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STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
STOCKHOLDERS' EQUITY  
Schedule of the stock option transactions

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

Weighted
Average
Exercise Price
Per Share

    

Aggregate
Intrinsic
Value(1)
(In thousands)

    

Weighted Average
Remaining
Contractual Life
(Years)

Outstanding at December 31, 2016 (Predecessor)

 

5,319,400

 

$

9.22

 

$

631

 

9.7

Granted

 

1,790,605

 

 

7.72

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

Forfeited

 

(374,102)

 

 

8.82

 

 

 

 

 

Outstanding at December 31, 2017 (Predecessor)

 

6,735,903

 

$

8.84

 

$

29

 

8.9

Granted

 

1,206,800

 

 

5.65

 

 

 

 

 

Exercised

 

(41,667)

 

 

7.75

 

 

29

 

 

Forfeited

 

(432,110)

 

 

8.68

 

 

 

 

 

Outstanding at December 31, 2018 (Predecessor)

 

7,468,926

 

$

8.34

 

$

 —

 

8.1

Granted

 

 —

 

 

 —

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

Forfeited

 

(5,182,238)

 

 

8.38

 

 

 

 

 

Cancelled(2)

 

(2,286,688)

 

 

8.26

 

 

 

 

 

Outstanding at October 1, 2019 (Predecessor)

 

 —

 

$

 —

 

$

 —

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at October 1, 2019 (Successor)

 

 —

 

 

 

 

 

 

 

 

Granted

 

 —

 

 

 

 

 

 

 

 

Exercised

 

 —

 

 

 

 

 

 

 

 

Forfeited

 

 —

 

 

 

 

 

 

 

 

Outstanding at December 31, 2019 (Successor)

 

 —

 

$

 —

 

$

 —

 

 —

(1)

The period end intrinsic value of stock options was calculated as the amount by which the closing market price on December 31, 2018, 2017 and 2016 (Predecessor) of the underlying stock exceeded the exercise price of the option. The intrinsic value of stock options exercised during the year ended December 31, 2018 (Predecessor) was calculated as the amount by which the market price at the time of exercise of the underlying stock exceeded the exercise price of the option.

(2)

Immediately prior to emergence from chapter 11 bankruptcy, all outstanding options under the 2016 Plan were cancelled.
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

Predecessor

 

 

 

Years Ended December 31,

 

 

    

2018

    

2017

 

Weighted average value per option granted during the period

 

$

2.92

 

$

4.36

 

Assumptions:

 

 

 

 

 

 

 

Stock price volatility(1)

 

 

52.08

%

 

60.18

%

Risk free rate of return

 

 

2.63

%

 

1.94

%

Expected term

 

 

 6

years

 

 6

years

(1)

Due to the Predecessor Company’s limited historical data, expected volatility was estimated using volatilities of similar entities whose share or option prices and assumptions were publicly available.
Schedule of the restricted stock transactions

The following table sets forth the restricted stock transactions for the periods indicated:

 

 

 

 

 

 

 

 

 

 

    

Number of
Shares

    

Weighted
Average Grant
Date Fair Value
Per Share

    

Aggregate
Intrinsic
Value(1)
(In thousands)

Unvested outstanding shares at December 31, 2016 (Predecessor)

 

1,738,077

 

$

9.06

 

$

16,234

Granted

 

2,022,432

 

 

7.07

 

 

 

Vested

 

(2,516,647)

 

 

8.39

 

 

 

Forfeited

 

(498,355)

 

 

7.41

 

 

 

Unvested outstanding shares at December 31, 2017 (Predecessor)

 

745,507

 

$

7.05

 

$

5,643

Granted

 

2,326,961

 

 

5.47

 

 

 

Vested

 

(537,411)

 

 

5.89

 

 

 

Forfeited

 

(262,164)

 

 

6.29

 

 

 

Unvested outstanding shares at December 31, 2018 (Predecessor)

 

2,272,893

 

$

5.80

 

$

3,864

Granted

 

4,163,348

 

 

1.29

 

 

 

Vested

 

(1,611,465)

 

 

4.65

 

 

 

Accelerated vesting(2)

 

(2,724,086)

 

 

2.07

 

 

 

Forfeited

 

(2,100,690)

 

 

2.58

 

 

 

Unvested outstanding shares at October 1, 2019 (Predecessor)

 

 —

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested outstanding shares at October 1, 2019 (Successor)

 

 —

 

 

 

 

 

 

Granted

 

 —

 

 

 

 

 

 

Vested

 

 —

 

 

 

 

 

 

Forfeited

 

 —

 

 

 

 

 

 

Unvested outstanding shares at December 31, 2019 (Successor)

 

 —

 

$

 —

 

$

 —

 

(1)

The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2018, 2017 and 2016 (Predecessor) of the underlying stock multiplied by the number of restricted shares. The total fair value of shares vested was $1.8 million, $2.0 million and $16.1 million for the period of January 1, 2019 through October 1, 2019 (Predecessor), the years ended December 31, 2018 and 2017 (Predecessor), respectively.

Immediately prior to emergence from chapter 11 bankruptcy, all outstanding unvested restricted stock under the 2016 Plan was vested