Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)

v3.23.1
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Performance-based Non-qualified Stock Options Activity
The table below summarizes the PBNQSO activity for the three months ended March 31, 2023:
Number of Options
Weighted-Average
Exercise/Conversion
Price
Weighted-Average
Remaining Contractual
Life (years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 2022
10,339,171  $ 9.75 
Granted 2,175,000  $ 8.31 
Exercised —  $ — 
Forfeited (1,000,000) $ 10.00 
Cancelled (240,000) $ 10.00 
Outstanding at March 31, 2023
11,274,171  $ 9.45  8.94 $ — 
Options vested and exercisable 245,004  $ 10.00  7.00 $ — 
Summary of Stock Option Valuation Assumptions
The weighted-average assumptions used to fair value the PBNQSO at period end date or grant date using the Black-Scholes option-pricing model were as follows:
Period End Date
Grant Date
Dividend yield —  % —  %
Risk-free interest rate 3.58  %
3.93% to 4.18%
Expected volatility 46.30  % 45.00  %
Expected term (years)
5.10 to 5.85
6.50
Weighted average exercise price of options granted $ 9.78  $ 8.31 
Weighted average fair value of options granted $ 3.24  $ 4.24