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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation (income) expense:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Performance-based restricted stock units |  | $ | 466 |  |  | $ | (110 | ) |  | $ | 606 |  |  | $ | (2,745 | )
Restricted stock awards and restricted stock units |  |  | 1,436 |  |  |  | 967 |  |  |  | 2,680 |  |  |  | 1,457 |
Stock options |  |  | 551 |  |  |  | — |  |  |  | 930 |  |  |  | — |
Share-based compensation (income) expense before income tax |  |  | 2,453 |  |  |  | 857 |  |  |  | 4,216 |  |  |  | (1,288 | )
Income tax expense (benefit)(1) |  |  | (28 | ) |  |  | 109 |  |  |  | (55 | ) |  |  | — |
Share-based compensation (income) expense, net of income tax |  | $ | 2,425 |  |  | $ | 966 |  |  | $ | 4,161 |  |  | $ | (1,288 | )
(1) | The 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes.
Summary of Activity of the Outstanding PRSU Awards | The following table summarizes the activity of the outstanding PRSUs:
|  | Equity-Based PRSUs |  |  | Liability-Based PRSUs |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2020 |  |  | 61,208 |  |  | $ | 57.18 |  |  |  | 121,485 |  |  | $ | 56.34 |
Granted |  |  | 101,785 |  |  | $ | 31.28 |  |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |  |  |  | (42,698 | ) |  | $ | 51.96 |
Forfeited |  |  | — |  |  | $ | — |  |  |  | (1,041 | ) |  | $ | 56.90 |
Balance at June 30, 2021 |  |  | 162,993 |  |  | $ | 41.01 |  |  |  | 77,746 |  |  | $ | 57.13 |
Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units | The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:
|  | Equity-Based Restricted Stock Awards |  |  | Equity-Based Restricted Stock Units |  |  | Liability-Based Restricted Stock Units |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2020 |  |  | 107,107 |  |  | $ | 53.23 |  |  |  | 151,261 |  |  | $ | 19.51 |  |  |  | 10,459 |  |  | $ | 51.91 |
Granted |  |  | 22,320 |  |  | $ | 44.80 |  |  |  | 64,018 |  |  | $ | 44.81 |  |  |  | — |  |  | $ | — |
Vested |  |  | (42,031 | ) |  | $ | 53.47 |  |  |  | (1,944 | ) |  | $ | 19.30 |  |  |  | (3,174 | ) |  | $ | 52.24 |
Forfeited |  |  | (1,869 | ) |  | $ | 56.73 |  |  |  | (3,546 | ) |  | $ | 19.75 |  |  |  | — |  |  | $ | — |
Balance at June 30, 2021 |  |  | 85,527 |  |  | $ | 50.84 |  |  |  | 209,789 |  |  | $ | 27.23 |  |  |  | 7,285 |  |  | $ | 53.34 |
Summary of Stock Option Activity | The following table summarizes stock option activity:
|  | Shares |  |  | Weighted-Average Exercise Price |  |  | Aggregate Intrinsic Value(1) |
Options outstanding at December 31, 2020 |  |  | 204,150 |  |  | $ | 19.98 |  |  |  |  |
Granted |  |  | 137,858 |  |  | $ | 44.80 |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Options outstanding at June 30, 2021 |  |  | 342,008 |  |  | $ | 29.98 |  |  | $ | 6,794,883 |
Options exercisable at June 30, 2021 |  |  | — |  |  | $ | — |  |  | $ | — |
Summary of Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable as of June 30, 2021:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of exercise prices |  |  | Shares |  |  | Weighted-Average Remaining Contractual Life (in years) |  |  | Weighted-Average Exercise Price |  |  | Shares |  |  | Weighted-Average Exercise Price |
$ | 19.30 |  |  |  | 150,000 |  |  |  | 7.75 |  |  | $ | 19.30 |  |  |  | — |  |  | $ | — |
$ | 21.85 |  |  |  | 54,150 |  |  |  | 6.16 |  |  | $ | 21.85 |  |  |  | — |  |  | $ | — |
$ | 44.80 |  |  |  | 137,858 |  |  |  | 6.65 |  |  | $ | 44.80 |  |  |  | — |  |  | $ | — |
$19.30 - $44.80 |  |  |  | 342,008 |  |  |  | 6.95 |  |  | $ | 29.98 |  |  |  | — |  |  | $ | — |
Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant | Following is additional information on stock options granted during the six months ended June 30, 2021 and the underlying assumptions used in assessing fair value:
|  | Six Months Ended |
|  | June 30, 2021 |
Assumptions used to estimate fair value of stock options granted: |  |  |  |
Risk-free interest rate |  | 0.50% |
Expected term (in years) |  |  | 4.5 |
Expected volatility |  | 55.8% |
Expected dividend yield |  |  | — |
Weighted average grant-date fair value per share of options granted |  | $ | 20.26 |

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