We may grant restricted stock units, non-qualified stock options and other stock awards to eligible employees. All stock-based awards are approved by the Executive Compensation Committee of the Board of Directors. We settle stock awards with treasury shares. At December 31, 2024, there were 18,148,363 shares available for future grants.

Restricted stock units (RSUs) typically vest ratably over a three-year service period and entitle the holder to shares of common stock as the units vest. RSUs granted in 2023 included 1,513,928 awards subject to a performance target. The following table summarizes information about RSUs:


	2024			2023
	Shares	Weighted average fair value		Shares	Weighted average fair value
Outstanding - beginning of the year	5,525,193	$	5.74	7,197,755	$	6.09
Granted	2,042,275	4.88		2,068,825	4.19

Vested	(4,579,834)	5.86		(2,819,824)	5.53
Forfeited	(979,014)	4.22		(921,563)	5.63
Outstanding - end of the year	2,008,620	$	5.29	5,525,193	$	5.74

The fair value of RSUs is determined based on the stock price on the grant date less the present value of expected dividends. At December 31, 2024, there was $2 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.0 years. The intrinsic value of RSUs outstanding at December 31, 2024 was $15 million. The fair value of RSUs vested during 2024, 2023 and 2022 was $22 million, $12 million and $11 million, respectively. During 2022, we granted 5,280,429 RSUs at a weighted average fair value of $4.82.

In 2024 and 2023, RSUs granted include 226,581 and 222,833, respectively, to non-employee directors. These RSUs vest one year from the grant date.

Performance stock units (PSUs) are stock awards where the number of shares ultimately awarded is based upon the attainment of certain performance targets and total shareholder return relative to peer companies. PSUs vest at the end of a three-year service period.



	2024			2023
	Shares	Weighted average fair value		Shares	Weighted average fair value
Outstanding - beginning of the year	811,620	$	9.57	811,620	$	9.57
Granted	2,472,987	4.90		—	—
Vested	(266,618)	5.29		—	—
Release of deferred shares	(804,281)	9.50		—	—
Forfeited	(1,132,351)	4.20		—	—

Outstanding - end of the year	1,081,357	$	5.62	811,620	$	9.57

Stock options are granted at an exercise price equal to or greater than the market price of our common stock on the grant date. Options typically vest ratably over three years and expire ten years from the grant date. We did not grant any options in 2023 or 2022. In 2024, options granted were fully vested. Accordingly, at December 31, 2024, there was no unrecognized compensation cost. The intrinsic value of options outstanding and exercisable at December 31, 2024 was $3 million.


	2024			2023
	Shares	Per share weighted average exercise prices		Shares	Per share weighted average exercise prices
Options outstanding - beginning of the year	9,151,645	$	9.50	10,027,048	$	9.91
Granted	1,500,000	9.00		—	—
Exercised	(2,315,720)	4.32		—	—
Canceled	(74,680)	9.43		(435,403)	7.91
Expired	—	—		(440,000)	20.27
Options outstanding - end of the year	8,261,245	$	10.87	9,151,645	$	9.50
Options exercisable - end of the year	8,261,245	$	10.87	9,057,268	$	9.52

The following table provides additional information about stock options outstanding and exercisable at December 31, 2024:


	Options Outstanding and Exercisable
Range of per share exercise prices	Shares	Per share weighted-average exercise price		Weighted-average remaining contractual life
$3.98 - $6.60	1,928,656	$	5.93	4.1 years
$8.55 - $9.00	2,191,029	$	8.91	2.7 years
$12.64 - $21.54	4,141,560	$	14.21	2.0 years

	8,261,245	$	10.87	2.7 years

The following table lists the weighted average assumptions used to calculate the fair value of stock options granted in 2024:




Expected dividend yield	2.2	%
Expected stock price volatility	55.3	%
Risk-free interest rate	4.3	%
Expected life	2 years
Weighted-average fair value per option granted	$1.64
Fair value of options granted	$2,460