XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.1
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Restricted stock unit, vesting information
A summary of the quantity and vesting conditions for stock-based units granted to the Company's employees for the three months ended March 31, 2022 was as follows:
Vesting conditionsNumber of Restricted Stock Units Granted
Performance and service conditions - Type 1 (1) (2)
15,667 
Performance and service conditions - Type 2 (1) (2)
5,000 
Total shares of stock award granted20,667 

(1)For grants to Corporate office employees subject to 2022 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”.
(2)To the extent restricted stock units are earned, such restricted stock units will vest on the basis of service as follows:
(a)33% and 66.6% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the first anniversary of the grant date;
(b)33% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the second anniversary of the grant date; and
(c)34% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date.
Schedule of stock-based compensation expense For the three months ended March 31, 2022 and 2021, the Company’s stock-based compensation expense related to restricted stock units and restricted shares of common stock were as follows:
Three Months Ended March 31,
20222021
Restricted shares of common stock (see Note 5)$42 $90 
Restricted stock units 504 212 
Total$546 $302 
Disclosure of share based compensation arrangements other than options fair value vested Changes in the Company’s restricted stock units for the three months ended March 31, 2022 and 2021 were as follows:
Three Months Ended March 31, 2022
Performance-basedTime-based/Director Total
Number of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair ValueNumber of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair ValueNumber of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair Value
Unvested restricted stock units at January 1,121,393 $15.88 46,500 $17.15 167,893 $16.23 
Granted20,667 $30.00 1,352 $33.90 22,019 $30.24 
Shares earned above target (a)36,884 $16.70 — $— 36,884 $16.70 
Vested(74,900)$16.03 (9,437)$17.31 (84,337)$16.17 
Forfeited— $— (1,675)$14.54 (1,675)$14.54 
Unvested restricted stock units at March 31,
104,044 $18.86 36,740 $17.84 140,784 $18.60 

(a)    The number of shares earned above target are based on the performance targets established by the Compensation Committee at the initial grant date.
 (a)    he number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date.

Three Months Ended March 31, 2021
Performance-basedTime-based/Director Total
Number of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair ValueNumber of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair ValueNumber of Shares of Restricted Stock UnitsWeighted Average Grant-Date Fair Value
Unvested restricted stock units at January 1,14,676 $15.45 — $— 14,676 $15.45 
Granted126,671 $15.79 28,240 $14.75 154,911 $15.60 
Vested(2,699)$15.30 (2,740)$16.71 (5,439)$16.01 
Forfeited(11,411)$14.54 — $— (11,411)$14.54 
Unvested restricted stock units at March 31,
127,237 $15.88 25,500 $14.54 152,737 $15.65 
 (a)    The number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date.
Changes in restricted stock units and shares Changes in the Company’s restricted shares of common stock for the three months ended March 31, 2022 and 2021 were as follows:
 Three Months Ended March 31,
 20222021
Number of
Restricted
Shares of Common Stock
Weighted
Average
Grant-Date
Fair Value
Number of
Restricted
Shares of Common Stock
Weighted
Average
Grant-Date
Fair Value
Unvested restricted shares of common stock at January 1,34,818 $9.57 52,226 $9.57 
Vested— $— — $— 
Unvested restricted shares of common stock at March 31,
34,818 $9.57 52,226 $9.57