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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022.
(in thousands)Level 3
Liability-classified stock compensation (1)
$275

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, 2021.
(in thousands)Level 3
Liability-classified stock compensation (1)
$241

(1) The fair values of performance-based phantom shares granted in 2020 were estimated using a Monte Carlo simulation pricing model with the assumptions described below:
Grant date fair value$1.70
Risk-free interest rate0.27%
Expected life (years)2.71
Estimated volatility factor65.8%
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, 2021$241
 Stock compensation activity34 
Balance, March 31, 2022$275