Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.22.2.2
Treasury Stock and Share Based Awards (Tables)
9 Months Ended
Sep. 30, 2022
Summary of Treasury Stock Activity Below is a summary of treasury stock activity for the nine months ended September 30, 2022:

 

 

Number of

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2022

 

 

5.35

 

 

$

91.1

 

Restricted stock withholdings (1)

 

 

0.24

 

 

 

4.1

 

Restricted stock forfeitures

 

 

0.07

 

 

 

 

Balance at September 30, 2022

 

 

5.66

 

 

$

95.2

 

(1)
Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting of restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates, which ranged from $15.18 to $18.33 per share.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2022:

 

 

Shares of

 

 

Weighted
Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2022

 

 

2.00

 

 

$

21.73

 

Granted

 

 

0.88

 

 

$

16.40

 

Vested

 

 

(0.90

)

 

$

19.00

 

Forfeited

 

 

(0.07

)

 

$

18.80

 

Outstanding at September 30, 2022

 

 

1.91

 

 

$

20.66

 

Unvested restricted stock at September 30, 2022

 

 

1.91

 

 

$

20.66

 

CUSA  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

Compensation expense recognized during the period

 

 

 

 

 

 

CUSA employees

 

$

11.3

 

 

$

13.1

 

Holdings directors

 

 

0.7

 

 

 

0.7

 

Total recognized by Holdings

 

$

12.0

 

 

$

13.8

 

 

 

 

 

 

 

 

Fair value of vested restricted stock held by:

 

 

 

 

 

 

CUSA employees

 

$

14.6

 

 

$

1.2

 

Holdings directors

 

 

0.6

 

 

 

1.3

 

Holdings total

 

$

15.2

 

 

$

2.5

 

 

 

 

 

 

 

 

Income tax benefit (cost) related to vested restricted stock held by:

 

 

 

 

 

 

CUSA employees

 

$

2.4

 

 

$

(0.4

)

Holdings directors

 

 

0.1

 

 

 

0.3

 

Holdings total income tax benefit (cost)

 

$

2.5

 

 

$

(0.1

)

 

Restricted Stock  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

As of September 30, 2022, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:

 

 

Estimated

 

 

 

Remaining

 

 

 

Expense

 

CUSA employees (1)

 

$

23.0

 

Holdings directors

 

 

0.8

 

Total remaining - Holdings (1)

 

$

23.8

 

Restricted Stock Units (RSUs)  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock unit activity for the periods presented:

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Number of restricted stock units that vested during the period

 

 

0.10

 

 

 

0.01

 

Fair value of restricted stock units that vested during the period

 

$

1.7

 

 

$

0.3

 

Accumulated dividends paid upon vesting of restricted stock units

 

$

0.3

 

 

$

0.1

 

Compensation expense recognized during the period

 

$

4.2

 

 

$

2.8

 

Income tax benefit (cost) related to restricted stock units

 

$

0.1

 

 

$

(0.5

)