Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

The following table sets forth the components of our stock-based compensation and expected tax benefit for the three and nine months ended September 30, 2024 and 2023 related to the plans in effect during the respective period:


	Three months ended September 30,				Nine months ended September 30,
Stock-based compensation expense:	2024		2023		2024		2023
Restricted stock and restricted stock units	$	15.2	$	18.1	$	47.7	$	53.8
Stock options (1)	1.1		2.7		4.7		12.3
Total compensation expense	$	16.3	$	20.8	$	52.4	$	66.1

Expected tax benefit:
Restricted stock and restricted stock units	$	1.6	$	2.8	$	4.9	$	7.4
Stock options	—		0.1		0.2		0.6
Total expected tax benefit	$	1.6	$	2.9	$	5.1	$	8.0

(1)Lower expense for stock options was primarily due to the impact of the accelerated attribution method used to recognize expense for the performance-based stock option grants.

Stock Options

We accounted for stock options based on grant date fair value. Service condition options were valued using the Black-Scholes valuation model. Market condition options were valued using a Monte Carlo valuation model.

The following table summarizes the stock options activity for the nine months ended September 30, 2024:


	Stock options
	Number of options	Weighted-average exercise price	Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balances, January 1, 2024	10,865,868	$19.31	5.7	$—
Granted	—	$—
Forfeited	(64,499)	$15.89
Exercised	—	$—
Balances, September 30, 2024	10,801,369	$19.33	5.0	$—

Expected to vest as of September 30, 2024	4,721,369	$15.89	7.9	$—
Exercisable as of September 30, 2024	6,080,000	$22.00	2.7	$—

As of September 30, 2024, total unrecognized compensation cost related to stock options was $2.4 million, which was expected to be recognized over a weighted average period of 0.8 years.

Restricted Stock and Restricted Stock Units

Restricted stock and restricted stock units are valued on the award grant date at the closing market price of our stock.

The following table summarizes the restricted stock and restricted stock units activity for the nine months ended September 30, 2024:


	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, 2024	8,682,523	$13.78	1.0	$101.6
Granted	5,468,850	$10.42
Forfeited	(189,120)	$12.62
Vested	(3,897,193)	$14.80
Balances, September 30, 2024	10,065,060	$11.57	1.2	$115.8

As of September 30, 2024, total unrecognized compensation cost related to non-vested restricted stock and restricted stock units was $56.9 million, which is expected to be recognized over a weighted average period of 1.8 years.

Employee Stock Purchase Plan ("ESPP")

Under the Dun & Bradstreet Holdings, Inc. Employee Stock Purchase Plan, eligible employees are allowed to voluntarily make after-tax contributions ranging from 3% to 15% of eligible earnings. The Company contributes varying matching amounts to employees, as specified in the plan document, after a one year holding period. We recorded the associated expense of $0.6 million and $1.8 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $2.0 million for the three and nine months ended September 30, 2023, respectively.