Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.24.0.1
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Transactions
Summary of our Restricted Stock transactions for the year ended December 31, 2023 (shares and units in thousands):
Shares Weighted-Average Grant
Date Fair Value
Unvested at January 1, 2023 27,426  $ 6.52 
Granted (1)
1,993  1.19 
Vested (352) 2.57 
Forfeited (2,868) 2.91 
Unvested at December 31, 2023 26,199  6.57 
(1) The weighted-average per share grant date fair values of Restricted Stock granted during the years ended December 31, 2022 and 2021 were $4.46 and $2.90, respectively.
Summary of Stock Option Transactions
Summary of our stock option transactions for the year ended December 31, 2023 (stock options in thousands):
Stock Options Weighted Average
Exercise Price
Outstanding at January 1, 2023 10,970  $ 5.01 
Granted —  — 
Exercised —  — 
Forfeited or expired (138) 10.32 
Outstanding at December 31, 2023
 10,832  4.95 
Exercisable at December 31, 2023
 10,832  $ 4.95 
Summary of Share-based Compensation Arrangements by Share-based Payment Award
The stock options that were granted to a former member of the Company’s executive management team during the year ended December 31, 2020 vest and become exercisable upon the achievement of both triggers as follows (stock options in thousands):
Service Trigger (1)
Stock Price Trigger (2)
Amount
December 15, 2021 (3)
$3.50 3,333
December 15, 2022 (4)
$4.50 3,333
December 15, 2023 (5)
$5.50 3,334
10,000
(1) Satisfied through continued employment or other service to the Company through the designated date.
(2) Satisfied upon the Company’s common stock price closing at a price per share at or equal to the designated closing price for any ten consecutive trading days.
(3) Vested during the year ended December 31, 2021.
(4) Vested during the year ended December 31, 2022.
(5) Vested during the year ended December 31, 2023.
Compensation expense (income) related to the second and third tranches of the 2021 LTI Awards and the 2022 LTI Awards are as follows (in thousands):
Year Ended December 31,
2023 2022
2022 LTI Awards $ 5,280  $ — 
2021 LTI Awards (788) 15,681 
Schedule of Stock Option Valuation Assumptions Valuation assumptions used to value stock options granted during the year ended December 31, 2020 were as follows:
Expected volatility 113.6  %
Expected dividend yields —  %
Risk-free rate 0.4  %