Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.22.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options

The following table summarizes share activity related to stock options:

 

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Fair Value

 

 

Remaining Average Contractual Term (Years)

 

 

Aggregate Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Options Outstanding, January 1, 2021

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

Granted

 

 

126

 

 

 

10.00

 

 

 

3.73

 

 

 

 

 

 

 

Options Outstanding, December 31, 2021

 

 

126

 

 

$

10.00

 

 

 

 

 

 

9.2

 

 

$

 

Granted

 

 

771

 

 

 

9.11

 

 

 

2.70

 

 

 

 

 

 

 

Options Outstanding, December 31, 2022

 

 

897

 

 

$

9.24

 

 

 

 

 

 

9.0

 

 

$

77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2022

 

 

42

 

 

$

10.00

 

 

 

 

 

 

8.2

 

 

$

 

Vested and expected to vest at December 31, 2022

 

 

897

 

 

$

9.24

 

 

 

 

 

 

9.0

 

 

$

77

 

 

The
Summary of Assumptions Utilized in Valuation of Stock Option Awards The following table summarizes the assumptions utilized in the valuation of the stock option awards granted for the periods noted.

 

 

For the Year Ended December 31,

 

 

 

2022

 

 

2021

 

Expected dividend rate

 

 

0.9

%

 

 

 

Expected stock price volatility

 

 

28.3

%

 

 

28.8

%

Risk-free interest rate

 

 

1.7

%

 

 

1.6

%

Expected term of options (years)

 

 

10.0

 

 

 

10.0

 

Summary of Restricted Stock Units Activity

The following table summarizes share activity related to RSUs:

 

 

Restricted Stock Units

 

 

Weighted Average Grant Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested RSUs, January 1, 2021

 

 

 

 

$

 

Granted

 

 

1,600

 

 

 

9.60

 

Released

 

 

(90

)

 

 

9.70

 

Forfeited

 

 

(10

)

 

 

9.60

 

Performance-based share adjustment

 

 

106

 

 

 

9.60

 

Nonvested RSUs, December 31, 2021

 

 

1,606

 

 

$

9.60

 

Granted

 

 

1,923

 

 

 

8.41

 

Released

 

 

(395

)

 

 

9.38

 

Forfeited

 

 

(19

)

 

 

8.49

 

Nonvested RSUs, December 31, 2022

 

 

3,115

 

 

$

8.90