XML 53 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and changes during the year ended December 31, 2022 is as follows:

 

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at January 1, 2022

 

 

2,178,690

 

 

$

8.75

 

Granted

 

 

545,651

 

 

$

6.68

 

Vested

 

 

(616,835

)

 

$

8.75

 

Forfeited

 

 

(162,368

)

 

$

8.44

 

Nonvested awards at December 31, 2022

 

 

1,945,138

 

 

$

8.20

 

 

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

A summary of performance-vesting RSU activity under the Equity Incentive Plan as of December 31, 2022 and changes during the year ended December 31, 2022 is as follows:

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at January 1, 2022

 

 

1,440,641

 

 

$

8.75

 

Granted

 

 

709,148

 

 

$

5.71

 

Vested

 

 

(444,474

)

 

$

8.75

 

Forfeited

 

 

(184,018

)

 

$

8.04

 

Nonvested awards at December 31, 2022

 

 

1,521,297

 

 

$

7.42

 

The weighted average grant-date fair value of performance awards granted during the year ended December 31, 2022 and the Successor period from April 24, 2021 to December 31, 2021 was $5.71 and $8.75, respectively. The total fair value of performance awards vested during year ended December 31, 2022 was $3.2 million.

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, 2022 and changes during the year ended December 31, 2022 is as follows:

 

 

Number
of Awards

 

 

Weighted
-Average
Grant Date
Fair Value
Per Share

 

Nonvested awards at January 1, 2022

 

 

777,777

 

 

$

6.89

 

Vested

 

 

(747,407

)

 

$

6.89

 

Nonvested awards at December 31, 2022

 

 

30,370

 

 

$

6.89

 

Weighted Average Assumptions Used in Estimating Fair Value of Restricted Stock

The performance-vesting restricted stock awards granted during the year ended December 31, 2022 and the performance-vesting restricted stock awards granted to our Chief Executive Officer during the Successor period from April 24, 2021 through December 31, 2021 were valued using a Monte Carlo simulation assuming a Geometric Brownian Motion in a risk-neutral framework and using the following assumptions:

 

 

 

Awards granted

 

 

 

2022

 

 

2021

 

Expected life of awards (in years)

 

 

3

 

 

 

3

 

Expected volatility

 

 

75.00

%

 

 

70.00

%

Risk-free interest rate

 

 

2.71

%

 

 

0.29

%