Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION - (Tables)

v3.21.1
SHARE-BASED COMPENSATION - (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Equity-Based Compensation
For the years ended December 31, 2020, 2019, and 2018, share-based compensation was recognized by plan as follows:
Year Ended December 31,
(in thousands) 2020 2019 2018
Plan:
2018 Equity Incentive Plan $ 2,430  $ 2,385  $ 187 
Earnout Incentive Plan —  —  — 
2014 Management Incentive Plan —  1,267  1,462 
Total $ 2,430  $ 3,652  $ 1,649 
Summary of Cumulative Activity for the 2018 Plan
A summary of the activity in stock units for the 2018 Plan that occurred during the years ended December 31, 2020, 2019 and 2018 is as follows:
6,685,696  Common stock authorized for the 2018 Plan
(2,044,815) Stock options granted in December 2018
7,558  Stock option grants forfeited in 2018
(202,200) RSUs granted in 2018
4,446,239  Common stock available for issuance under the 2018 Plan at December 31, 2018
326,173  Stock option grants forfeited in 2019
(36,657) RSUs granted in 2019
60,421  RSUs forfeited in 2019
4,796,176  Common stock available for issuance under the 2018 Plan at December 31, 2019
(15,000) Stock options granted in 2020
220,045  Stock option grants forfeited in 2020
(1,031,740) RSUs granted in 2020
(128,624) RSU granted in 2020 with performance goals that have not been determined
21,277  RSUs forfeited in 2020
3,862,134  Common stock available for issuance under the 2018 Plan at December 31, 2020
Schedule of Stock Options Roll Forward
Details about the time-based equity-classified stock options granted under the plan are as follows:
Weighted-
Options for average Weighted-average Aggregate
number of exercise remaining intrinsic value
shares price contractual terms (in thousands)
Outstanding, January 1, 2018 —  — 
Granted in 2018 2,044,815  $ 6.95 
Exercised in 2018 —  — 
Forfeited in 2018 (7,558) $ 6.95 
Expired in 2018 —  — 
Outstanding, December 31, 2018 2,037,257  $ 6.95  9.6 years $ 2,139 
Granted in 2019 —  — 
Exercised in 2019 —  — 
Forfeited or expired in 2019 (326,173) $ 6.95 
Outstanding, December 31, 2019 1,711,084  $ 6.95  8.6 years $ — 
Granted in 2020 15,000  $ 2.47 
Exercised in 2020 —  — 
Forfeited or expired in 2020 (220,045) $ 6.95 
Outstanding, December 31, 2020 1,506,039  $ 6.91  7.8 years $ 203 
Vested and Expected to Vest 1,506,039  $ 6.91  7.8 years $ 203 
Exercisable at December 31, 2020 1,125,755  $ 6.95  7.8 years $ 101 
Summary of Valuation Assumptions for Stock Options
The table below presents the assumptions used to calculate the fair value of the stock options issued in 2020 and 2018:
2020 2018
Expected volatility 94  % 30  %
Risk-free interest rate 0.5  % 2.4  %
Expected term (years) 7.5 4.3
Dividend yield —  % —  %
Exercise price $2.47 $6.95
Schedule of RSU Activity
Underlying Weighted-average (in thousands)
Common Grant-date Aggregate
Shares Fair Value Fair Value
Service-based vesting:
Unvested at January 1, 2018 — 
Granted in 2018 107,142  $ 7.00  $ 750 
Unvested at December 31, 2018 107,142 
Granted in 2019 36,657  $ 6.82  $ 250 
Vested in 2019 (53,571) $ 171 
Forfeited in 2019 (36,657) $ 6.82 
Unvested at December 31, 2019 53,571 
Granted in 2020 892,142  $ 2.93  $ 2,617 
Forfeited in 2020 (21,277) $ 2.35 
Vested in 2020 (328,035) $ 1,150 
Unvested at December 31, 2020 596,401 
Performance-based vesting:
Unvested at January 1, 2018 — 
Granted in 2018 95,057  $ 10.52  $ 1,000 
Unvested at December 31, 2018 95,057 
Forfeited in 2019 (23,674) $ 10.52 
Unvested at December 31, 2019 71,383 
Granted in 2020 (a) (b) 139,598  $ 2.56  $ 358 
Forfeited in 2020 (71,383) $ 10.52 
Unvested at December 31, 2020 139,598 

(a) Includes only the portions of grants for which the performance goals have been determined and communicated to the grant recipient. For the portions of any grants for which the required performance goals have not been determined and communicated to the grant recipient, a grant has not yet occurred for accounting purposes.

(b) Does not include a liability-classified performance-based RSU award with an estimated fair value of $0.8 million.