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Note 8 - Stock-based Compensation

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

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. The following table provides our stock-based compensation expense and related income tax benefit for the three and nine-month periods ended September 30, 2023 and 2022 (in millions):

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2023				2022				2023				2022
Stock-based compensation expense, gross		$	5			$	6			$	14			$	17
Income tax benefit at our statutory rate associated with share-based compensation			(1	)			(2	)			(4	)			(4	)
Stock-based compensation expense, net		$	4			$	4			$	10			$	13

All shares of Class A common stock and common stock underlying outstanding 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 Class A common stock, common stock and restricted stock units activity for the nine-month periods ended September 30, 2023 and 2022 is as follows:

		Nine Months Ended
		September 30, 2023								September 30, 2022
						Weighted-								Weighted-
						average								average
						Grant Date								Grant Date
		*Number of*				*Fair Value*				*Number of*				*Fair Value*
		*Shares*				*Per Share*				*Shares*				*Per Share*
Restricted stock - common:
Outstanding - beginning of period⁽¹⁾			997,745			$	20.62				1,035,728			$	19.69
Granted⁽¹⁾			1,007,919			$	8.15				400,927			$	21.68
Vested			(461,953	)		$	20.27				(341,918	)		$	19.03
Outstanding - end of period⁽¹⁾			1,543,711			$	12.58				1,094,737			$	20.62

Restricted stock - Class A common:
Outstanding - beginning of period⁽¹⁾			677,238			$	19.36				720,421			$	18.22
Granted⁽¹⁾			738,854			$	8.34				250,448			$	20.52
Vested			(203,986	)		$	18.76				(229,758	)		$	16.99
Outstanding - end of period⁽¹⁾			1,212,106			$	12.74				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.