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Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
On April 14, 2020, the Company granted the following share-based awards to members of management employed in the United States. These awards will be settled in shares of the Company's common stock and are equity-classified. The grant date fair value of the time-based award will be recognized on a straight-line basis over the vesting period. The grant date fair value of the performance-based award will be recognized on a straight-line basis over the vesting period based on the probability of achieving the performance condition. The performance-based restricted stock units each have a performance period that ends on December 31, 2022.
Number of shares
Time-based restricted stock1,004,979  
Performance-based restricted stock units896,766  
Total1,901,745  

On April 14, 2020, the Company also granted the following share-based awards to members of management employed in countries outside of the United States. These awards will be settled in cash and are liability-classified. Therefore, the fair value of these liability-classified awards will be re-measured on each balance sheet date. The performance-based phantom shares each have a performance period that ends on December 31, 2022.
Number of shares
Time-based phantom shares163,462  
Performance-based phantom shares83,704  
Total247,166  

The performance-based restricted stock units and phantom shares were valued with a Monte Carlo simulation model using the assumptions in the table below. Based on these assumptions, the grant date fair value of the performance-based restricted stock units was estimated to be $1.70 per share.

Volatility65.8 %
Risk-free interest rate0.27 %
Dividend yield— %
Grant date stock price$1.65
Performance period3.0 years

The fair value of the time-based restricted stock and the time-based phantom shares is equal to the closing price of the Company’s common stock on the grant date of the awards.