Quarterly report pursuant to Section 13 or 15(d)

INCENTIVE COMPENSATION PROGRAM (Tables)

v3.23.2
INCENTIVE COMPENSATION PROGRAM (Tables)
 6 Months Ended
Jun. 30, 2023
Compensation Related Costs [Abstract]  
Schedule of Nonvested Awards
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 (327) 1.49 
Unvested balance at June 30, 2023 6,033  $ 1.41 
Non-vested 2022 LTI Awards as of June 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 14,789  $ 2.10 
Vested (4,930) 1.63 
Forfeited (444) 1.47 
Unvested balance at June 30, 2023 9,415  $ 1.41 
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 June 30, Six Months Ended June 30,
2023 2022 2023 2022
Share-based compensation expense $ 686  $ 813  $ 1,179  $ 1,718 
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 June 30, Six Months Ended June 30,
2023 2022 2023 2022
2022 LTI Awards $ 2,801  $ —  $ 4,979  $ — 
2021 LTI Awards 1,739  1,563  1,038  14,280