XML 28 R15.htm IDEA: XBRL DOCUMENT v3.23.1
Stock-based Compensation
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation STOCK-BASED COMPENSATION
During the three months ended March 31, 2023 and 2022, we recognized $6.3 million and $5.3 million, respectively, in stock-based compensation expense, which was allocated between costs of goods sold and selling, general and administrative expenses in the condensed consolidated statements of operations. We recognized tax benefits on stock-based compensation of $0.9 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively.
2023 Activity
A summary of stock option award activity as of and for the three months ended March 31, 2023 is presented below.
Stock OptionsAwards
(in millions)
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
 (in millions)
Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at January 1, 20231.1 $26.56 
Granted— $— 
Exercised(0.3)$24.61 
Forfeited / Expired(0.1)$32.50 
Outstanding at March 31, 20230.7 $26.83 
Vested and expected to vest at March 31, 20230.7 $26.83 $2.8 3.52
Exercisable at March 31, 20230.7 $26.83 $2.8 3.52
Cash received by the Company upon exercise of options for the three months ended March 31, 2023 was $8.1 million. No excess tax benefits or shortfall expenses were recorded related to these exercises.
At March 31, 2023, there was no unrecognized expense relating to unvested stock options.
Restricted Stock UnitsUnits
(in millions)
Weighted Average
Fair Value
Outstanding at January 1, 20231.6 $27.38 
Granted0.6 $29.80 
Vested(0.6)$27.84 
Forfeited (1)
— $28.65 
Outstanding at March 31, 20231.6 $28.14 
(1)    Activity during the three months ended March 31, 2023 rounds to zero.
Tax windfall benefits on the vesting of restricted stock units during the three months ended March 31, 2023 were $0.1 million.
At March 31, 2023, there was $30.0 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.6 years.
Performance Share UnitsUnits
(millions)
Weighted Average
Fair Value
Outstanding at January 1, 20230.6 $30.44 
Granted0.4 $36.38 
Vested— $— 
Forfeited(0.1)$31.29 
Outstanding at March 31, 20230.9 $33.06 
Our performance share units allow for participants to vest in more or fewer than the targeted number of shares granted. At March 31, 2023, there is $15.9 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 2.8 years. The forfeitures include portions of performance share unit grants that were determined to not have vested during the period as a result of not meeting established financial performance thresholds.