Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Restricted Stock Unit Grants

The following table provides information about our RSU grants for the last three fiscal years:

	Year Ended December 31,
	2021		2020		2019
Number of shares granted		588,930		672,123		500,925
Weighted average grant date fair value per share		38.50	$	25.14	$	33.07
Fair value of shares vested (in millions)		19	$	10	$	10

Schedule of Restricted Stock Units Activity

The following table summarizes the activity of our RSUs during the year ended December 31, 2021:

	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding, beginning of period		973,985			28.89
Granted		588,930			38.50
Vested		(465,949	)		30.39
Forfeited		(67,328	)		31.34
Outstanding, end of period		1,029,638			33.55

Schedule of Stock Option Grants

The following table provides information about our option grants for the last three fiscal years:

	Year Ended December 31,
	2021		2020		2019
Number of options granted		542,793		566,401		544,209
Weighted average exercise price per share	$	38.22	$	25.80	$	33.32
Weighted average grant date fair value per share	$	18.41	$	9.14	$	12.29

Schedule of Stock Option Valuation Assumptions

The weighted-average grant date fair value of each of these options was $18.41, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:

	Year Ended December 31,
	2021			2020			2019
Expected volatility(1)		50.5	%		35.4	%		33.1	%
Dividend yield(2)		—	%		—	%		—	%
Risk-free rate(3)		1.1	%		1.0	%		2.6	%
Expected term (in years)(4)		6.0			6.0			6.0

(1)During the years ended December 31, 2020, and 2019 due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of its share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.

(2)At the date of grant we had no plans to pay dividends during the expected term of these options.

(3)Based on the yields of U.S. Department of Treasury instruments with similar expected lives.

(4)Estimated using the average of the vesting periods and the contractual term of the options.

Schedule of Stock Options Activity

The following table summarizes the activity of our options during the year ended December 31, 2021:

	Number of Shares			Weighted Average Exercise Price Per Share
Outstanding, beginning of period		2,013,939		$	30.15
Granted		542,793			38.22
Exercised		(419,122	)		29.17
Forfeited, canceled or expired		(50,886	)		32.57
Outstanding, end of period		2,086,724			32.39
Exercisable, end of period		1,091,435			31.40

Schedule of Performance Stock Units Activity

The following table summarizes the activity of our Performance RSUs during the year ended December 31, 2021:

	Adjusted EBITDA(1)					Contract Sales					Run Rate Cost Savings
	Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares			Weighted Average Grant Date Fair Value per Share		Number of Shares		Weighted Average Grant Date Fair Value per Share
Outstanding, beginning of period		214,406		$	29.08		91,874		$	29.08		—	$	—
Granted		178,224			39.55		62,356			38.22		235,249		40.27
Vested		—			—		—			—		—		—
Forfeited, canceled or expired		(18,387	)		29.08		(7,878	)		29.08		—		—
Outstanding, end of period		374,243			34.07		146,352			32.98		235,249		40.27

(1)Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction.

Performance Shares | Adjusted EBITDA

Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on our Adjusted EBITDA metric described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K, further adjusted by sales of VOIs under construction for the last three fiscal years:

	Year Ended December 31,
	2021		2020		2019
Number of shares granted		178,224		117,975		93,566
Weighted average grant date fair value per share	$	39.55	$	25.69	$	33.32
Fair value of shares vested (in millions)		—		2		—

Performance Shares | Contract Sales

Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on contract sales as defined in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K for the last three fiscal years:

	Year Ended December 31,
	2021		2020		2019
Number of shares granted		62,356		50,554		40,094
Weighted average grant date fair value per share	$	38.22	$	25.69	$	33.32
Fair value of shares vested (in millions)		—		1		—

Performance Shares | Run rate cost saving

Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on achieving certain run rate cost savings initiatives for the last three fiscal years:

	Year Ended December 31,
	2021		2020		2019
Number of shares granted		475,829		50,554		40,094
Weighted average grant date fair value per share	$	39.73	$	25.69	$	33.32
Fair value of shares vested (in millions)		—		1		—