Note 7 - Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

7. Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan, is the 2017 Equity and Incentive Compensation Plan (the “2017 EICP”). Our stock-based compensation expense and related income tax benefit for the three-months ended March 31, 2022 and 2021, respectively (in millions).

	Three Months Ended March 31,
	2022			2021
Stock-based compensation expense, gross	$	5		$	4
Income tax benefit at our statutory rate associated with stock-based compensation		(1	)		(1	)
Stock-based compensation expense, net	$	4		$	3

All shares of common stock and Class A common stock underlying Restricted stock, restricted stock units and performance awards are counted as issued at target levels under the 2017 EICP for purposes of determining the number of shares available for future issuance.

A summary of restricted common stock and Class A common stock activities for the three-months ended March 31, 2022 and 2021, respectively, is as follows:

	Three Months Ended March 31,
	2022					2021
				Weighted-					Weighted-
				Average					Average
	Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted common stock:
Outstanding - beginning of period		1,035,728		$	19.69		917,533		$	16.84
Granted (1)		333,382			22.16		296,042			18.21
Vested		(294,558	)		18.56		(502,241	)		16.10
Outstanding - end of period		1,074,552		$	20.76		711,334		$	17.94
Restricted Class A common stock:
Outstanding - beginning of period		720,421		$	18.22		480,042		$	16.10
Granted (1)		250,448			20.52		233,425			17.67
Vested		(229,758	)		16.99		(248,539	)		15.00
Outstanding - end of period		741,111		$	19.38		464,928		$	17.47
Restricted stock units - common stock:
Outstanding - beginning of period		125,247		$	19.02		90,184		$	18.92
Granted		259,079			23.87		95,115			19.05
Vested		(108,921	)		19.03		(60,052	)		18.92
Forfeited		(1,260	)		19.05		-			-
Outstanding - end of period		274,145		$	23.60		125,247		$	19.02

(1) For awards subject to future performance conditions, amounts assume target performance.