Post-effective amendment to a registration statement that is not immediately effective upon filing

Stockholders' Equity (Tables)

v3.21.2
Stockholders' Equity (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Summary of Input Variables
The input variables for the Black Scholes are noted in the table below:
 
    
2021
   
2020
 
Risk-free interest rate
     0.76     0.36
Expected life in years
     4.47       5  
Expected volatility
     34.3     30.0
Expected dividend yield
     0     0
 
The input variables are noted in the table below:
 
    
Successor
 
    
2020
 
Risk-free interest rate
     0.37
Expected life in years
     3  
Expected volatility
     60
Expected dividend yield (a)
     0
 
(a)
The Monte Carlo method assumes a reinvestment of dividends.
The input variables are noted in the table below:
 
    
Successor
 
    
2020
 
Risk-free interest rate
     0.18
Expected life in years
     3  
Expected volatility
     65.9
Expected dividend yield (a)
     0
 
(a)
The Monte Carlo method assumes a reinvestment of dividends.
Summary of Share-based Compensation and Tax Benefit Recognized    
Total share-based compensation and the related income tax benefit recognized in the Company’s consolidated statements of operations were as follows:
 
    
Successor
 
(in thousands)
  
Year Ended

December 31, 2020
 
Performance condition awards
   $ —    
Service condition awards
     785  
Market condition awards
     33  
    
 
 
 
Share-based compensation
     818  
Less: Income tax benefit
     —    
    
 
 
 
Share-based compensation, net of income tax benefit
   $ 818  
    
 
 
 
Summary of Changes in the Derivative Liability    
The following is an analysis of changes in the derivative liability:
 
    
Level 3 (Black
Scholes)
 
Liability at
12-16-2020
   $ 22,113,000  
Gain from
12-16-2020
to
12-31-2020
$
(5,597,000)
    
 
 
 
Liability at
12-31-2020
   $ 16,516,000  
    
 
 
 
Summary of Analysis of Changes in Warrant Liability
The following is an analysis of changes in the warrant liability for the six months ended June 30, 2021:
 
(in thousands)
  
Level 3

(Black Scholes)
 
Liability at December 31, 2020
   $ 16,516  
Gain during the six months ended June 30, 2021
     (7,673
  
 
 
 
Liability at June 30, 2021
   $ 8,843  
  
 
 
 
   
Warrant [Member]      
Summary of Input Variables for the Black Scholes    
The input variables for the Black Scholes are noted in the table below:
 
    
Successor
 
    
2020
 
Risk-free interest rate
     0.36
Expected life in years
     5  
Expected volatility
     30.0
Expected dividend yield
     0
Restricted Stock [Member]      
Summary of Activity of Shares  
The following table summarizes activity of Restricted Stock Units during the six months ended June 30, 2021:
 
    
Number of

Restricted

Stock Units
    
Weighted

Average Grant

Date Fair Value
 
Non-vested
at December 31, 2020
     1,250,000      $ 15.28  
Granted
     1,105,700      $ 14.62  
Vested
     —       
Forfeited
     (145,600    $ 14.10  
  
 
 
    
 
 
 
Non-vested
at June 30, 2021
     2,210,100      $ 14.94  
  
 
 
    
 
 
 
The following table summarizes activity of Restricted Shares during 2020 (there was no activity prior to December 16, 2020):
 
    
Number of

Restricted Shares
    
Weighted

Average Grant

Date Fair Value
 
Granted on December 16, 2020
     1,300,000      $ 15.30  
Vested
     (50,000      15.70  
Forfeited
     —          —    
    
 
 
    
 
 
 
Non-vested
at December 31, 2020
     1,250,000      $ 15.28  
    
 
 
    
 
 
 
Service Condition Shares [Member]      
Summary of Activity of Shares  
The following table summarizes activity of the restricted stock units by vesting condition during the six months ended June 30, 2021:
 
    
Performance Condition
    
Service Condition
    
Market Condition
 
    
Shares
   
Weighted

Average

Grant
Date

Fair Value
    
Shares
    
Weighted

Average

Grant
Date

Fair Value
    
Shares
   
Weighted

Average

Grant
Date

Fair Value
 
Non-vested
at December 31, 2020
     950,000     $ 15.70        200,000      $ 15.70        100,000     $ 10.45  
Granted
     713,700     $ 16.15        52,000      $ 16.15        340,000     $ 11.17  
Vested
     —            —             —      
Forfeited
     (85,600   $ 16.15        —             (60,000   $ 11.17  
  
 
 
   
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Non-vested
at June 30, 2021
     1,578,100     $ 15.81        252,000      $ 15.79        380,000     $ 10.76  
  
 
 
   
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
The following table summarizes activity of the restricted shares during 2020 (there was no activity prior to December 16, 2020):
 
    
Performance Condition
    
Service Condition
    
Market Condition
 
    
Shares
    
Weighted

Average

Grant Date

Fair Value
    
Shares
   
Weighted

Average

Grant Date

Fair Value
    
Shares
    
Weighted

Average

Grant Date

Fair Value
 
Granted
     950,000      $ 15.70        250,000     $ 15.70        100,000      $ 10.45  
Vested
     —          —          (50,000     15.70        —          —    
Forfeited
     —          —          —         —          —          —    
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Non-vested
at December 31, 2020
     950,000      $ 15.70        200,000     $ 15.70        100,000      $ 10.45  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
Performance Shares [Member]      
Summary of Input Variables  
The input variables are noted in the table below:
 
    
2021
   
2020
 
Risk-free interest rate
     0.54     0.18
Expected life in years
     4       3  
Expected volatility
     63.3     65.9
Expected dividend yield (a)
     0     0
The input variables are noted in the table below:
 
    
Successor
 
    
2020
 
Risk-free interest rate
     0.18
Expected life in years
     3  
Expected volatility
     65.9
Expected dividend yield (a)
     0
 
(a)
The Monte Carlo method assumes a reinvestment of dividends.