We issue stock-based compensation in the form of restricted stock units, performance-based stock units, and stock options. As of December 31, 2024, we have authorized 10,211,440 shares available for grant. Restricted stock units and performance-based stock units are granted at the closing market price on the date of the grant. Forfeitures of restricted stock units, performance-based stock units, and stock options are accounted for as they occur.


	Year Ended December 31,
(in millions)	2024		2023		2022
Stock-based compensation expense	$	54	$	48	$	28
Tax benefit	9		12		7

The Company granted 5,280,114 shares of restricted stock, with an average fair value of $10.23 per share on the date of grant, during the year ended 2024. The shares of restricted stock that were granted during the year ended December 31, 2024 and 2023, vest over a one to five years period.


	Year Ended December 31, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at beginning of year	5,057,980	$	31.46
Granted	5,280,114	10.23
Vested	(1,303,365)	32.28
Forfeited	(1,413,398)	28.28
Unvested at end of period	7,621,331	17.20

As of December 31, 2024, unrecognized compensation cost relating to unvested restricted stock totaled $95 million. This amount will be recognized over a remaining weighted average period of 2.2 years.

The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units (PSUs):


	Number of Shares	Weighted Average Grant Date Fair Value		Performance Period	Expected Vesting Date
Outstanding at beginning of year	406,096	$	29.85	January 1, 2022 - December 31, 2025	March 31, 2025 - 2026
Granted	—	—
Released	—	—
Forfeited	(361,428)	30.21
Outstanding at end of period	44,668	26.85		January 1, 2022 - December 31, 2025	March 31, 2025 - 2026

Performance-based restricted stock units are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards.

As of December 31, 2024, there was an immaterial amount of unrecognized compensation cost relating to unvested restricted stock that will be recognized over a remaining weighted average period of 1.3 years. As of December 31, 2024, the Company believes it is probable that the performance conditions will be met.

(in thousands)

Year Ended December 31, 2024

Grant Date

Options Granted

Vest Date

March 6, 2024

5,000

Quarterly through March 2027

March 6, 2024

1,333

Fully vest on March 6, 2025

April 25, 2024 (1)

3,000

Annually through April 2027

June 21, 2024

1,000

Annually through June 2027

July 24, 2024

1,000

Annually through July 2027

July 29, 2024

1,000

Annually through July 2027

July 29, 2024

1,000

Annually through July 2027

Total

13,333

(1) 1,000 of the options granted on April 25, 2024 are expected to be forfeit during Q1 2025.

The Company generally utilizes the Black-Scholes option pricing model to measure the fair value of granted stock options at the grant date. The estimated grant date fair value of options granted during the year ended 2024 was $72 million, which will be recognized in compensation expense on a straight-line basis over the vesting period, of which $22 million was recognized in 2024. The remaining $50 million will be recognized over the vesting period.


(in thousands, except per share data)	Year Ended December 31, 2024
Stock Options	Number of Options	Weighted- Average Exercise Price per Share
Outstanding as of January 1, 2024	—	$	—
Granted	13,333,000	8.44
Vested	(1,250,000)	6.00

Unvested at December 31, 2024	12,083,000	8.69
Exercisable at December 31, 2024	1,250,000