Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares

The shares issued are presented net of shares from canceled/expired options and shares.

	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	5,043,516	1.00	5,043,516
Restricted Stock	5,049,480	4.06	20,500,889
Performance Shares	1,016,651	4.06	4,127,603
Total	11,109,647		29,672,008

Schedule of Weighted-Average Assumptions For The Employee Stock Option Plan

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividend Yield (1)	1.62	%	1.72	%	1.63	%	1.74	%
Expected volatility (2)	27.92	%	28.66	%	28.07	%	28.89	%
Risk-free interest rate (3)	3.58	%	4.60	%	4.04	%	4.11	%
Expected term of options (years) (4)	4.14		4.14		4.14		4.15
Weighted-avg. grant date fair value	$7.11		$8.40		$8.23		$7.54

1.Represents the Company’s estimated cash dividend yield over the expected term of option grant.

2.Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.

3.Represents the U.S. Treasury yield over the expected term of the option grant.

4.Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.