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STOCKHOLDERS' DEFICIT
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
STOCKHOLDERS' DEFICIT STOCKHOLDERS’ DEFICIT
Share-Based Compensation
Share-Based Compensation Plans
The Company has historically granted equity incentive awards to executive officers and other eligible participants under the 2012 Amended and Restated Stock Incentive Plan (the “2012 Stock Incentive Plan”). On May 5, 2021, the Company’s stockholders approved the adoption of the 2012 Second Amended and Restated Equity Incentive Plan (the “2021 Stock Incentive Plan”), which amends and restates the 2012 Stock Incentive Plan.
The 2021 Stock Incentive Plan is a broad-based incentive plan that provides for granting stock options, stock appreciation rights, restricted stock, restricted stock units, and performance-based cash and stock awards to any of the Company’s or its subsidiaries’ present or future directors, officers, employees, consultants or advisors. As of December 31, 2023, the Company had 17,570,195 shares available for issuance under the 2021 Stock Incentive Plan, assuming a 100% payout of the Company’s outstanding performance stock units.
Share-Based Compensation Expense
Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Share-based compensation expense for continuing operations, which is recognized within “Corporate expenses” on the Consolidated Statements of Loss, was as follows:
(In thousands)Year Ended December 31,
202320222021
Restricted stock units and awards$15,369 $15,298 $14,774 
Performance stock units4,830 5,083 4,007 
Stock options and other131 131 27 
Total share-based compensation expense$20,330 $20,512 $18,808 
The tax benefit related to the share-based compensation expense for continuing operations for 2023, 2022 and 2021 was $5.2 million, $5.3 million and $4.7 million, respectively. As of December 31, 2023, there was $20.3 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately two years.
Restricted Stock Units and Awards
The Company grants restricted stock units (“RSUs”) under its equity incentive plan. RSUs generally represent the right to receive shares upon vesting or, in some instances, may be settled in cash equal to the fair market value of the number of vested shares at the election of the compensation committee of the Board of Directors, and generally vest ratably in annual increments over a three-year period. RSUs are forfeited, except in certain circumstances, in the event the grantee terminates his or her employment or relationship with the Company prior to vesting.
Prior to 2020, the Company also granted restricted stock awards (“RSAs”) under its equity incentive plan. RSAs represented shares of common stock that contained a legend which restricted their transferability for a term of up to five years.
The following table presents a summary of the Company’s RSUs and RSAs outstanding at December 31, 2023 and related activity during the year:
(Shares in thousands)Number of
RSUs and RSAs		Weighted-Average Grant-Date Fair Value
Outstanding, January 1, 2023(1)
12,635 $2.08 
Granted(2)
15,605 $1.32 
Vested(3)
(7,734)$1.93 
Forfeited(457)$1.78 
Outstanding, December 31, 2023(3)
20,049 $1.56 
(1)Excludes shares granted to employees of discontinued operations.
(2)The weighted-average grant-date fair value of the Company’s RSUs granted during 2023, 2022 and 2021 was $1.32, $2.58 and $2.27 per share, respectively.
(3)All RSAs that were outstanding as of January 1, 2023 vested during the year, resulting in only RSUs remaining outstanding as of December 31, 2023.
Performance Stock Units
The Company grants performance stock units (“PSUs”) under its equity incentive plan. PSUs represent the right to receive shares of the Company’s common stock, which vest and become earned based on the achievement of the Company’s total shareholder return relative to the Company’s peer group (the “Relative TSR”) over a three-year performance period.
•For PSUs granted prior to 2023, if the Company achieves Relative TSR at the 90th percentile or higher, the PSUs will be earned at 150% of the target number of shares; if the Company achieves Relative TSR at the 60th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 30th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 25th percentile, no PSUs will be earned. To the extent Relative TSR is between achievement levels, the portion of the PSUs that is earned will be determined using straight-line interpolation.
•For PSUs granted in 2023, if the Company achieves Relative TSR at the 75th percentile or higher, the PSUs will be earned at 150% of the target number of shares; if the Company achieves Relative TSR at the 50th percentile, the PSUs will be earned at 100% of the target number of shares; if the Company achieves Relative TSR at the 25th percentile, the PSUs will be earned at 50% of the target number of shares; and if the Company achieves Relative TSR below the 25th percentile, no PSUs will be earned. To the extent Relative TSR is between achievement levels, the portion of the PSUs that is earned will be determined using straight-line interpolation. Notwithstanding the foregoing, to the extent the Company’s absolute total shareholder return over the performance period is less than 0%, the maximum payout shall not be greater than 100% of the target number of shares.
