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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Stock Option Activity

A summary of PSP activity for the years ended December 31, 2024, 2023 and 2022 is as follows:

 

 

 

Weighted-
average grant
date fair value

 

 

Granted
shares

 

 

Awarded
shares

 

 

Shares not
yet awarded

 

Outstanding at January 1, 2022

 

$

4.87

 

 

 

839,842

 

 

 

839,842

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

4.81

 

 

 

(101,900

)

 

 

(101,900

)

 

 

—

 

Forfeited

 

$

4.80

 

 

 

(29,562

)

 

 

(29,562

)

 

 

—

 

Outstanding at December 31, 2022

 

$

4.88

 

 

 

708,380

 

 

 

708,380

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

4.69

 

 

 

(532,282

)

 

 

(532,282

)

 

 

—

 

Forfeited

 

$

5.25

 

 

 

(8,326

)

 

 

(8,326

)

 

 

—

 

Outstanding at December 31, 2023

 

$

5.47

 

 

 

167,772

 

 

 

167,772

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

5.43

 

 

 

(69,794

)

 

 

(69,794

)

 

 

—

 

Forfeited

 

$

5.09

 

 

 

(240

)

 

 

(240

)

 

 

—

 

Outstanding at December 31, 2024

 

$

5.49

 

 

 

97,738

 

 

 

97,738

 

 

 

—

 

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2024, 2023 and 2022 is as follows:

 

 

 

Weighted-
average grant
date fair value

 

 

Granted
shares

 

 

Awarded
shares

 

 

Shares not
yet awarded

 

 

Outstanding at January 1, 2022

 

$

21.59

 

 

 

7,608,446

 

 

 

5,025,561

 

 

 

2,582,885

 

 

Granted

 

$

65.22

 

 

 

1,478,613

 

 

 

693,802

 

 

 

784,811

 

(1)

Awarded

 

$

28.73

 

 

 

470,793

 

 

 

1,383,216

 

 

 

(912,423

)

 

Vested

 

$

20.09

 

 

 

(2,179,476

)

 

 

(2,179,476

)

 

 

—

 

 

Forfeited

 

$

37.78

 

 

 

(313,428

)

 

 

(168,454

)

 

 

(144,974

)

 

Outstanding at December 31, 2022

 

$

25.01

 

 

 

7,064,948

 

 

 

4,754,649

 

 

 

2,310,299

 

 

Granted

 

$

56.39

 

 

 

1,558,826

 

 

 

235,738

 

 

 

1,323,088

 

(2)

Awarded

 

$

47.60

 

 

 

330,310

 

 

 

977,447

 

 

 

(647,137

)

 

Vested

 

$

25.46

 

 

 

(1,561,615

)

 

 

(1,561,615

)

 

 

—

 

 

Forfeited

 

$

49.37

 

 

 

(271,154

)

 

 

(129,889

)

 

 

(141,265

)

 

Outstanding at December 31, 2023

 

$

27.50

 

 

 

7,121,315

 

 

 

4,276,330

 

 

 

2,844,985

 

 

Granted

 

$

81.53

 

 

 

1,404,586

 

 

 

249,952

 

 

 

1,154,634

 

(3)

Awarded

 

$

45.99

 

 

 

437,891

 

 

 

1,228,675

 

 

 

(790,784

)

 

Vested

 

$

29.23

 

 

 

(1,903,832

)

 

 

(1,903,832

)

 

 

—

 

 

Forfeited

 

$

62.43

 

 

 

(261,423

)

 

 

(114,053

)

 

 

(147,370

)

 

Outstanding at December 31, 2024

 

$

30.98

 

 

 

6,798,537

 

 

 

3,737,072

 

 

 

3,061,465

 

 

 

(1)
Of the 784,811 performance-based shares granted in 2022, the payout for 378,836 shares may be increased up to 200% of the target or decreased to zero, 15,114 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.
(2)
Of the 1,323,088 performance-based shares granted in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.
(3)
Of the 1,154,634 performance-based shares granted in 2024, the payout for 587,205 shares may be increased up to 200% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.
Summary of Non-Cash Stock-Based Compensation Expense

The non-cash stock-based compensation expense for the years ended December 31 is as follows:

 

(in millions)

 

2024

 

 

2023

 

 

2022

 

Stock incentive plan

 

$

87

 

 

$

75

 

 

$

56

 

Employee stock purchase plan

 

 

13

 

 

 

12

 

 

 

10

 

Performance stock plan

 

 

—

 

 

 

1

 

 

 

—

 

Sharesave plan

 

 

1

 

 

 

1

 

 

 

—

 

Total

 

$

101

 

 

$

89

 

 

$

66

 
2010 Stock Incentive Plan  
Schedule of Performance Stock Plan and 2010 Stock Incentive Plan

The following table sets forth information as of December 31, 2024, 2023 and 2022, with respect to the number of time-based restricted shares granted and awarded, the number of performance-based restricted shares granted, and the number of performance-based restricted shares awarded under our Performance Stock Plan and 2010 and 2019 Stock Incentive Plans:

 

Year

 

Time-based restricted
stock granted and
awarded

 

 

Performance-based
restricted
stock granted

 

 

Performance-based
restricted
stock awarded

 

2024

 

 

249,952

 

 

 

1,154,634

 

(1)

 

1,228,675

 

2023

 

 

235,738

 

 

 

1,323,088

 

(2)

 

977,447

 

2022

 

 

693,802

 

 

 

784,811

 

(3)

 

1,383,216

 

 

(1)
Of the 1,154,634 performance-based shares granted in 2024, the payout for 587,205 shares may be increased up to 200% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.
(2)
Of the 1,323,088 performance-based shares granted in 2023, the payout for 615,575 shares may be increased up to 200% of the target or decreased to zero and 17,338 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.
(3)
Of the 784,811 performance-based shares granted in 2022, the payout for 378,836 shares may be increased up to 200% of the target or decreased to zero, 15,114 shares may be increased up to 120% of the target or decreased to zero. The amount reflected in the table includes all time-based share grants at a target payout of 100%.