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Equity-based Awards (Tables)
 12 Months Ended
Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Information Regarding Restricted Stock Unit Awards

The following table summarizes information regarding restricted common unit awards for the periods presented:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average Grant

 

 

Number of

 

 

Date Fair Value

 

 

Units

 

 

per Unit (1)

 

Restricted common units outstanding at December 31, 2016 (Predecessor)

 

432,160

 

 

$

15.00

 

Granted

 

—

 

 

$

—

 

Forfeited

 

(12,952

)

 

$

9.51

 

Vested

 

(43,045

)

 

$

10.40

 

Cancelled

 

(376,163

)

 

$

15.72

 

Restricted common units outstanding at May 4, 2017 (Predecessor)

 

—

 

 

$

—

 

 

 

(1)

Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

Summary of Modified-Date Grant Fair Value Estimated Using Black-Scholes Option Pricing Model

The fair value for restricted stock options granted during the year ended December 31, 2017 had been estimated using Black-Scholes option pricing model using the following assumptions:

 

Awards Issued in

 

 

Successor Period

 

Risk-free interest rate

 

2.06

%

Dividend yield

 

—

 

Expected life (in years)

 

6.0

 

Expected volatility

 

50.0

%

Strike Price

$

21.58

 

Calculated fair value per stock option

$

5.01

 

The modified-date grant fair value was estimated at December 31, 2018 using the Black-Scholes option pricing model using the following assumptions:

 

Awards Issued in

 

 

Successor Period

 

Risk-free interest rate

 

2.49

%

Dividend yield

 

—

 

Expected life (in years)

 

2.0

 

Expected volatility

 

50.0

%

Strike Price

$

21.58

 

Calculated fair value per stock option

$

0.85

 
Summary of Stock Option Awards

The following table summarizes information regarding the restricted stock option awards granted under the Legacy Amplify MIP for the period presented:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average Grant

 

 

Number of

 

 

Date Fair Value

 

 

Options

 

 

per Option (1)

 

Restricted stock options outstanding at May 5, 2017 (Successor)

 

614,754

 

 

$

5.01

 

Granted

 

1,876

 

 

$

5.01

 

Forfeited

 

(99,232

)

 

$

5.01

 

Vested

 

—

 

 

$

—

 

Restricted stock options outstanding at December 31, 2017 (Successor)

 

517,398

 

 

$

5.01

 

Granted

 

—

 

 

$

—

 

Forfeited (2)

 

(161,243

)

 

$

5.01

 

Vested

 

(356,155

)

 

$

5.01

 

Restricted stock options outstanding at December 31, 2018

 

—

 

 

$

—

 

 

 

(1)

Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

 

(2)

In connection with certain grants awarded in 2018 pursuant to the Legacy Amplify MIP, all remaining unvested restricted stock options were forfeited.
Summary of Information Regarding Phantom Unit Awards

The following table summarizes information regarding the Predecessor’s phantom unit awards granted under the LTIP:

 

 

Number of

 

 

Units

 

Phantom units outstanding at December 31, 2016 (Predecessor)

 

5,980,693

 

Granted

 

—

 

Forfeited

 

(132,347

)

Vested

 

(155,601

)

Phantom units outstanding at May 4, 2017 (Predecessor)

 

5,692,745

 

Cancelled

 

(5,692,745

)

Phantom units outstanding at December 31, 2017 (Successor)

 

—

 
Summary of Amount of Compensation Expense Recognized

The following table summarizes the amount of recognized compensation expense associated with these awards that are reflected in the accompanying statements of operations for the periods presented (in thousands):

 

 

 

 

 

 

Successor

 

 

 

Predecessor

 

 

For the

 

 

For the

 

 

Period from

 

 

 

Period from

 

 

Year Ended

 

 

Year Ended

 

 

May 5, 2017

 

 

 

January 1, 2017

 

 

December 31,

 

 

December 31,

 

 

through

 

 

 

through

 

 

2019

 

 

2018

 

 

