Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Summary of Plan Pool of Shares |
As of December 31, 2021, the pool of shares in the 2021 Plan is summarized as follows:
|
|
|
|
|
Maximum allowed for issuance |
|
|
19,952,329 |
|
|
|
|
1,238,683 |
|
|
|
|
— |
|
Available for future awards |
|
|
18,713,646 |
|
|
|
|
— |
|
|
| Schedule of Stock-based Compensation Plans |
The table below summarizes certain data for our stock-based compensation plans (in millions):
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Stock-based compensation expense (1) |
|
$ |
5.3 |
|
|
$ |
9.3 |
|
Tax (expense) benefit for stock-based compensation (2) |
|
$ |
— |
|
|
$ |
— |
|
| (1) |
Includes expense related to Profits Interests for the periods presented. Stock based compensation expense related to RSUs, PSUs and |
Director RSUs was immaterial for the periods presented
| (2) |
Tax (expense) benefit was zero related to Profits Interests expense |
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of the PSUs is determined using a Monte Carlo simulation model determined on the grant date with the following assumptions:
|
|
|
|
|
|
|
$ |
10.70 |
|
|
|
|
41.12 |
% |
Risk-free interest rate (2)
|
|
|
0.98 |
% |
|
|
|
0.00 |
% |
|
|
$ |
7.91 |
|
| (1) |
Expected volatility is based on historical volatilities from a group of comparable entities for a time period similar to that of the expected term. |
| (2) |
The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term. |
The fair value of the Profits Interests are estimated based on a valuation model using Monte Carlo simulations, for the $12, $14, and $16 per share performance vesting conditions, with the following assumptions:
|
|
|
|
|
|
|
|
8.5 |
% |
Risk-free interest rate (2) |
|
|
0.1 |
% |
|
|
|
30.0 |
% |
Expected term (in years) (4) |
|
|
5 |
|
Average fair value of all profits interests |
|
$ |
6.90 |
|
| (1) |
Cost of equity based on a group of comparable entities |
| (2) |
The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term. |
The fair value of the Predecessor Shares was estimated using the Black-Scholes option-pricing model, with the following assumptions:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Risk-free interest rate (1) |
|
|
0.2 |
% |
|
|
2.7 |
% |
|
|
|
55.7 |
% |
|
|
25.1 |
% |
Expected term (in years) (3) |
|
|
3 |
|
|
|
2 |
|
|
|
$ |
0.37 |
|
|
$ |
0.16 |
|
| (1) |
The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term. |
| (2) |
Expected volatility is based on historical volatilities from a group of comparable entities for a time period similar to that of the expected term and the expected term. |
| (3) |
Expected term is based on probability and expected timing of market events. |
|
| Activity of RSUs, PSUs, and Director RSUs |
Activity of our RSUs, PSUs and Director RSUs is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Weighted
average
grant
date fair
value |
|
|
|
|
|
Weighted
average
grant
date fair
value |
|
|
|
|
|
Weighted
average
grant
date fair
value |
|
Beginning balance at Business Combination |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
974,775 |
|
|
$ |
10.48 |
|
|
|
229,006 |
|
|
$ |
9.20 |
|
|
|
34,902 |
|
|
$ |
10.48 |
|
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Total awards outstanding at December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Unrecognized Compensation Cost |
Unrecognized compensation cost and weighted average periods remaining for non-vested awards as of December 31, 2021 are as follows (in millions):
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
From October 20, 2021
through
December 31, 2021 |
|
|
Weighted average period remaining for non-vested
awards as of December 31, 2021 |
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
|
|
$ |
10.2 |
|
|
|
4 years |
|
|
|
|
2.1 |
|
|
|
3 years |
|
|
|
|
0.4 |
|
|
|
4 months |
|
|
|
|
|
|
|
|
|
|
Total unrecognized compensation cost at December 31, 2021 |
|
$ |
12.7 |
|
|
|
|
|
|
| Share-based Payment Arrangement, Activity |
A summary of restricted stock activity within the Company’s equity plans and changes for the years ended June 30, 2021, 2020 and 2019 and the Predecessor Stub Period, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4 |
|
|
$ |
0.39 |
|
|
$ |
0.2 |
|
|
|
|
0.2 |
|
|
|
0.37 |
|
|
|
0.1 |
|
|
|
|
(0.1 |
) |
|
|
0.27 |
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
0.57 |
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.4 |
|
|
$ |
0.41 |
|
|
$ |
0.1 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
0.35 |
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2 |
|
|
$ |
0.27 |
|
|
$ |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
0.27 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|