Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation and Other Benefit Plans (Tables)

v3.22.4
Share-Based Compensation and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Activity of Awarded Restricted Stock Units
The table below presents information pertaining to PRSUs granted in the following periods:
2022 2021 2020 2019
PRSUs granted 1
180,217 225,206 145,399 15,066
Monte Carlo grant date fair value 2
$60.60 to $74.92
$17.74 to $33.31
 $ 2.40  $ 34.02 
Average grant date fair value 3
$ 34.68  $ 13.63  not applicable not applicable
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1    The 2020 PRSU grants include one executive officers’ inducement award originally granted in August 2020 that was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021.
2    Represents the Monte Carlo grant date fair value of PRSU grants based on the Company’s TSR performance (as defined below).
3    Represents the average grant date fair value of 2022 and 2021 PRSU grants based on the Company’s ROCE performance (as defined below).
The following table summarizes activity for our most recent fiscal year with respect to awarded PRSUs:
Performance Restricted Stock Units Weighted-Average Grant Date Fair Value
Balance at January 1, 2022 345,069  $ 16.20 
Granted 180,217  $ 47.77 
Vested (68,190) $ 10.12 
Change in units based on performance 1
(4,494) $ 7.01 
Forfeited (12,502) $ 21.47 
Balance at December 31, 2022
 440,100  $ 29.87 
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1    PRSUs granted in 2020 and 2019 are granted at a target of 100% but can vest from a range of 0% to 200% of the original grant based on performance as described above. Amount represents difference between original grant amount and amounts ultimately earned.
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Activity of Awarded Restricted Stock Units
The following table summarizes activity for our most recent fiscal year with respect to awarded RSUs:
Time-Vested Restricted Stock
Units		 Weighted-Average
Grant Date
Fair Value
Balance at January 1, 2022 230,517  $ 9.20 
Granted 49,314  $ 35.07 
Vested (112,509) $ 10.03 
Forfeited (17,451) $ 12.77 
Balance at December 31, 2022
 149,871  $ 17.51 
Performance Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Valuation Assumptions The table below presents ranges for the assumptions used in the Monte Carlo model for the PRSUs granted in the following periods:
2022
2021 1
2020 1
2019
Expected volatility
134.98% to 138.75%
131.74% to 134.74%
101.32% to 117.71%
 49.90  %
Dividend yield 0.0  % 0.0  % 0.0  % 0.0  %
Risk-free interest rate
2.59%
0.22% to 0.29%
0.18% to 0.51%
 1.66  %
Performance period 2022-2024 2021-2023 2020-2022 2020-2022
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1    One executive officer’s inducement award originally granted in August 2020 was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021. The Monte Carlo assumptions for both years are included above.