Long-Term Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2021
Share Based Compensation Performance-based Stock Award Grants Activity

The Compensation Committee of the Board of Directors of the Company approved the following Performance-based Stock Award grants for the periods indicated:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Absolute TSR Awards granted

 

 

90,711

 

 

 

—

 

Absolute TSR Award grant date fair value per share

 

$

6.89

 

 

$

—

 

Relative TSR Awards granted

 

 

47,710

 

 

 

33,190

 

Relative TSR Award grant date fair value per share

 

$

6.55

 

 

$

6.99

 

Book Value Awards granted

 

 

—

 

 

 

82,124

 

Book Value Award grant date fair value per share

 

$

—

 

 

$

5.65

 

ROE Awards granted

 

 

—

 

 

 

82,124

 

ROE Award grant date fair value per share

 

$

—

 

 

$

5.65

 
Share Based Compensation Award Valuation Assumptions The following assumptions, determined as of the date of grant, were used in the Monte Carlo simulation model to measure the grant date fair value per share of the Company’s Absolute TSR Awards and Relative TSR Awards for the periods indicated:

 

 

 

Absolute TSR Awards Granted in:

 

 

Relative TSR Awards Granted in:

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Closing stock price on date of grant

 

$

4.08

 

 

$

—

 

 

$

4.08

 

 

$

5.65

 

Beginning average stock price on date of grant (1)

 

$

4.07

 

 

$

—

 

 

$

4.07

 

 

$

5.89

 

Expected volatility (2)

 

 

69.27

%

 

 

—

 

 

 

69.27

%

 

 

20.93

%

Dividend yield (3)

 

 

0.00

%

 

 

—

 

 

 

0.00

%

 

 

0.00

%

Risk-free rate (4)

 

 

0.34

%

 

 

—

 

 

 

0.34

%

 

 

1.34

%

 

(1)

Based upon the 30 trading days prior to and including the date of grant.

(2)

Based upon the most recent three-year volatility as of the date of grant.

(3)

Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to the extent the underlying Performance-based Stock Award is earned. Applying dividend yield assumption of 0.00% in the Monte Carlo simulation is mathematically equivalent to reinvesting dividends on a continuous basis and including the value of the dividends in the final payout.

(4)

Based upon the yield of a U.S. Treasury bond with a three-year maturity as of the date of grant.
Schedule of Unvested Restricted Stock Units Roll Forward

The Company grants restricted common shares to employees that either vest either ratably over a three-year period or cliff vest at the end of a three-year period based on continued employment over these specified periods. A summary of these unvested restricted stock awards is presented below:

 

 

 

Number of Shares

 

 

Weighted-average

Grant-date Fair

Value

 

 

Weighted-

average Remaining

Vested Period

 

Share Balance as of December 31, 2019

 

 

311,962

 

 

$

8.73

 

 

 

1.4

 

Granted

 

 

300,000

 

 

 

2.79

 

 

 

—

 

Conversion of ROE Awards

 

 

76,152

 

 

 

6.83

 

 

 

—

 

Forfeitures

 

 

—

 

 

 

—

 

 

 

—

 

Vestitures

 

 

(140,426

)

 

 

9.98

 

 

 

—

 

Share Balance as of December 31, 2020

 

 

547,688

 

 

 

4.89

 

 

 

1.5

 

Granted

 

 

365,592

 

 

 

3.89

 

 

 

—

 

Conversion of ROE Awards

 

 

82,124

 

 

 

5.65

 

 

 

—

 

Forfeitures

 

 

(22,000

)

 

 

6.54

 

 

 

—

 

Vestitures

 

 

(214,369

)

 

 

5.89

 

 

 

—

 

Share Balance as of December 31, 2021

 

 

759,035

 

 

$

4.16

 

 

 

1.5

 
Non-employee Director  
Share Based Compensation Restricted Stock Units Grants Activity A summary of the non-employee director RSUs grants is presented below for the periods indicated:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

RSUs granted

 

 

98,035

 

 

 

110,495

 

Grant date fair value

 

$

4.08

 

 

$

3.62