EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

The following table presents our stock-based compensation expense recognized in the Consolidated and Combined Consolidated Statements of Operations:

	Year Ended December 31,						Remaining Expense To Be Recognized, If All Vesting Conditions Are Met as of December 31, 2022
	2022		2021		2020
Restricted shares	$	2,020	$	3,215	1,676		$	1,512
Common units	2,126		823		649		2,690
Total	$	4,146	$	4,038	$	2,325	$	4,202

Summary of Activity

The following tables present information for our stock options, restricted shares of our subsidiary and common units of our subsidiary:

	Stock Options			Restricted Shares			Common Units
	Options	Weighted Average Exercise Price		Shares	Weighted Average Issuance Price		Units	Weighted Average Issuance Price
Outstanding as of December 31, 2021	—	$	—	619,241	$	8.02	960,829	$	1.14
Granted	14,647,307	2.77		—	—		3,800,000	1.00
Less: exercised or vested	252,472	2.08		259,717	8.19		1,940,467	1.05
Less: forfeited and canceled	—	—		30,744	7.96		—	—
Outstanding as of December 31, 2022	14,394,835			328,780			2,820,362

	Stock Options		Restricted Shares		Common Units
As of December 31, 2022:
Weighted average exercise / issuance price (per share)	$	2.77	$	8.10	$	1.02
Aggregate intrinsic value (in thousands)	$	3,461	$	3,269	$	3,091
Weighted average remaining contractual term	9.0 years		0.5 years		1.2 years

Summary of Options to Purchase Common Shares

The following table presents information related to the options to purchase our common stock:

		Year Ended
		December 31, 2022
Number of options		10,869,565
Fair value at grant date ($ millions)		$18.1
Expected volatility	The expected stock volatility is based on an assessment of the volatility of our publicly traded common stock.	60.00%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	2.58%
Expected dividend yield	The expected dividend yield is based on management’s expected dividend rate.	3.60%
Early exercise multiple	Assumption that options will be exercised when the share price to strike price ratio reaches a certain threshold.	2.5
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	10.0 years
Number of time steps	The number of time steps between the valuation and expiration dates.	1,000