Equity-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-Based Compensation

Equity-Based Compensation

Our 2018 Omnibus Incentive Plan (the “Plan”), authorizes the grant of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), Performance Stock Units (“PSUs”), non-qualified and incentive stock options, dividend equivalents, and other stock-based awards. A total of eight million shares of common stock has been authorized for issuance under the Plan and approximately six million shares of common stock were available for issuance as of March 31, 2020.

The RSAs and RSUs are time-based, where the awards vest over time, generally three to four years, and are not subject to future performance targets. RSAs and RSUs are initially recorded at market price of our common stock at the time of the grant. The PSUs are subject to performance-based vesting, where the ultimate award is based on the achievement of established performance targets, generally over two to three years. As of March 31, 2020, these performance targets relate to relative and absolute total shareholder returns, as defined, which are treated as market-based conditions. Accordingly, these market-based PSUs are recorded at the fair value of the award using a Monte Carlo simulation valuation model. The currently outstanding PSUs vest over two to three years. RSAs, RSUs and PSUs are subject to accelerated vesting in the event of certain defined events. For both of the three month periods ended March 31, 2020, and 2019, we recognized $2 million of equity-based compensation expense.

The following table summarizes the activity of our RSAs, RSUs and PSUs during the three months ended March 31, 2020 and 2019:

	RSAs				PSUs			RSUs
	Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2020	653,790		$	20.30	368,969	$	6.99	5,072	$	6.05
Granted	856,559		3.90		979,482	5.42		101	10.25
Vested	(3,241	)	10.25		—	—		—	—
Outstanding at March 31, 2020	1,507,108		$	11.00	1,348,451	$	5.85	5,173	$	6.13

	RSAs				PSUs			RSUs
	Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2019	884,068		$	20.50	—	$	—	14,624	$	5.77
Granted	351,276		10.58		447,527	6.99		239	12.43
Vested	(74,810	)	3.00		—	—		—	—
Forfeited	(811	)	6.85		—	—		—	—
Outstanding at March 31, 2019	1,159,723		$	18.64	447,527	$	6.99	14,863	$	5.88

RSAs are included in amounts for issued and outstanding common stock but are excluded in the computation of basic earnings (loss) per share.