December 31, 2017

 

 

 

May 4, 2017

 

Equity classified awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TSUs (Successor)

$

1,797

 

 

$

1,445

 

 

$

1,906

 

 

 

$

—

 

PSUs (Successor)

 

981

 

 

 

1,404

 

 

 

—

 

 

 

 

—

 

Board RSUs (Successor)

 

264

 

 

 

142

 

 

 

41

 

 

 

 

—

 

Restricted stock options (Successor)

 

—

 

 

 

(214

)

 

 

569

 

 

 

 

—

 

Restricted common units (Predecessor)

 

—

 

 

 

—

 

 

 

—

 

 

 

 

3,713

 

Liability classified awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phantom units (Predecessor)

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(46

)

 

$

3,042

 

 

$

2,777

 

 

$

2,516

 

 

 

$

3,667

 

 
2017 Non-Employee Directors Compensation Plan [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Information Regarding Restricted Stock Unit Awards

The following table summarizes information regarding the Board RSUs granted under the Director Compensation Plan for the period presented:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average Grant

 

 

Number of

 

 

Date Fair Value

 

 

Units

 

 

per Unit (1)

 

Board RSUs outstanding at May 5, 2017 (Successor)

 

—

 

 

$

—

 

Granted (2)

 

16,341

 

 

$

13.77

 

Forfeited

 

—

 

 

$

—

 

Vested

 

—

 

 

$

—

 

Board RSUs outstanding at December 31, 2017 (Successor)

 

16,341

 

 

$

13.77

 

Granted (3)

 

28,708

 

 

$

10.45

 

Forfeited

 

—

 

 

$

—

 

Vested

 

(5,445

)

 

$

13.77

 

Board RSUs outstanding at December 31, 2018

 

39,604

 

 

$

11.36

 

Granted (4)

 

42,933

 

 

$

6.95

 

Forfeited

 

—

 

 

$

—

 

Vested

 

(49,723

)

 

$

9.54

 

Board RSUs outstanding at August 5, 2019

 

32,814

 

 

$

8.35

 

Ratio to convert Board RSUs (5)

 

0.933

 

 

 

 

 

Converted Board RSUs

 

30,616

 

 

 

 

 

Board RSUs outstanding on August 6, 2019 (6)

 

30,616

 

 

$

5.12

 

Granted

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

Vested

 

(14,459

)

 

$

5.12

 

Board RSUs outstanding at December 31, 2019

 

16,157

 

 

$

5.12

 

 

 

(1)

Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

 

(2)

The aggregate grant date fair value of Board RSUs issued in 2017 was $0.2 million based on grant date market price of $13.77 per share.

 

(3)

The aggregate grant date fair value of Board RSUs issued in 2018 was $0.3 million based on a grant date market price of $10.45 per share.

 

(4)

The aggregate grant date fair value of Board RSUs issued for the period from January 1, 2019 through August 5, 2019 was $0.3 million based on a grant date market price of $6.95 per share.

 

(5)

The merger ratio used to convert Legacy Amplify Board RSUs into newly issued Company Board RSUs.

 

(6)

This reflects the unvested Board RSU awards converted into newly issued Board RSUs at August 6, 2019 in which the stock price was at $5.12 per share.
TSUs [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Information Regarding Restricted Stock Unit Awards

The following table summarizes information regarding the TSUs granted under the Legacy Amplify MIP for the period presented:

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average Grant

 

 

Number of

 

 

Date Fair Value

 

 

Units

 

 

per Unit (1)

 

TSUs outstanding at May 5, 2017 (Successor)

 

614,754

 

 

$

13.77

 

Granted (2)

 

173,070

 

 

$

12.87

 

Forfeited

 

(105,032

)

 

$

13.77

 

Vested

 

—

 

 

$

—

 

TSUs outstanding at December 31, 2017 (Successor)

 

682,792

 

 

$

13.54

 

Granted (3)

 

437,000

 

 

$

10.51

 

Forfeited (4)

