Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)

v3.22.1
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The table below summarizes the PBNQSO activity:
Number of Options
Weighted-Average
Exercise/Conversion
Price
 Weighted-Average
Remaining Contractual
Life (years)		 Aggregate
Intrinsic Value
(in thousands)
Outstanding at November 9, 2021 —  $ — 
Granted 8,763,754  $ 10.04 
Exercised —  $ — 
Forfeited —  $ — 
Outstanding at December 31, 2021
 8,763,754  $ 10.04  5.9 $ 34,086 
Options vested and exercisable —  $ — 
Summary of Stock Option Valuation Assumptions
The weighted-average assumptions used to fair value the PBNQSO on the grant date using the Black-Scholes option-pricing model were as follows:
2021
Dividend yield —  %
Risk-free interest rate
1.19% to 1.37%
Expected volatility
42.74% to 51.05%
Expected life (years)
5.50 to 6.50
Weighted average exercise price of options granted $ 10.04 
Weighted average fair value of options granted $ 6.15 
Summary of Award Valuation Assumptions The key inputs into the Monte Carlo simulation model for the Variable Annual Advisory Amounts were as follows at initial measurement and at December 31, 2021, which was determined to be the date of first payment:
November 9, 2021 December 31, 2021
Dividend yield —  % —  %
Risk-free interest rate 1.47  % 1.52  %
Expected volatility 35.00  % 37.50  %
Expected life (years) 10.15 10.00
10-day volume weighted average stock price $ 12.00  $ 13.63