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CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Treasury Stock Activity Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2022, 2023 and 2024.

 

Number of
Treasury Shares

 

 

Cost

 

Balance at January 1, 2022

 

5.35

 

 

$

91.1

 

Restricted stock withholdings (1)

 

0.26

 

 

 

4.3

 

Restricted stock forfeitures (2)

 

0.07

 

 

 

—

 

Balance at December 31, 2022

 

5.68

 

 

$

95.4

 

Restricted stock withholdings (1)

 

0.22

 

 

 

2.9

 

Restricted stock forfeitures (2)

 

0.10

 

 

 

—

 

Balance at December 31, 2023

 

6.00

 

 

$

98.3

 

Restricted stock withholdings (1)

 

0.28

 

 

 

4.9

 

Restricted stock forfeitures (3)

 

0.10

 

 

 

—

 

Balance at December 31, 2024

 

6.38

 

 

$

103.2

 
(1)
Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated:

 

 

Year Ended December 31,

 

 

2022

 

2023

 

2024

Market Values

 

$12.11 to $18.33

 

$11.16 to $18.36

 

$13.93 to $31.57
(2)
Holdings repurchased forfeited restricted shares in 2022 and 2023 at a cost of $0.001 per share in 2022 and 2023 in accordance with the 2017 Omnibus Plan.
(3)
Holdings repurchased forfeited restricted shares in 2024 at a cost of $0.001 per share in 2024 in accordance with the 2024 Long-Term Incentive Plan.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the years ended December 31, 2022, 2023 and 2024:

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

December 31, 2022

 

 

December 31, 2023

 

 

December 31, 2024

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at January 1

 

 

1.99

 

 

$

21.73

 

 

 

1.85

 

 

$

20.64

 

 

 

2.35

 

 

$

15.67

 

Granted

 

 

0.88

 

 

$

16.40

 

 

 

1.38

 

 

$

12.07

 

 

 

0.98

 

 

$

16.64

 

Vested

 

 

(0.95

)

 

$

19.13

 

 

 

(0.78

)

 

$

21.04

 

 

 

(0.93

)

 

$

16.17

 

Forfeited

 

 

(0.07

)

 

$

18.91

 

 

 

(0.10

)

 

$

16.40

 

 

 

(0.10

)

 

$

14.93

 

Outstanding at December 31

 

 

1.85

 

 

$

20.64

 

 

 

2.35

 

 

$

15.67

 

 

 

2.30

 

 

$

15.91

 
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock award activity recorded for the periods indicated.

 

 

Year Ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Compensation expense recognized during the period:

 

 

 

 

 

 

 

 

 

CUSA employees (1)

 

$

14.8

 

 

$

15.1

 

 

$

17.4

 

Holdings directors

 

 

1.0

 

 

 

1.2

 

 

 

1.3

 

Total recognized by Holdings (1)

 

$

15.8

 

 

$

16.3

 

 

$

18.7

 

 

 

 

 

 

 

 

 

 

 

Fair value of vested restricted stock held by:

 

 

 

 

 

 

 

 

 

CUSA employees

 

$

15.3

 

 

$

9.1

 

 

$

14.5

 

Holdings directors

 

 

0.6

 

 

 

1.3

 

 

 

1.4

 

Holdings total

 

$

15.9

 

 

$

10.4

 

 

$

15.9

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit recognized upon vesting of restricted stock
awards held by:

 

 

 

 

 

 

 

 

 

CUSA employees

 

$

2.7

 

 

$

0.6

 

 

$

1.8

 

Holdings directors

 

 

0.1

 

 

 

0.3

 

 

 

0.3

 

Holdings total income tax benefit

 

$

2.8

 

 

$

0.9

 

 

$

2.1

 
(1)
Compensation expense for the year ended December 31, 2024 includes approximately $0.9 related to a portion of the short-term field incentive compensation plan for 2024 to be settled in restricted stock.
Schedule of Estimated Remaining expense

As of December 31, 2024, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows:

 

 

Estimated

 

 

 

Remaining

 

 

 

Expense

 

CUSA employees (1)

 

$

16.3

 

Holdings directors

 

 

0.6

 

Total remaining - Holdings (1)

 

$

16.9

 

(1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.2 years.
Summary of Performance Metrics and Measurement Period of Performance Award

Stock units that vest if performance metrics meet the target level

 

0.73 PSUs

Stock units that vest if performance metrics meet the threshold level (50% of target)

 

0.37 PSUs

Stock units that vest if performance metrics meet the maximum level (200% of target)

 

1.47 PSUs

The Company currently estimates that the most likely outcome to be achieved based on updated performance metric expectations is the maximum level for the performance units granted in 2023.
Restricted Stock Units (RSUs)  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of performance stock unit activity for the periods presented:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Number of performance stock unit awards that vested during the period

 

 

0.10

 

 

 

0.14

 

 

 

0.12

 

Fair value of performance stock unit awards that vested during the period

 

$

1.7

 

 

$

1.8

 

 

$

2.1

 

Accumulated dividends paid upon vesting of performance stock unit awards

 

$

0.3

 

 

$

0.2

 

 

$

0.1

 

Compensation expense recognized during the period

 

$

5.7

 

 

$

8.7

 

 

$

14.8

 

Income tax expense related to stock unit awards

 

$

—

 

 

$

0.8

 

 

$

1.6