Annual report pursuant to Section 13 and 15(d)

Equity Compensation (Tables)

v3.22.0.1
Equity Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Performance-based and Time-based Profit Interests Activity

 

 

 

Performance-based profit interests

 

 

Time-based profit interests

 

 

 

Number of units

 

 

Number of units

 

Outstanding at January 1, 2019

 

 

1,873,377

 

 

 

1,261,014

 

Issued

 

 

65,558

 

 

 

10,966

 

Vested

 

—

 

 

 

(397,754

)

Forfeited, expired, or canceled

 

 

(59,707

)

 

 

(44,797

)

Outstanding at December 31, 2019

 

 

1,879,228

 

 

 

829,429

 

Issued

 

 

52,638

 

 

 

52,672

 

Vested

 

 

—

 

 

 

(404,585

)

Forfeited, expired, or canceled

 

 

—

 

 

 

—

 

Outstanding at December 31, 2020

 

 

1,931,866

 

 

 

477,516

 

Issued

 

 

2,681

 

 

 

3,097

 

Vested

 

 

—

 

 

 

(406,519

)

Forfeited, expired, or canceled

 

 

—

 

 

 

—

 

Outstanding at December 31, 2021

 

 

1,934,547

 

 

 

74,094

 

Expected to vest

 

 

1,934,547

 

 

 

74,094

 

 
Summary of Restricted Stock Units Activity

The following table summarizes activity for restricted stock units (“RSUs”) for the year ended December 31, 2021:

 

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value per Share

 

Outstanding at January 1, 2021

 

 

—

 

 

$

—

 

Issued

 

 

1,122,877

 

 

 

13.76

 

Vested

 

—

 

 

 

—

 

Forfeited, expired, or canceled

 

 

—

 

 

 

—

 

Outstanding at December 31, 2021

 

 

1,122,877

 

 

$

13.76

 
Time-based Profit Interest Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Assumptions Used to Calculate Fair Value of Time-based Grants The fair value of the time-based grants was calculated using a Black-Scholes option-pricing model with the following assumptions:

 

 

 

Years Ended December 31,

 

 

2021

 

2020

 

2019

Risk free interest rate

 

0.05% – 0.16

 

%

 

0.15

 

%

 

1.55% – 2.20

 

%

Weighted average volatility

 

 

47.3

 

%

 

39.6

 

%

 

41.8

 

%

Dividend yield

 

 

—

 

%

 

 

—

 

%

 

 

—

 

%

Expected terms (in years) (1)

 

 

0.86

 

 

 

 

1.31

 

 

 

 

1.62

 

 

(1) The Company has limited historical information regarding the expected term. Accordingly, the Company determined the expected life of the units using the simplified method.