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Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Note 9. Stock-Based Compensation

We recognized stock-based compensation expense of $6 million ($4 million, net of tax) and $8 million ($6 million, net of tax) for the three months ended June 30, 2022 and 2021, respectively, and $12 million ($10 million, net of tax) and $13 million ($10 million, net of tax) for the six months ended June 30, 2022 and 2021, respectively. These charges are included in Selling and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income.

A summary of awards granted under the Omnibus Plan during the six months ended June 30, 2022 is presented below:




	Number of	Weighted Avg.		Weighted Avg.		Weighted Avg.
	Awards	Exercise		Grant Date		Vesting
	Granted	Price		Fair Value		Period
Stock options	568,623	$	28.64	$	14.54	4.00
Performance options⁽¹⁾	272,503		24.74		11.50	4.00
Restricted stock units	1,186,002				27.97	3.00
Performance shares⁽²⁾	285,801				28.03	3.00

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(1)The number of performance options granted during the six months ended June 30, 2022 represents the target value of the awards. The performance options contain a market condition that is based on our share price target, and the ultimate number of performance options to be earned depends on the achievement of this market condition.

(2)The number of performance shares granted during the six months ended June 30, 2022 represents the target value of the awards. The performance shares contain a performance condition that is based on our revenue target, and the ultimate number of performance shares to be earned depends on the achievement of this performance condition.

As of June 30, 2022, there was $57 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options, restricted stock units (“RSUs”), performance shares and restricted stock awards (“RSAs”). These remaining costs are expected to be recognized over a weighted-average period of 2.48 years.