Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.22.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards and Units Activity
The following table summarizes activity related to RSAs and RSUs for the years ended December 31, 2022 and 2021:

Years Ended December 31,
2022 2021
Restricted Stock Awards Restricted Stock Units Restricted Stock Awards Restricted Stock Units
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Outstanding at beginning of period (1)
3,330  $ 1,252  —  $ —  —  $ —  —  $ — 
Granted (2)
—  —  5,612  1,323  3,330  1,252  —  — 
Vested (3)
(1,993) 1,252  —  —  —  —  —  — 
Cancelled and forfeited —  —  —  —  —  —  —  — 
Outstanding at end of period 1,337  $ 1,252  5,612  $ 1,323  3,330  $ 1,252  —  $ — 
(1)RSAs were granted on December 29, 2021 with 1,993 shares vesting on December 29, 2022 and 1,337 shares vesting on December 29, 2023.
(2)On February 11, 2022, 3,824 RSUs were granted to certain employees with a grant date fair value per share of $1,105. On September 1, 2022, 1,788 RSUs were granted to certain employees with a grant date fair value per share of $1,790 per share. The RSUs vest in one-third increments over a three-year period.
(3)Of the 1,993 shares that vested on December 29, 2022, 756 shares were surrendered by employees to the Company to settle tax withholdings.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the years ended December 31, 2022:
Restricted Stock Awards
Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021
 —  $ — 
Granted (1)
784  1,277 
Vested —  — 
Cancelled and forfeited (1)
(85) 1,249 
Outstanding at December 31, 2022
 699  $ 1,281 
(1)On January 1, 2022, the Company granted 680 shares of restricted stock to directors. During the years ended December 31, 2022, 85 shares were forfeited resulting from the departure of a director in March 2022, and an additional 104 shares of restricted stock were granted to new directors on April 15, 2022. The shares will vest on the first anniversary of grant.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs for the year ended December 31, 2022:

Performance Stock Units
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021
 —  $ — 
Granted (1)
2,394  1,355 
Vested —  — 
Cancelled and forfeited —  — 
Outstanding at December 31, 2022
 2,394  $ 1,355 
(1)Includes 1,197 RTSR (based on target) (as defined below) PSUs with a grant date fair value of $1,605 per share and 1,197 FCF (based on target) (as defined below) PSUs with a grant date fair value of $1,105 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 2,394 additional units would be issued).
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the consolidated statements of income (in thousands):
Years Ended December 31,
2022 2021 2020
Salaries and related employee expenses (employee awards) (1)
$ 7,583  $ 28  $ — 
General and administrative expenses (director awards) 849  —  — 
Total share-based compensation expense (2)
$ 8,432  $ 28  $ — 
(1)Based upon probability of achieving the maximum award under the performance condition PSUs, share-based compensation expense was recorded assuming achievement of the maximum units available under the award.
(2)The Company recognized a tax benefit of $1.8 million related to share-based compensation for the years ended December 31, 2022.