PSUs, which are considered market-condition awards pursuant to ASC Topic 260, are measured at the grant-date fair value based on a Monte Carlo simulation model as of the grant date. The following assumptions were used to calculate the fair value of the Company’s PSUs on the date of grant:
Year Ended December 31,
202320222021
Expected volatility79.3%68.6%65.8%
Risk-free interest rate3.7%2.8%0.3%
Expected dividend yield—%—%—%
The following table presents a summary of the Company’s PSUs outstanding, assuming a 100% payout, at December 31, 2023 and related activity during the year:
(Shares in thousands)Number of PSUsWeighted-Average Grant-Date Fair Value
Outstanding, January 1, 20237,564 $1.83 
Granted(1)
3,433 $1.62 
Vested(2,400)$1.00 
Forfeited(2)
(1,310)$1.00 
Outstanding, December 31, 20237,287 $2.15 
(1)The weighted-average grant-date fair value of the Company’s PSUs granted during 2023, 2022 and 2021 was $1.62, $2.69 and $2.55 per share, respectively.
(2)Forfeitures include the portion of PSUs granted in 2020 that were not earned based on the Company’s Relative TSR over the three-year performance period.
Stock Options
The Company has historically granted options to purchase shares of its common stock to certain employees and directors of the Company and its affiliates under its equity incentive plan at no less than the fair value of the underlying stock on the date of grant. These options were granted for a term not exceeding ten years, are generally forfeited in the event the recipient terminates his or her employment or relationship with the Company or one of its affiliates, and vested solely on continued service over a period of up to five years. The equity incentive plan contains anti-dilutive provisions that permit an adjustment for any change in capitalization.
The Company accounts for its share-based compensation using the fair value recognition provisions of ASC Subtopic 718-10. The fair value of each option awarded was estimated on the date of grant using a Black-Scholes option-pricing model and amortized straight-line to expense over the vesting period. The Company did not estimate forfeitures at grant date, but rather elected to account for forfeitures when they occur.
The following table presents a summary of the Company’s stock options outstanding at December 31, 2023 and related activity during the year:
(In thousands, except per share data)OptionsWeighted-Average Exercise PriceWeighted-Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding, January 1, 2023(1)
3,373 $5.55 4.0 years$— 
Expired(156)$5.89 
Outstanding, December 31, 2023(2)
3,217 $5.53 3.2 years$— 
(1)Excludes shares granted to employees of discontinued operations.
(2)All outstanding stock options were fully vested and exercisable as of December 31, 2023.
Computation of Net Loss per Share
The following table presents the computation of net loss per share for 2023, 2022 and 2021:
(In thousands, except per share data)Year Ended December 31,
202320222021
Numerators:
Loss from continuing operations$(157,107)$(47,303)$(358,144)
Less: Net income from continuing operations attributable to noncontrolling interests2,009 2,253 599 
Net loss from continuing operations attributable to the Company(159,116)(49,556)(358,743)
Loss from discontinued operations(151,709)(47,085)(74,976)
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests97 (37)96 
Net loss from discontinued operations attributable to the Company(151,806)(47,048)(75,072)
Net loss attributable to the Company$(310,922)$(96,604)$(433,815)
Denominators:
   
Weighted average common shares outstanding – Basic
481,727 474,362 468,491 
Weighted average common shares outstanding – Diluted
481,727 474,362 468,491 
Net loss attributable to the Company per share of common stock — Basic:   
Net loss from continuing operations attributable to the Company per share of common stock$(0.33)$(0.10)$(0.77)
Net loss from discontinued operations attributable to the Company per share of common stock(0.32)(0.10)(0.16)
Net loss attributable to the Company per share of common stock — Basic(1)
$(0.65)$(0.20)$(0.93)
Net loss attributable to the Company per share of common stock — Diluted:
Net loss from continuing operations attributable to the Company per share of common stock$(0.33)$(0.10)$(0.77)
Net loss from discontinued operations attributable to the Company per share of common stock(0.32)(0.10)(0.16)
Net loss attributable to the Company per share of common stock — Diluted(1)
$(0.65)$(0.20)$(0.93)
(1)Due to rounding, the total may not equal the sum of the line items in the table above.
Outstanding equity awards of 24.3 million, 24.7 million and 26.1 million for 2023, 2022 and 2021, respectively, were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.