LONG-TERM COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

In June 2014, the Company's stockholders adopted the 2013 Plan in connection which a maximum of 15,500,000 shares of common stock were reserved and made available for issuance.

For 2023, 2022 and 2021, compensation expense associated with the Company's long-term compensation plans was as follows:


	Year Ended December 31,
(dollars in millions)	2023		2022		2021
RSUs	$	9.3	$	17.4	$	39.6

Stock options	0.1		0.3		0.5


Total	$	9.4	$	17.7	$	40.1

Unrecognized compensation expense for awards expected to vest	$	16.5
Weighted average remaining vesting period (months)	26

At December 31, 2023, a total of 8,858,192 shares of common stock had been issued, and 4,256,974 RSUs and stock options were outstanding, under the 2013 Plan.


	Total	RSUs	Stock Options

Outstanding at December 31, 2022	4,289,420	3,901,630	387,790
Granted	1,185,157	1,185,157	—
Exercised/Issued	(1,038,192)	(1,035,087)	(3,105)

Forfeited	(179,411)	(179,411)	—
Outstanding at December 31, 2023	4,256,974	3,872,289	384,685

The total fair value of RSUs which vested during 2023, 2022 and 2021 was $21.2 million, $70.8 million and $7.0 million respectively, based on the stock price on the date of vest.

RSUs

The Company granted the following equity classified RSUs under the 2013 Plan:


Year of Issuance:	RSUs	Weighted Average Grant Date Fair Value		Weighted Average Vesting Period (months)
2023	1,185,157	$	19.75	27
2022	2,847,135	$	23.23	51
2021	852,890	$	18.02	28

Certain of the RSUs granted during the period contain performance vesting conditions in addition to a service vesting condition. RSUs granted with service or performance vesting conditions were valued at the grant date stock price. Certain RSUs with performance vesting conditions also contain provisions for additional share awards in the event certain performance conditions are met at the end of the applicable measurement periods. These conditions are generally based on Adjusted EBITDA, adjusted earnings per share and cash return on investment.

In January 2019, certain key executives were granted performance-based RSUs, which vesting was subject to the achievement by the Company of a performance target of adjusted earnings per share of $1.36 in any fiscal year ending on or before December 31, 2022, and continuous service which subsequently vested in the first quarter of 2022. Prior to the second quarter of 2021, the Company did not recognize compensation expense for these awards as the achievement of the performance target was not deemed probable. During the second quarter of 2021, the achievement of the performance target became probable, and the Company recorded $1.3 million and $23.9 million of expense for the years ended December 31, 2022 and 2021, respectively, in "Selling, technical, general and administrative " in the Consolidated Statement of Operations.

In February 2022, certain key executives were granted 1.95 million performance-based RSUs with an aggregate fair value of $45.4 million. The vesting of these shares is subject to the achievement by the Company of a performance target of adjusted earnings per share of $2.72 by December 31, 2026, and continuous service. If the performance target is achieved, the actual number of shares vested will be determined by applying a total shareholder return (TSR) multiplier based on the Company's TSR relative to a benchmark index for the performance period. The TSR multiplier will range from 0.85 to 1.15. The Company has not recognized compensation expense for these awards as the achievement of the performance target was not probable at December 31, 2023 and 2022, respectively.

At December 31, 2023, the following equity classified RSUs were outstanding:


	December 31, 2023
Vesting Conditions:	Outstanding	Weighted Average Remaining Vesting Period (months)	Potential Additional Awards
Service-based	629,333	13	—
Performance-based	1,292,956	15	1,292,956
Performance-based awards deemed not probable	1,950,000	38	—
Total	3,872,289	26	1,292,956

Stock Options

Stock options vest ratably over a three-year period and have contractual lives of ten years from their respective grant dates. The fair value of each stock option grant is calculated using the Black-Scholes option pricing model at the grant date. The Company did not grant any qualified or non-qualified stock options under the 2013 Plan during the years ended December 31, 2023, 2022 and 2021.

At December 31, 2023, there were 384,685 outstanding stock options, which were vested and in-the-money, with an aggregate intrinsic value of $3.8 million. There were no unvested outstanding stock options.