 

(363,513

)

 

$

13.55

 

Vested

 

(158,255

)

 

$

13.44

 

TSUs outstanding at December 31, 2018

 

598,024

 

 

$

11.35

 

Granted (5)

 

300,517

 

 

$

6.80

 

Forfeited

 

(38,151

)

 

$

11.13

 

Vested

 

(437,834

)

 

$

8.71

 

TSUs outstanding at August 5, 2019

 

422,556

 

 

$

10.87

 

Ratio to convert TSUs (6)

 

0.933

 

 

 

 

 

Converted TSUs

 

394,245

 

 

 

 

 

TSUs outstanding at August 6, 2019 (7)

 

394,245

 

 

$

5.12

 

Granted (8)

 

17,500

 

 

$

6.14

 

Forfeited

 

(38,652

)

 

$

5.12

 

Vested

 

(81,723

)

 

$

5.12

 

TSUs outstanding at December 31, 2019

 

291,370

 

 

$

5.18

 

 

 

(1)

Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

 

(2)

The aggregate grant date fair value of TSUs issued for the period from May 5, 2017 through December 31, 2017 was $2.2 million based on a grant date market price ranging from $10.00 to $13.77 per share.

 

(3)

The aggregate grant date fair value of TSUs issued for the year ended December 31, 2018 was $4.6 million based on a grant date market price ranging from $9.30 to $11.00 per share.

 

(4)

Certain Legacy Amplify departing executives forfeited 298,354 TSUs during the year ended December 31, 2018, in connection with their separation and retirement agreements.

 

(5)

The aggregate grant date fair value of TSUs issued for the period from January 1, 2019 through August 5, 2019 was $2.0 million based on a grant date market price ranging from $4.48 to $8.70 per share.

 

(6)

The merger ratio used to convert Legacy Amplify TSUs into newly issued TSUs.

 

(7)

This reflects the unvested TSUs converted into newly issued Company’s TSUs at August 6, 2019 at a stock price of $5.12 per share.

 

(8)

The aggregate grant date fair value of TSUs issued for the period August 6, 2019 through December 31, 2019 was $0.1 million based on a grant date market price of $6.14 per share.
PSUs [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Information Regarding Restricted Stock Unit Awards

The following table summarizes information regarding the PSUs granted under the Legacy Amplify MIP for the period presented:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average Grant

 

 

Number of

 

 

Date Fair Value

 

 

Units

 

 

per Unit (1)

 

PSUs outstanding at December 31, 2017 (Successor)

 

—

 

 

$

—

 

Granted (2)

 

395,500

 

 

$

8.14

 

Forfeited

 

(2,000

)

 

$

7.59

 

Vested

 

—

 

 

$

—

 

PSUs outstanding at December 31, 2018

 

393,500

 

 

$

8.14

 

Granted (3)

 

17,750

 

 

$

4.06

 

Forfeited

 

(22,750

)

 

$

7.59

 

Vested

 

—

 

 

$

—

 

PSUs outstanding at August 5, 2019

 

388,500

 

 

$

7.98

 

Ratio to convert PSUs (4)

 

0.933

 

 

 

 

 

Converted PSUs

 

362,471

 

 

 

 

 

PSUs outstanding on August 6, 2019 (5)

 

362,471

 

 

$

2.11

 

Granted (6)

 

17,500

 

 

$

2.87

 

Forfeited

 

(74,078

)

 

$

2.11

 

Vested

 

—

 

 

$

—

 

PSUs outstanding at December 31, 2019

 

305,893

 

 

$

2.15

 

 

 

(1)

Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

 

(2)

The aggregate grant date fair value of PSUs issued for the year ended December 31, 2018 was $3.2 million based on a calculated fair value price ranging from $5.88 to $9.87 per share.

 

(3)

The aggregate grant date fair value of PSUs issued for the period January 1, 2019 through August 5, 2019 was less than $0.1 million based on a calculated fair value price ranging from $1.64 to $6.76 per share.

