We issue restricted stock unit awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three-year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We granted 437,283 and 518,654 restricted stock units during the three months ended March 31, 2026 and 2025, respectively, including 262,372 and 311,194 performance-based restricted stock units during those same periods, respectively. We have shareholder approval under the Plan to issue up to 14,000,000 shares of common stock. As of March 31, 2026, we had 6,889,360 remaining shares available for awards under the Plan.

The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change in control as defined in the award agreements.


	Three Months Ended March 31,
	2026			2025
	Units	Weighted Average Grant Price per Share		Units	Weighted Average Grant Price per Share
Unvested units outstanding at beginning of period	3,484,248	$	13.92	3,571,311	$	13.38
Granted	437,283	18.38		518,654	15.82

Net adjustment	220,911	—		269,322	—
Vested	(694,458)	15.20		(821,979)	14.34
Forfeited/expired/canceled	(1,881)	14.10		(22,023)	12.70

Unvested units outstanding at end of period	3,446,103	14.32		3,515,285	13.62


(dollars in millions)	Service- Based Units		Performance- Based Units		Total
Unvested restricted stock units	2,490,018		956,085		3,446,103
Unrecognized compensation expense	$	9	$	1	$	10
Intrinsic value	$	42	$	16	$	58
Weighted average remaining life (in years)	1.75		2.30		1.90