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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2021.
(in thousands)Level 3
Liability-classified stock compensation (1)
$197

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 performance-based phantom shares granted in 2019 and 2020 were estimated using a Monte Carlo simulation pricing model with the assumptions described below:
June 30, 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 activity(85)
Balance, June 30, 2021$197