Note 7 - Stock-based Compensation

3 Months Ended

Mar. 31, 2023

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 2022 Equity and Incentive Compensation Plan (the “2022 EICP”). Our stock-based compensation expense and related income tax benefit for the three-months ended March 31, 2023 and 2022, respectively (in millions).

	Three Months Ended March 31,
	2023			2022
Stock-based compensation expense, gross	$	2		$	5
Income tax benefit at our statutory rate associated with stock-based compensation		(1	)		(1	)
Stock-based compensation expense, net	$	1		$	4

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 2022 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, 2023 and 2022, respectively, is as follows:

	Three Months Ended March 31,
	2023					2022
				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		997,745		$	20.62		1,035,728		$	19.69
Granted (1)		12,227			12.04		333,382			22.16
Vested		(257,355	)		20.21		(294,558	)		18.56
Outstanding - end of period		752,617		$	20.62		1,074,552		$	20.76
Restricted Class A common stock:
Outstanding - beginning of period		677,238		$	19.36		720,421		$	18.22
Granted (1)		25,022			13.30		250,448			20.52
Vested		(203,986	)		18.76		(229,758	)		16.99
Outstanding - end of period		498,274		$	19.30		741,111		$	19.38
Restricted stock units - common stock:
Outstanding - beginning of period		274,145		$	23.60		125,247		$	19.02
Granted		587,168			11.50		259,079			23.87
Vested		(247,953	)		23.64		(108,921	)		19.03
Forfeited		(26,192	)		23.15		(1,260	)		19.05
Outstanding - end of period		587,168		$	11.50		274,145		$	23.60

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