Quarterly report pursuant to Section 13 or 15(d)

INCENTIVE COMPENSATION PROGRAM (Tables)

v3.23.3
INCENTIVE COMPENSATION PROGRAM (Tables)
 9 Months Ended
Sep. 30, 2023
Compensation Related Costs [Abstract]  
Schedule of Nonvested Awards Non-vested 2021 LTI Awards as of September 30, 2023 and awards granted during the period were as follows:
Number of Tracking Units (in thousands) Price per Tracking Unit
Balance at January 1, 2023 12,719  $ 1.68 
Granted —  — 
Vested (6,359) 2.13 
Forfeited (368) 1.50 
Unvested balance at September 30, 2023 5,992  $ 1.16 
Non-vested 2022 LTI Awards as of September 30, 2023 and awards granted during the period were as follows:
Number of Tracking Units (in thousands) Price per Tracking Unit
Balance at January 1, 2023 —  — 
Granted 14,802  $ 2.10 
Vested (4,934) 1.63 
Forfeited (574) 1.48 
Unvested balance at September 30, 2023 9,294  $ 1.16 
Schedule of Recognized Compensation Expenses Related to the 2021 LTI Award and the 2022 LTI Award
The Company recognized share-based compensation expenses as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Share-based compensation expense $ 196  $ 1,034  $ 1,375  $ 2,753 
The Company recognized compensation expense related to the second and third tranches of the 2021 LTI Awards and the 2022 LTI Awards as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
2022 LTI Awards $ 1,085  $ —  $ 6,064  $ — 
2021 LTI Awards (298) 2,832  740  17,112