Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)

v3.22.4
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Performance-based Non-qualified Stock Options 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 December 31, 2021
 8,763,754  $ 10.04 
Granted 2,579,167  $ 8.87 
Exercised —  $ — 
Forfeited (1,003,750) $ 10.09 
Outstanding at December 31, 2022
 10,339,171  $ 9.75  8.98 $ 1,560 
Options vested and exercisable 1,948,754  $ 10.04  8.86 $ — 
Schedule of Stock Option Valuation Assumptions
The weighted-average assumptions used to fair value the PBNQSO at period end using the Black-Scholes option-pricing model were as follows:
December 31, September 30, June 30, March 31, December 31,
2022 2022 2022 2022 2021
Dividend yield —  % —  % —  % —  % —  %
Risk-free interest rate
 3.98%
 4.02  % 3.30  % 2.41  % 1.35  %
Expected volatility
 43.10%
 39.50  % 38.30  % 37.00  % 37.50  %
Expected life (years) 5.35 5.61 5.86 6.11 6.50
Weighted average exercise price of options granted $ 8.87  $ 8.87  $ 8.83  $ 12.09  $ 10.04 
Weighted average fair value of options granted $ 4.20  $ 3.21  $ 5.25  $ 4.86  $ 6.94 
Schedule of Award Valuation Assumptions The key inputs into the Monte Carlo simulation
model for the Variable Annual Advisory Amounts were as follows at December 31, 2022 and 2021 and at the initial measurement date:
December 31, 2022 December 31, 2021 November 9, 2021
Dividend yield —  % —  % —  %
Risk-free interest rate 3.87  % 1.52  % 1.47  %
Expected volatility 43.10  % 37.50  % 35.00  %
Expected life (years) 9.00 10.00 10.15
10-day volume weighted average share price $ 8.86  $ 13.63  $ 12.00