BurgerFi International, Inc. Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

The input variables are noted in the table below:

(a)

The Monte Carlo method assumes a reinvestment of dividends.

The input variables are noted in the table below:

(a)The Monte Carlo method assumes a reinvestment of dividends.

The input variables for the Black Scholes are noted in the table below:

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

The following is an analysis of changes in the derivative liability:

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

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