Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of our restricted share awards from January 1, 2020 to September 30, 2020 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2020	2,157,336	$	9.03
Granted	1,076,619	7.92
Vested	(849,416)	8.98
Forfeited	(84,450)	8.89
Unvested balance at September 30, 2020	2,300,089	$	8.53

Summary of Key Inputs Used in Monte-Carlo Simulation

The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of the total shareholder return performance awards ($ in thousands):

Performance Award Grant Date	Percentage of Total Award		Grant Date Fair Value by Component		Volatility (1)		Interest Rate (2)		Dividend Yield
January 2, 2020
Total Shareholder Return	50	%	$	1,334	24.87	%	1.58	%	—	%
Adjusted EBITDA Comparison	50	%	$	2,187	—	%	—	%	—	%

________

(1) Expected volatility was determined based on the historical share prices in our industry.

(2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period.

Summary of Performance Share Awards

A summary of our performance share awards from January 1, 2020 to September 30, 2020 is as follows:

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2020	913,407	$	7.22
Granted	552,395	6.38
Forfeited	(265,088)	7.99
Unvested balance at September 30, 2020	1,200,714	$	6.66