Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Equity [Abstract] |
|
| Summary of Long-Term Incentive Plans |
The following table presents restricted stock units activity:
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
Weighted Average
Grant-Date Fair Value
|
Unvested at January 1, 2018 (Predecessor) |
302,338 |
|
|
$ |
27.10 |
|
Granted |
107,863 |
|
|
$ |
12.51 |
|
Vested |
(156,524 |
) |
|
$ |
29.87 |
|
Forfeited |
(18,079 |
) |
|
$ |
23.82 |
|
Unvested at January 1, 2019 (Predecessor) |
235,598 |
|
|
$ |
18.84 |
|
Vested |
(556 |
) |
|
$ |
20.75 |
|
Canceled |
(235,042 |
) |
|
$ |
18.80 |
|
Unvested at March 31, 2019 (Predecessor) |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Granted |
496,569 |
|
|
$ |
21.58 |
|
Vested |
(49,407 |
) |
|
$ |
19.45 |
|
Forfeited |
(148,222 |
) |
|
$ |
23.00 |
|
Unvested at December 31, 2019 (Successor) |
298,940 |
|
|
$ |
20.97 |
|
The following table presents total expense recognized and value of the units vested:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
Dollars in Thousands except units issued |
Nine Months Ended December 31, |
|
|
Three Months Ended March 31, |
|
Year Ended
December 31, |
|
2019 |
|
|
2019 |
|
2018 |
Total expense (gain) |
$ |
2,938 |
|
|
|
$ |
1,512 |
|
|
$ |
2,833 |
|
Total value of the units vested |
$ |
961 |
|
|
|
$ |
12 |
|
|
$ |
4,675 |
|
|
| Schedule of Share-based Compensation, Time-based Phantom Stock Units Activity |
The following table presents time-based phantom stock units activity:
|
|
|
|
|
Time-based Phantom Stock Units |
Unvested at January 1, 2018 (Predecessor) |
68,759 |
|
Granted |
106,530 |
|
Vested |
(28,387 |
) |
Forfeited |
(4,117 |
) |
Unvested at January 1, 2019 (Predecessor) |
142,785 |
|
Canceled |
(142,785 |
) |
Unvested at March 31, 2019 (Predecessor) |
— |
|
|
|
|
|
Granted |
248,022 |
|
Unvested at December 31, 2019 (Successor) |
248,022 |
|
The following table presents total expense recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Nine Months Ended December 31, |
|
|
Three Months Ended March 31, |
|
Year Ended
December 31, |
Dollars in Thousands except units issued |
2019 |
|
|
2019 |
|
2018 |
Total expense (gain) |
$ |
581 |
|
|
|
$ |
(29 |
) |
|
$ |
(261 |
) |
|
| Schedule of Nonvested Performance-based Units Activity |
The following table presents performance cash units activity:
|
|
|
|
|
Performance Cash Units |
Unvested at January 1, 2018 (Predecessor) |
23,021 |
|
Granted |
16,149 |
|
Vested |
(10,771 |
) |
Forfeited |
(791 |
) |
Unvested at January 1, 2019 (Predecessor) |
27,608 |
|
Vested |
(27,608 |
) |
Unvested at March 31, 2019 (Predecessor) |
— |
|
|
|
|
|
Unvested at December 31, 2019 (Successor) |
— |
|
The following table presents total expense recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Nine Months Ended December 31, |
|
|
Three Months Ended March 31, |
|
Year Ended
December 31, |
Dollars in Thousands except units issued |
2019 |
|
|
2019 |
|
2018 |
Total expense (gain) |
$ |
— |
|
|
|
358 |
|
|
$ |
161 |
|
|
| Share-Based Compensation, Performance-Based Stock Units Activity |
The following table presents performance-based phantom stock units activity:
|
|
|
|
|
Performance-based Phantom Stock Units |
Unvested at January 1, 2018 (Predecessor) |
87,395 |
|
Granted |
107,645 |
|
Vested |
(48,937 |
) |
Forfeited |
(3,778 |
) |
Unvested at January 1, 2019 (Predecessor) |
142,325 |
|
Canceled |
(142,325 |
) |
Unvested at March 31, 2019 (Predecessor) |
— |
|
|
|
|
|
Unvested at December 31, 2019 (Successor) |
— |
|
The following table presents total expense recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Nine Months Ended December 31, |
|
|
Three Months Ended March 31, |
|
Year Ended
December 31, |
Dollars in Thousands except units issued |
2019 |
|
|
2019 |
|
2018 |
Total expense (gain) |
$ |
— |
|
|
|
$ |
3 |
|
|
$ |
(600 |
) |
|
| Schedule of Valuation Assumptions for Options |
The value of stock option awards is determined using the Black-Scholes option pricing model with following assumptions:
|
|
|
|
Risk-free interest rate (U.S. Treasury yield curve) |
2.2 |
% |
Expected dividend yield |
— |
% |
Expected volatility |
51.5 |
% |
Expected term (in years) |
6 |
|
|
| Schedule of Stock Options Activity |
The following table presents stock options activity:
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
Stock Options |
|
Weighted Average
Grant-Date Fair Value
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining Contractual Life (in years)
|
|
Aggregate
Intrinsic
Value (1)
|
Outstanding at April 1, 2019 (Successor) |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
Granted |
520,483 |
|
|
$ |
11.06 |
|
|
$ |
23.00 |
|
|
8.7 |
|
|
$ |
— |
|
Exercised |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
Forfeited |
(222,333 |
) |
|
$ |
11.65 |
|
|
$ |
23.00 |
|
|
9.2 |
|
|
$ |
— |
|
Outstanding at December 31, 2019 (Successor) |
298,150 |
|
|
$ |
10.63 |
|
|
$ |
23.00 |
|
|
8.4 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2019 (Successor) |
74,111 |
|
|
$ |
7.54 |
|
|
$ |
23.00 |
|
|
4.2 |
|
|
$ |
— |
|
|
|
(1) |
Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal year-end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised their options on the fiscal year-end date. |
The following tables presents total expense recognized and value of the units vested:
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Nine Months Ended December 31, |
|
|
Three Months Ended March 31, |
Dollars in Thousands except units issued |
2019 |
|
|
2019 |
Total expense (gain) |
$ |
1,753 |
|
|
|
$ |
— |
|
Total value of the units vested |
$ |
559 |
|
|
|
$ |
— |
|
|