31, 2021, 570,914 time or service-based RSUs and 30,024 time or service-based RSAs were granted with aggregate date fair values of $26.9 under the Company's LTIP. In addition, 162,102 PBRSUs were granted with aggregate grant date fair value of shares of $9.8 under the Company’s LTIP.

The Company expensed a net total of $24.2, $32.1, and $24.3 for share of Common Stock issued under the LTIP for the twelve months ended December 31, 2023, 2022, and 2021, respectively.

As of December 31, 2023, the Company’s unamortized stock compensation related to these unvested shares of Common Stock is $33.4, which will be recognized over a weighted average remaining period of 1.7 years. The intrinsic value of the unvested shares of Common Stock issued under the LTIP at December 31, 2023 was $66.0, based on the value of the Company’s Common Stock and the number of unvested shares.

The following table summarizes the activity of the restricted shares under the LTIP for the twelve months ended December 31, 2023, 2022, and 2021:


	Shares	Value(1)
	Common Stock	Common Stock
	(Thousands)
Long-Term Incentive Plan/Long-Term Incentive Award under Omnibus Plan
Nonvested at December 31, 2020	1,479	$	80.5
Granted during period	763	36.7
Vested during period	(305)	(20.6)
Forfeited during period	(535)	(27.7)
Nonvested at December 31, 2021	1,402	$	68.9
Granted during period	839	46.0
Vested during period	(396)	(20.6)
Forfeited during period	(142)	(11.6)
Nonvested at December 31, 2022	1,703	$	82.7
Granted during period	1,694	49.7
Vested during period	(494)	(23.8)
Forfeited during period	(824)	(38.6)
Nonvested at December 31, 2023	2,079	$	70.0