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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Tabular disclosure of financial instruments measured at fair value on a recurring basis
The following table presents the fair value of the Company's financial instruments that are measured at fair value on a recurring basis as of March 31, 2021.
(in thousands)Level 3
Liability-classified stock compensation (1)
$315 

The following table presents the fair value of the Company's financial instruments that are measured at fair value on a recurring basis as of December 31, 2020.
(in thousands)Level 3
Liability-classified stock compensation (1)
$282 

(1) The fair values of phantom stock units were estimated using a Monte Carlo simulation pricing model with the assumptions described below:
March 31, 2021
Grant date fair value$1.70$7.28
Risk-free interest rate0.27 %2.39%
Expected life (years)2.712.75
Estimated volatility factor65.1%69.9%
Expected dividendsNone
Changes in financial instruments measured at level 3 fair value on a recurring basis
The following table presents the changes during the periods presented in our Level 3 financial instruments that are measured at fair value on a recurring basis.
(in thousands)Liability-classified stock compensation
Balance, December 31, 2020$282 
 Stock compensation activity33 
Balance, March 31, 2021$315