 

(4)

The merger ratio used to convert Legacy Amplify PSUs into newly issued Company PSUs.

 

(5)

This reflects the unvested PSU awards converted into newly issued PSUs at August 6, 2019 based on a calculated fair value price ranging from $1.64 to $2.63 per share.

 

(6)

The aggregate grant date fair value of PSUs issued for the period August 6, 2019 through December 31, 2019 was less than $0.1 million based on a calculated fair value price ranging from $2.38 to $3.40 per share.

Schedule of Fair Value Assumptions for PSUs

A Monte Carlo simulation was used to determine the fair value of these awards at the grant date.

The assumptions used to estimate the fair value of the PSUs are as follows:

Share price targets

$

12.50

 

 

$

15.00

 

 

$

17.50

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on January 1, 2019

 

2.44

%

 

 

2.44

%

 

 

2.44

%

Awards Issued on April 1, 2019

 

2.28

%

 

 

2.28

%

 

 

2.28

%

Awards Issued on July 1, 2019

 

1.73

%

 

 

1.73

%

 

 

1.73

%

Awards Issued on October 1, 2019

 

1.50

%

 

 

1.50

%

 

 

1.50

%

 

 

 

 

 

 

 

 

 

 

 

 

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on January 1, 2019

 

54.0

%

 

 

54.0

%

 

 

54.0

%

Awards Issued on April 1, 2019

 

50.0

%

 

 

50.0

%

 

 

50.0

%

Awards Issued on July 1, 2019

 

57.0

%

 

 

57.0

%

 

 

57.0

%

Awards Issued on October 1, 2019

 

65.0

%

 

 

65.0

%

 

 

65.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Calculated fair value per PSU:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on January 1, 2019

$

6.76

 

 

$

5.86

 

 

$

5.11

 

Awards Issued on April 1, 2019

$

4.22

 

 

$

3.43

 

 

$

2.80

 

Awards Issued on July 1, 2019

$

2.63

 

 

$

2.05

 

 

$

1.64

 

Awards Issued on October 1, 2019

$

3.40

 

 

$

2.83

 

 

$

2.38

 

 

Share price targets

$

12.50

 

 

$

15.00

 

 

$

17.50

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on May 14, 2018

 

2.68

%

 

 

2.68

%

 

 

2.68

%

Awards Issued on July 1, 2018

 

2.61

%

 

 

2.61

%

 

 

2.61

%

Awards Issued on August 1, 2018

 

2.76

%

 

 

2.76

%

 

 

2.76

%

Awards Issued on October 1, 2018

 

2.88

%

 

 

2.88

%

 

 

2.88

%

Awards Issued on November 1, 2018

 

2.89

%

 

 

2.89

%

 

 

2.89

%

 

 

 

 

 

 

 

 

 

 

 

 

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected volatility:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on May 14, 2018

 

50.0

%

 

 

50.0

%

 

 

50.0

%

Awards Issued on July 1, 2018

 

50.0

%

 

 

50.0

%

 

 

50.0

%

Awards Issued on August 1, 2018

 

55.0

%

 

 

55.0

%

 

 

55.0

%

Awards Issued on October 1, 2018

 

53.0

%

 

 

53.0

%

 

 

53.0

%

Awards Issued on November 1, 2018

 

54.0

%

 

 

54.0

%

 

 

54.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Calculated fair value per PSU:

 

 

 

 

 

 

 

 

 

 

 

Awards Issued on May 14, 2018

$

9.71

 

 

$

8.52

 

 

$

7.48

 

Awards Issued on July 1, 2018

$

9.87

 

 

$

8.72

 

 

$

7.68

 

Awards Issued on August 1, 2018

$

9.79

 

 

$

8.66

 

 

$

7.65

 

Awards Issued on October 1, 2018

$

8.54

 

 

$

7.57

 

 

$

6.66

 

Awards Issued on November 1, 2018

$

7.65

 

 

$

6.72

 

 

$

5.88