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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation expense:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Performance-based restricted stock units |  | $ | 541 |  |  | $ | 549 |  |  | $ | (2,187 | )
Restricted stock awards and restricted stock units |  |  | 6,703 |  |  |  | 5,451 |  |  |  | 4,523 |
Stock options |  |  | 2,997 |  |  |  | 1,727 |  |  |  | 317 |
Share-based compensation expense before income tax |  |  | 10,241 |  |  |  | 7,727 |  |  |  | 2,653 |
Income tax benefit(1) |  |  | (117 | ) |  |  | (82 | ) |  |  | — |
Share-based compensation expense, net of income tax |  | $ | 10,124 |  |  | $ | 7,645 |  |  | $ | 2,653 |
(1) The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit in 2020 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 PUP Awards | The following table summarizes the activity of the outstanding PRSU awards:
|  | Equity-Based PRSUs |  |  | Liability-Based PRSUs |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2021 |  |  | 134,152 |  |  | $ | 37.30 |  |  |  | 77,746 |  |  | $ | 57.13 |
Granted |  |  | 65,000 |  |  | $ | 36.46 |  |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |  |  |  | (36,758 | ) |  | $ | 58.31 |
Forfeited |  |  | (97,367 | ) |  | $ | 43.03 |  |  |  | (913 | ) |  | $ | 56.23 |
Balance at December 31, 2022 |  |  | 101,785 |  |  | $ | 31.28 |  |  |  | 40,075 |  |  | $ | 56.06 |
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, 2021 |  |  | 76,792 |  |  | $ | 52.83 |  |  |  | 239,188 |  |  | $ | 34.74 |  |  |  | 6,278 |  |  | $ | 55.93 |
Granted |  |  | — |  |  | $ | — |  |  |  | 289,825 |  |  | $ | 31.23 |  |  |  | — |  |  | $ | — |
Vested |  |  | (52,127 | ) |  | $ | 52.21 |  |  |  | (103,327 | ) |  | $ | 29.83 |  |  |  | (3,709 | ) |  | $ | 56.66 |
Forfeited |  |  | (1,373 | ) |  | $ | 56.23 |  |  |  | (13,667 | ) |  | $ | 36.89 |  |  |  | (309 | ) |  | $ | 56.47 |
Balance at December 31, 2022 |  |  | 23,292 |  |  | $ | 54.03 |  |  |  | 412,019 |  |  | $ | 33.43 |  |  |  | 2,260 |  |  | $ | 54.75 |
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, 2021 |  |  | 312,008 |  |  | $ | 31.01 |  |  |  |
Granted |  |  | 233,970 |  |  | $ | 33.96 |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |
Forfeited |  |  | (120,000 | ) |  | $ | 19.30 |  |  |  |
Options outstanding at December 31, 2022 |  |  | 425,978 |  |  | $ | 35.93 |  |  | $ | 137,541 |
Options exercisable at December 31, 2022 |  |  | 100,103 |  |  | $ | 32.39 |  |  | $ | 137,541 |
The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.
Summary of Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable as of December 31, 2022:
|  | 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 |
$21.85 |  |  | 54,150 |  |  |  | 4.65 |  |  | $ | 21.85 |  |  |  | 54,150 |  |  | $ | 21.85 |
$33.96 |  |  | 233,970 |  |  |  | 6.15 |  |  | $ | 33.96 |  |  |  | — |  |  | $ | — |
$44.80 |  |  | 137,858 |  |  |  | 5.15 |  |  | $ | 44.80 |  |  |  | 45,953 |  |  | $ | 44.80 |
$21.85 - $44.80 |  |  | 425,978 |  |  |  | 5.64 |  |  | $ | 35.93 |  |  |  | 100,103 |  |  | $ | 32.39 |
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 2022 and the underlying assumptions used in assessing fair value:
|  | Year Ended |
|  | December 31, 2022 |
Assumptions used to estimate fair value of stock options granted: |  |  |
Risk-free interest rate |  |  | 1.9 | %
Expected term (in years) |  |  | 4.5 |
Expected volatility |  |  | 58.3 | %
Expected dividend yield |  |  | — |
Weighted average grant-date fair value per share of options granted |  | $ | 16.50 |

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