Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 related to the plans in effect during the respective period:

	Three months ended June 30,				Six months ended June 30,
Stock-based compensation expense:	2022		2021		2022		2021
Restricted stock and restricted stock units (1)	$	14.6	$	4.5	$	22.0	$	7.6
Stock options	0.6		(0.4)		1.6		1.1
Incentive units	0.1		3.0		2.4		6.0
Total compensation expense	$	15.3	$	7.1	$	26.0	$	14.7
Expected tax benefit:
Restricted stock and restricted stock units	$	2.0	$	0.8	$	3.1	$	1.3
Stock options	—		(0.7)		0.1		(0.3)
Total expected tax benefit	$	2.0	$	0.1	$	3.2	$	1.0

(1)Higher expense for restricted stock and restricted stock units was primarily due to the addition of our 2022 annual grants and the expense recognition associated with accelerated shares.

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 2022:

Date	Number of shares granted	Grant date fair value per share	Vesting period (in years)	Vesting criteria
Restricted Stock & RSU's: (1)
March 10, 2022	96,509	$16.58	1.0	Service
March 10, 2022 (2)	3,254,916	$16.58	3.0	Service & Performance
March 31, 2022	89,334	$17.52	3.0	Service
June 30, 2022	143,052	$15.03	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, 2022:

Equity-based compensation:	Unrecognized compensation		Weighted-average amortization period (in years)
Restricted stock & Restricted stock units	$	74.5	2.4
Stock options	3.5		1.0
Incentive units	0.1		0.3
Total unrecognized compensation expense	$	78.1	2.2

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

The following tables summarize the restricted stock, restricted stock units, stock options and incentive units activity in 2022:

	Restricted stock and Restricted stock units
	Number of shares	Weighted-average grant date fair value	Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balances, January 1, 2022	2,757,839	$21.61	1.2	$56.5
Granted	3,583,811	$16.59
Forfeited	(351,994)	$18.68
Vested	(843,019)	$22.33
Balances, June 30, 2022	5,146,637	$18.18	1.5	$77.4

	Stock options
	Number of options	Weighted-average exercise price	Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balances, January 1, 2022	6,380,000	$22.00	5.5	$—
Granted	—	$—
Forfeited	(133,334)	$22.00
Vested	—	$—
Balances, June 30, 2022	6,246,666	$22.00	5.0	$—

	Incentive units (1)
	Number of incentive units	Weighted-average grant date fair value	Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balances, January 1, 2022	3,826,569	$2.95	0.2	$78.4
Distributed	(3,786,486)	$2.96
Forfeited	—	$—
Balances, June 30, 2022	40,083	$2.59	0.3	$0.6

(1)Incentive units were granted prior to the IPO under the Incentive Units Program