XML 43 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Restricted Stock Units Awarded Under Equity Plan

A summary of SARs activity under the Predecessor Equity Plan as of April 23, 2021 and changes during the period from January 1, 2021 through April 23, 2021 is as follows:

 

 

Number of
Awards

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value
(In
Thousands)

 

Awards outstanding at January 1, 2021

 

 

612,700

 

 

$

43.84

 

 

 

 

 

 

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled

 

 

(529,400

)

 

$

56.57

 

 

 

 

 

 

 

Expired

 

 

(83,300

)

 

$

63.55

 

 

 

 

 

 

 

Awards outstanding at April 23, 2021

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Awards exercisable at April 23, 2021

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 
Time-vesting RSUs [Member]  
Summary of Activity Under Stock Plan

A summary of activity for time-vesting RSUs under the Predecessor Equity Plan as of April 23, 2021 and changes during the period from January 1, 2021 through April 23, 2021 is as follows:

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at January 1, 2021

 

 

11,000

 

 

$

11.49

 

Granted

 

 

—

 

 

$

—

 

Vested

 

 

(6,175

)

 

$

12.09

 

Cancelled

 

 

(4,825

)

 

$

10.49

 

Forfeited

 

 

—

 

 

$

—

 

Nonvested awards at April 23, 2021

 

 

—

 

 

$

—

 
Time-vesting RSU and Restricted Stock [Member]  
Summary of Activity Under Stock Plan

A summary of time-vesting RSU and restricted stock award activity under the Successor Equity Incentive Plan as of December 31, 2021 and changes for the period from April 24, 2021 through December 31, 2021 is as follows:

 

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at April 24, 2021

 

 

—

 

 

$

—

 

Granted

 

 

2,475,927

 

 

$

8.75

 

Vested

 

 

(74,074

)

 

$

8.75

 

Cancelled

 

 

—

 

 

$

—

 

Forfeited

 

 

(223,163

)

 

$

8.75

 

Nonvested awards at December 31, 2021

 

 

2,178,690

 

 

$

8.75

 

 
Performance-Vesting RSUs [Member]  
Summary of Activity Under Stock Plan

A summary of performance-vesting RSU activity under the Successor Equity Incentive Plan as of December 31, 2021 and changes during the period from April 24, 2021 through December 31, 2021 is as follows:

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at April 24, 2021

 

 

—

 

 

$

—

 

Granted

 

 

1,733,404

 

 

$

8.75

 

Vested

 

 

—

 

 

$

—

 

Cancelled

 

 

—

 

 

$

—

 

Forfeited

 

 

(292,763

)

 

$

8.75

 

Nonvested awards at December 31, 2021

 

 

1,440,641

 

 

$

8.75

 
Performance-vesting Restricted Stock [Member]  
Summary of Activity Under Stock Plan

A summary of performance-vesting restricted stock activity under the Successor Equity Incentive Plan as of December 31, 2021 and changes during the period from April 24, 2021 through December 31, 2021 is as follows:

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at April 24, 2021

 

 

—

 

 

$

—

 

Granted

 

 

777,777

 

 

$

6.89

 

Vested

 

 

—

 

 

$

—

 

Cancelled

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Nonvested awards at December 31, 2021

 

 

777,777

 

 

$

6.89

 
Weighted Average Assumptions Used in Estimating Fair Value of Restricted Stock and SARs These awards were valued using a Monte Carlo simulation assuming a Geometric Brownian Motion in a risk-neutral framework and using the following assumptions:

 

 

Year Ended

 

 

 

December 31, 2021

 

Expected life of awards (in years)

 

 

3

 

Expected volatility

 

 

70.00

%

Risk-free interest rate

 

 

0.29

%

 
Stock Appreciation Rights (SARs) [Member]  
Weighted Average Assumptions Used in Estimating Fair Value of Restricted Stock and SARs

The fair value of SARs granted under the Predecessor Equity Plan (or its predecessor) during the years ended December 31, 2020 and 2019 was estimated using the Black Scholes pricing model with the following weighted average assumptions:

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Expected life of SARs (in years)

 

 

8

 

 

 

7

 

Expected volatility

 

 

127.65

%

 

 

39.35

%

Risk-free interest rate

 

 

1.85

%

 

 

2.11

%