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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards ("RSAs")

Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2022:

 

 

Number of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Unvested at January 1, 2022

 

 

789,322

 

 

$

22.52

 

Granted

 

 

367,611

 

 

 

18.52

 

Vested

 

 

(286,843

)

 

 

23.73

 

Forfeited

 

 

(10,567

)

 

 

22.14

 

Unvested at March 31, 2022

 

 

859,523

 

 

$

20.41

 

 

 

 

 

 

 

 

Schedule of Performance Stock Units ("PSUs") The following table provides a summary of PSUs for the three months ended March 31, 2022:

 

 

Number of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Unvested at January 1, 2022

 

 

972,074

 

 

 

22.59

 

Granted

 

 

391,845

 

 

 

21.93

 

Forfeited

 

 

(153,968

)

 

 

35.79

 

Unvested at March 31, 2022

 

 

1,209,951

 

 

$

20.69

 

Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model

The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions:

 

Expected volatility

 

 

57.5

%

Dividend yield(1)

 

 

 

Risk-free rate

 

 

1.7

%

Expected term

 

3 years

 

 

(1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.