Share Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Expense and Related Income Tax Benefit

The following table summarizes share-based compensation expense and the related income tax benefit recognized for the Company’s share-based compensation awards. Share-based compensation expenses are recorded within Selling, general and administrative in the Company’s Condensed Consolidated Statement of Operations.

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2023		2022		2023		2022
Share-based compensation expense	$	6.5	$	5.9	$	10.6	$	9.0
Income tax benefit		0.2		1.0		1.3		2.2

Schedule of Outstanding Performance Stock Units Activity, Restricted Stock Awards, Restricted Stock Units and Performance-based Stock Options

Activities for RSAs for the six months ended June 30, 2023 are as follows:

	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2022		2,111,635	$	16.23
Granted		2,533,649		6.16
Forfeited (1)(2)		251,387		15.83
Vested		529,614		15.75
Unvested at June 30, 2023		3,864,283	$	9.72

Activities for RSUs for the six months ended June 30, 2023 are as follows:

	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2022		108,909	$	13.22
Granted		171,384		7.41
Forfeited		—
Vested		108,909		13.22
Unvested at June 30, 2023		171,384	$	7.41

Activities for PSUs for the six months ended June 30, 2023 are as follows:

	Class A Common Stock (3)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2022		634,023	$	19.19
Granted		1,102,497		8.87
Forfeited		—		—
Vested		—		—
Unvested at June 30, 2023		1,736,520	$	12.64

(1)The forfeited shares include the Company’s failure to meet certain performance measures and employee terminations during the six months ended June 30, 2023; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

(2)Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the Incentive Plan.

(3)Represent shares to be paid out at target level.

Activities for PSOs for the six months ended June 30, 2023 are as follows:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		—	$	—		—	$	—
Granted		1,148,822		6.13
Forfeited		—		—
Exercised		—		—
Outstanding at June 30, 2023		1,148,822	$	6.13		7.0	$	1,952,997
Options vested and exercisable at June 30, 2023		—	$	—		—	$	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Fair value was estimated on the date of grant using Monte Carlo simulation with the following weighted average assumptions:

	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
Risk-free interest rate		3.42	%		3.42	%
Expected volatility		52.82	%		52.82	%
Dividend yield		0	%		0	%
Expected term (in years)		4.5			4.5