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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Restricted Stock Units Activity

The following is a summary of RSUs activity for the years ended December 31, 2021 and 2020:

RSU Activity

 

Number of Awards

 

 

Weighted-Average Grant Date Fair Value

 

 

Aggregate Intrinsic Value (In thousands) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Vested share units as of December 31, 2019

 

 

60,902

 

 

$

15.60

 

 

 

 

 

Granted

 

 

1,833,821

 

 

 

7.33

 

 

 

 

 

Vested

 

 

(54,491

)

 

 

15.60

 

 

 

 

 

Forfeited

 

 

(9,117

)

 

 

15.62

 

 

 

 

 

Non-Vested share units as of December 31, 2020

 

 

1,831,115

 

 

$

7.32

 

 

$

18,568

 

Granted

 

 

411,595

 

 

$

10.07

 

 

 

 

 

Vested

 

 

(697,640

)

 

 

5.88

 

 

 

 

 

Forfeited

 

 

(47,025

)

 

 

12.19

 

 

 

 

 

Non-Vested share units as of December 31, 2021

 

 

1,498,045

 

 

$

8.76

 

 

$

15,010

 

 

 

(1)

The aggregate intrinsic value is calculated based on the fair value of $10.02 and $10.14 per share of the Company’s common stock on December 31, 2021 and 2020, respectively, due to the fact that the performance stock units carry a $0 exercise price.
Summary of Hurdle Price Activity of PSU's The PSU’s will vest upon achievement of the twenty-day volume weighted average price of OneSpaWorld common shares reaching the following hurdle prices:

Hurdle Price

 

 

Percentage of PSU's Vested

 

$

7.24

 

 

25%

 

$

8.83

 

 

25%

 

$

10.41

 

 

25%

 

$

12.00

 

 

25%

 

 

The PSUs will vest upon achievement of the twenty-day volume weighted average price of OneSpaWorld common shares reaching the following hurdle prices:

Hurdle Price

 

 

Percentage of PSU's Vested

 

$

8.39

 

 

25%

 

$

9.59

 

 

25%

 

$

10.80

 

 

25%

 

$

12.00

 

 

25%

 

 

 
Summary of PSUs Activity

The following is a summary of PSUs activity for the years ended December 31, 2021 and 2020:

 

PSUs Activity

 

Number of Market Based-Awards

 

 

Weighted-Average Grant Date Fair Value

 

 

Number of Performance -Based Awards

 

 

Weighted-Average Grant Date Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Vested share units as of December 31, 2019

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Granted

 

 

1,253,000

 

 

 

4.81

 

 

 

181,316

 

 

 

15.67

 

Vested

 

 

(271,584

)

 

 

4.76

 

 

 

(48,690

)

 

 

15.67

 

Forfeited

 

 

-

 

 

 

-

 

 

 

(2,706

)

 

 

15.67

 

Non-Vested share units as of December 31, 2020

 

 

981,416

 

 

$

4.83

 

 

 

129,920

 

 

$

15.67

 

Granted

 

 

-

 

 

 

-

 

 

 

698,289

 

 

 

9.94

 

Vested

 

 

(543,167

)

 

 

4.65

 

 

 

(4,955

)

 

 

15.67

 

Forfeited

 

 

-

 

 

 

-

 

 

 

(36,283

)

 

 

15.11

 

Non-Vested share units as of December 31, 2021

 

 

438,249

 

 

$

5.04

 

 

 

786,971

 

 

$

10.63

 
Summary of Stock Option Activity

The following table shows stock options that were outstanding and vested as of December 31, 2021 and 2020 and the related weighted average exercise price and weighted average grant date fair value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Options

 

Weighted- Average Exercise Price

 

Weighted-Average Grant Date Fair Value

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

4,375,891

 

$

12.99

 

$

4.48

 

Vested at December 31, 2020

 

4,375,891

 

$

12.99

 

$

4.48

 

Granted

 

-

 

 

-

 

 

-

 

Vested

 

-

 

 

-

 

 

-

 

Cancelled

 

(4,375,891

)

 

12.99

 

 

4.48

 

Vested at December 31, 2021

 

-

 

$

-

 

$

-

 

 
Market Condition-based Awards and Performance Stock Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Grant Date Fair Value

Grant date fair values of the market condition-based awards and the derived service periods assigned to the PSUs were estimated by a third-party valuation specialist using a Monte Carlo simulation in a risk-neutral framework assuming Geometric Motion, 100,000 trials, and using the following assumptions:

 

 

 

August 18, 2020

 

 

October 1, 2020

 

 

October 13, 2020

 

Hurdle prices per share

 

$7.24, $8.83, $10.41, $12.00

 

 

$

12.00

 

 

$8.39, $9.59, $10.80, $12.00

 

End of simulation term

 

August 18, 2026

 

 

October 1, 2026

 

 

October 13, 2026

 

Term of simulation

 

6 years

 

 

6 years

 

 

6 years

 

Stock price as of measurement date

 

$

5.65

 

 

$

6.47

 

 

$

6.99

 

Volatility

 

54.13%

 

 

54.80%

 

 

54.92%

 

Risk-free rate (continuous)

 

0.37%

 

 

0.36%

 

 

0.41%

 
Stock Options [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Grant Date Fair Value The Grant Date fair value of the option was estimated by a third-party valuation specialist using a Monte Carlo simulation in a risk-neutral framework assuming Geometric Motion, 2,500,000 trials, and using the following assumptions:

 

 

 

 

 

Hurdle price per share

 

$

20.00

 

Strike price per share

 

$

12.99

 

Average period for hurdle price, in days

 

5

 

End of simulation term

 

3/26/2025

 

Term of simulation

 

6.00 years

 

Stock price as of the Measurement Date

 

$

12.99

 

Volatility

 

 

37.5

%

Risk-free rate (continuous)

 

 

2.2

%

Dividend yield (quarterly after 3 years)

 

 

3.0

%

Suboptimal exercise multiple

 

2.8x