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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We record stock-based compensation at fair value on the date of grant and record the expense for these awards in SG&A expenses in our Unaudited Condensed Consolidated Statements of Operations on a ratable basis over the requisite employee service period. Stock-based compensation expense includes actual forfeitures incurred. For performance-based awards, including performance-based restricted stock units (“PRSUs”) and our 2021 LTIP PRSUs, we reassess at each reporting date whether achievement of the performance condition is probable and accrue compensation expense if and when achievement of the performance condition is probable.
The table below summarizes our stock-based compensation plans:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Stock-based compensation expense$1.5 $(9.5)$2.8 $(6.7)
Tax effect on stock-based compensation0.4 (2.4)0.7 (1.7)
Stock-based compensation expense, net of tax$1.1 $(7.1)$2.1 $(5.0)
As of June 30, 2024, the pool of shares in the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (as amended, restated, supplemented or otherwise modified from time to time) is summarized as follows:
2019 Plan
Quantity
As of January 1, 20245,885,434
Awards granted(1,735,169)
Awards forfeited1,046,311
Available for future awards5,196,576
Activity related to our restricted stock units (“RSUs”), PRSUs, and Director Stock Units is as follows:
RSUs PRSUs
Director Stock Units
Quantity
Weighted Average Grant Date Fair Value
Quantity
Weighted Average Grant Date Fair Value
Quantity
Weighted Average Grant Date Fair Value
Outstanding, January 1, 2024948,781$6.17 3,289,213$16.44 216,720$3.23 
Granted975,8455.43 622,0494.46 137,2756.47 
Vested(156,770)8.19 (274,629)15.87 (244,620)3.63 
Forfeited(46,468)6.84 (999,843)6.90 —— 
Outstanding, June 30, 20241,721,388$5.56 2,636,790$17.29 109,375$6.40