Long-Term Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2022

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Share Based Compensation Performance Shares Grants Activity

The Compensation Committee of the Board of Directors of the Company approved the following Performance-based Stock Award grants for the periods indicated:

	Nine Months Ended September 30,
	2022		2021
Absolute TSR Awards granted		174,581		90,711
Absolute TSR Award grant date fair value per share	$	6.03	$	6.89
Relative TSR Awards granted		87,291		47,710
Relative TSR Award grant date fair value per share	$	5.83	$	6.55
Book Value Awards granted		103,000		—
Book Value Award grant date fair value per share	$	3.37	$	—
Stock Price Awards granted		1,225,490		—
Stock Price Award grant date fair value per share	$	1.72	$	—

Share based compensation award valuation assumptions

The following assumptions, determined as of the date of grant, were used in the Monte Carlo simulation model to measure the grant date fair value per share of the Company’s Absolute TSR Awards, Relative TSR Awards and Stock Price Awards for the periods indicated:

	Absolute TSR Awards						Relative TSR Awards						Stock Price Awards
	Nine Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021			2022			2021
Closing stock price on date of grant	$	3.58		$	4.08		$	3.58		$	4.08		$	3.06		$	—
Beginning average stock price on   date of grant (1)	$	3.60		$	4.07		$	3.60		$	4.07		N/A			$	—
Expected volatility (2)		69.20	%		69.27	%		69.20	%		69.27	%		51.17	%		—
Dividend yield (3)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		—
Risk-free rate (4)		1.01	%		0.34	%		1.01	%		0.34	%		2.97	%		—
Discount for illiquidity (5)		0.00	%		0.00	%		0.00	%		0.00	%		8.42	%		—

(1)Based upon the 30 trading days prior to and including the date of grant.

(2)Based upon the most recent three-year volatility as of the date of grant.

(3)Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to the extent the underlying Performance-based Stock Award is earned. Applying dividend yield assumption of 0.00% in the Monte Carlo simulation is mathematically equivalent to reinvesting dividends on a continuous basis and including the value of the dividends in the final payout.

(4)Based upon the yield of a U.S. Treasury bond with a three-year maturity as of the date of grant.

(5)Based on restriction on ability to sell vested awards for one year after vesting.

Schedule of Unvested Restricted Stock Units Roll Forward

The Company grants restricted common shares to employees that either vest ratably over a three-year period or cliff vest at the end of a three-year period based on continued employment over these specified periods. A summary of these unvested restricted stock awards is presented below:

	Number of Shares			Weighted-average Grant-date Fair Value		Weighted- average Remaining Vested Period
Share Balance as of December 31, 2020		547,688		$	4.89		1.5
Granted		365,592			3.89		—
Conversion of ROE Awards		82,124			5.65		—
Forfeitures		(22,000	)		6.54		—
Vestitures		(214,369	)		5.89		—
Share Balance as of December 31, 2021		759,035			4.16		1.5
Granted		384,291			3.42		—
Forfeitures		(12,167	)		3.57		—
Vestitures		(108,318	)		6.43
Share Balance as of September 30, 2022		1,022,841		$	3.65		1.2

Non Employee Director

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Share Based Compensation Restricted Stock Units Grants Activity

A summary of the non-employee director RSUs grants is presented below for the periods indicated:

	Nine Months Ended September 30,
	2022		2021
RSUs granted		132,450		98,035
Grant date fair value	$	3.02	$	4.08