We record equity-based compensation expense equal to the fair value of share-based payments over the vesting periods of the LTIP awards. We recorded compensation expense from awards granted under our LTIP of $7.3 million and $10.5 million during the three months ended June 30, 2025 and 2024, respectively, and $15.7 million and $17.8 million during the six months ended June 30, 2025 and 2024, respectively. The total tax benefit for the three months ended June 30, 2025 and 2024 was $1.2 million and $1.7 million, respectively, and $2.6 million and $2.8 million during the six months ended June 30, 2025 and 2024, respectively. Additionally, we recorded a net tax shortfall (windfall) related to equity-based compensation of $0.3 million and nil for the three months ended June 30, 2025 and 2024, respectively, and $3.4 million and $(9.5) million during the six months ended June 30, 2025 and 2024, respectively. The fair value of awards vested during the three months ended June 30, 2025 and 2024 was $0.6 million and $1.4 million, respectively, and $19.7 million and $81.6 million during the six months ended June 30, 2025 and 2024, respectively. The Company granted restricted stock units with service vesting criteria and a combination of market and service vesting criteria under the LTIP. Substantially all of these grants vest over three years. Upon vesting, restricted stock units become issued and outstanding stock.

For restricted stock units with a combination of market and service vesting criteria, the number of common shares to be issued is determined by comparing the Company’s total shareholder return with the total shareholder return of a predetermined group of peer companies over the performance period and can vest in up to 200% of the awards granted. The grant date fair value ranged from $3.05 to $13.06 per award. The Monte Carlo simulation model utilized multiple input variables that determined the probability of satisfying the market condition stipulated in the award grant and calculated the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies and ranged from 58.0% to 105.0%. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant and ranged from 0.2% to 4.2%.


		Weighted-		Market / Service	Weighted-
	Service Vesting	Average		Vesting	Average
	Restricted Stock	Grant-Date		Restricted Stock	Grant-Date
	Units	Fair Value		Units	Fair Value
	(In thousands)			(In thousands)
Outstanding at December 31, 2024	4,753	$	6.36	8,766	$	9.07
Granted(1)	3,193	3.24		3,938	4.93
Forfeited(1)	(198)	5.66		(121)	8.39
Vested	(2,306)	6.07		(4,019)	6.96
Outstanding at June 30, 2025	5,442	4.67		8,564	8.38

(1)The restricted stock units with a combination of market and service vesting criteria may vest between 0% and 200% of the originally granted units depending upon market performance conditions. Awards vesting over or under target shares of 100% results in additional shares granted or forfeited, respectively, in the period the market vesting criteria is determined.

As of June 30, 2025, total equity-based compensation to be recognized on unvested restricted stock units is $35.0 million over a weighted average period of 1.82 years. At June 30, 2025, the Company had approximately 3.6 million shares that remain available for issuance under the LTIP.