Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Employee Stock Ownership Plan (ESOP) Disclosures

The following table presents the amount of compensation expense associated with the ESOP and the amount of the loan payments made by the ESOP, including the portions related to principal and interest, for the periods indicated:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Compensation expense	$	7,129	$	9,923	$	9,408
Annual loan payment:
Interest	9,374		4,724		4,826
Principal	2,914		3,147		3,045
Total loan payment	$	12,288	$	7,871	$	7,871

The following table presents share information held by the ESOP:

	As of December 31,
	2023		2022
	(Dollars in thousands)
Allocated shares	1,541,971		1,046,850
Shares committed to be released	103,230		104,464
Unallocated shares (suspense shares)	13,270,932		13,769,628
Total shares	14,916,133		14,920,942
Fair value of unallocated shares	$	188,447	$	237,526

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes the Company’s restricted stock award activity for the periods indicated:

	For the Years Ended December 31,
	2023			2022
Restricted Stock Awards	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year	525,460	$	20.08	683,056	$	20.13
Granted	47,820	11.50		31,559	19.17
Vested	(152,880)	19.95		(136,609)	20.13
Forfeited	—	—		(52,546)	20.08
Non-vested restricted stock at end of year	420,400	$	19.15	525,460	$	20.08

During the year ended December 31, 2021, 683,056 RSA shares were granted which had a total grant date fair value of $13.7 million. During the year ended December 31, 2023, 152,880 RSA awards vested. Such awards had a grant date fair value of $3.0 million. During the year ended December 31, 2022, 136,609 RSA awards had vested. Such awards had a grant date fair value of $2.7 million.

The following table summarizes the Company’s restricted stock unit activity for the periods indicated:

	For the Years Ended December 31,
	2023			2022
Restricted Stock Units	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year	972,325	$	21.08	—	$	—
Granted	318,577	15.63		978,364	21.08
Vested (1)	(302,908)	21.08		—	—
Forfeited	(35,993)	15.73		(6,039)	21.08
Non-vested restricted stock at end of year	952,001	$	19.46	972,325	$	21.08

(1)Includes 95,808 shares withheld upon settlement for employee taxes.

During the year ended December 31, 2023, 302,908 RSU awards vested. Such awards had a grant date fair value of $6.4 million. As of December 31, 2022, no RSU awards had vested. During the year ended year ended December 31, 2021, no RSU awards were granted.

The following table summarizes the Company’s performance stock unit activity for the periods indicated:

	For the Years Ended December 31,
	2023			2022
Performance Stock Units	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year	533,676	$	21.12	—	$	—
Granted	108,984	10.16		533,676	21.12
Forfeited	(9,626)	10.16		—	—
Non-vested restricted stock at end of year	633,034	$	19.40	533,676	$	21.12

Share-based Compensation Expense Under the 2021 Plan and the Related Tax Benefit

The following table shows share-based compensation expense under the 2021 Plan and the related tax benefit for the periods indicated:

	For the Years Ended December 31,
	2023		2022		2021
	(In millions)
Share-based compensation expense	$	16.5	$	10.5	$	0.2
Related tax benefit (1)	4.7		3.0		0.1

(1)Estimated based upon the Company’s statutory rate for the respective period.