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Note 8 - Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Text Block]

8.	Stock-Based Compensation

We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our active stock-based compensation plans include the 2017 Equity and Incentive Compensation Plan (“2017 EICP”). The following table presents our stock-based compensation expense and the related income tax benefits for the years ended December 31, 2021, 2020 and 2019 (in millions):

	Year Ended December 31,
	2021			2020			2019
Stock-based compensation expense, gross	$	14		$	16		$	16
Income tax benefit at our statutory rate associated with stock-based compensation		(4	)		(4	)		(4	)
Stock-based compensation expense, net	$	10		$	12		$	12

Currently, the 2017 EICP provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance. All shares of common stock and Class A common stock underlying outstanding options (if any), restricted stock units and performance awards are counted as issued under the 2017 EICP for purposes of determining the number of shares available for future issuance.

As of December 31, 2021, we had 2.3 million shares of common stock and 0.8 million shares of Class A common stock available for issuance under the 2017 EICP. As of December 31, 2021, we had $20 million of total unrecognized compensation expense related to all non-vested stock-based compensation arrangements. This expense is expected to be recognized over a period of 3.2 years.

A summary of activity for the years ended December 31, 2021, 2020 and 2019 under our stock based compensation plans is as follows:

	Year Ended December 31,
	2021					2020					2019
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	*Number*			*Grant Date*		*Number*			*Grant Date*		*Number*			*Grant Date*
	of			*Fair Value*		of			*Fair Value*		of			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*		*Shares*			*Per Share*

Restricted stock - common:
Outstanding - beginning of period		917,533		$	16.84		977,547		$	15.45		578,894		$	13.14
Granted		731,374			19.73		359,481			18.92		751,463			16.07
Vested		(613,179	)		15.48		(333,865	)		15.35		(352,810	)		12.98
Forfeited		-			-		(85,630	)		15.53		-			-
Outstanding - end of period		1,035,728		$	19.69		917,533		$	16.84		977,547		$	15.45

Restricted stock - Class A common:
Outstanding - beginning of period		480,042		$	16.10		449,284		$	13.55		407,786		$	11.82
Granted		488,918			18.66		166,814			19.87		199,810			15.36
Vested		(248,539	)		15.00		(136,056	)		12.32		(158,312	)		11.38
Outstanding - end of period		720,421		$	18.22		480,042		$	16.10		449,284		$	13.55

Restricted stock units - common:
Outstanding - beginning of period		90,184		$	18.92		398,000		$	18.21		-		$	-
Granted		95,115			19.05		93,184			18.77		398,000			18.21
Vested		(60,052	)		18.92		(374,500	)		18.18		-			-
Forfeited		-			-		(26,500	)		18.21		-			-
Outstanding - end of period		125,247		$	19.02		90,184		$	18.92		398,000		$	18.21