Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Components of Equity-Based Compensation

The following table sets forth the components of our stock-based compensation and expected tax benefit for the three and six months ended June 30, 2021 and 2020 related to the plans in effect during the respective period:

	Three months ended June 30,				Six months ended June 30,
Stock-based compensation expense:	2021		2020		2021		2020
Restricted stock and restricted stock units	$	4.5	$	—	$	7.6	$	—
Stock options	(0.4)		20.0		1.1		20.0
Incentive units	3.0		5.1		6.0		8.9
Total compensation expense	$	7.1	$	25.1	$	14.7	$	28.9
Expected tax benefit:
Restricted stock and restricted stock units	$	0.8	$	—	$	1.3	$	—
Stock options	(0.7)		5.2		(0.3)		5.2
Total compensation expense	$	0.1	$	5.2	$	1.0	$	5.2

Schedule of Fair Value Assumptions

The assumptions are set forth in the following table:

Weighted Average Assumptions
Weighted Average Expected Stock Price Volatility	28	%
Weighted Average Expected Dividend Yield	0.0	%
Weighted Average Expected Life of Option (in years)	3.98
Weighted Average Risk-Free Interest Rate	0.23	%
Weighted Average Black Scholes Value	$4.99
Weighted Average Exercise Price	$22.00

Schedule of Stock Options, Restricted Stock and Restricted Stock Units Granted and Unrecognized Compensation Cost

The following table summarizes the restricted stock and restricted stock units granted in 2021:

Date	Number of shares granted	Grant date fair value per share	Vesting period (in years)	Vesting Criteria
Restricted Stock & RSU's: (1)
February 11, 2021	65,790	$22.80	2.4	Service
March 10, 2021	67,021	$22.01	1.0	Service
March 10, 2021 (2)	2,203,390	$22.01	3.0	Service & Performance
March 31, 2021	13,440	$23.81	3.0	Service
June 30, 2021	329,904	$21.37	3.0	Service

(1)Employee awards generally vest ratably over three years and director awards vest 100% after one year.

(2)These awards are also subject to an annual performance target. Vesting of these awards are dependent on the satisfaction of the annual performance target.

The following table sets forth the unrecognized equity-based compensation cost as of June 30, 2021:

Equity-Based Compensation:	Unrecognized Compensation		Weighted Average Amortization Period (in years)
Restricted Stock & RSU's	$	50.5	2.5
Stock Options	8.3		2.0
Incentive Units	8.5		0.7
Total Unrecognized Compensation Expense	$	67.3	1.5

Schedule of Stock Options, Restricted Stock and Restricted Stock Units Activity

The following tables summarize the restricted stock, restricted stock units and stock options activity in 2021:

	Restricted Stock & RSU's
	Number of Shares	Weighted-Average Grant Date Fair Value	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balances, January 1, 2021	702,899	$25.95	1.3	$17.5
Granted	2,679,545	$21.96
Forfeited	(594,032)	$22.97
Vested	(161,438)	$25.59
Balances, June 30, 2021	2,626,974	$22.58	1.6	$56.1

	Stock Options
	Number of Options	Weighted-Average Exercise price	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balances, January 1, 2021	7,650,000	$22.00	6.5	$22.2
Granted	—	$—
Forfeited	(1,095,000)	$22.00
Vested	—	$—
Balances, June 30, 2021	6,555,000	$22.00	6.0	$0.0