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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Share Based Compensation [Abstract] |
Schedule of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of September 30, 2020, and changes during the nine months ended September 30, 2020, is presented below:
|  | Shares |  |  | Weighted- Average Grant-Date Fair Value |
Nonvested at January 1, 2020 |  |  | 971,846 |  |  | $ | 5.16 |
Granted |  |  | 1,628,397 |  |  | $ | 0.86 |
Vested |  |  | (1,052,161 | ) |  | $ | 2.86 |
Forfeited |  |  | (25,520 | ) |  | $ | 4.61 |
Nonvested at September 30, 2020 |  |  | 1,522,562 |  |  | $ | 2.16 |
Schedule of PSU Activity | A summary of the status of the Company’s PSU activity as of September 30, 2020, and changes during the nine months ended September 30, 2020, is presented below:
|  | PSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at January 1, 2020 |  |  | 1,766,580 |  |  | $ | 2.96 |
2020 PSUs granted (1) |  |  | 3,408,083 |  |  | $ | 0.84 |
2020 PSUs canceled |  |  | (3,408,083 | ) |  | $ | 0.84 |
Outstanding at September 30, 2020 (2) |  |  | 1,766,580 |  |  | $ | 2.96 |
(1) | Includes 1,247,098 shares classified as a liability due to the potential cash component described above.
(2) | None of the PSUs outstanding at September 30, 2020 were vested.
Schedule of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs:
|  | 2020 PSUs |  |  | 2019 PSUs |  |  | 2018 PSUs |
Grant date |  | February 10, 2020 (1) |  |  | February 11, 2019 |  |  | February 12, 2018 |
Fair value per share on valuation date (2) |  | $ | 0.84 |  |  | $ | 4.74 |  |  | $ | 4.76 |
Risk-free interest rate (3) |  |  | 1.39 | % |  |  | 2.54 | % |  |  | 2.36 | %
Expected share price volatility (4) |  |  | 57.98 | % |  |  | 60.99 | % |  |  | 42.02 | %
(1) | The 2020 PSU awards were cancelled during the three months ended September 30, 2020.
(2) | The value of the PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2020 PSUs classified as equity consists of 2,131,245 shares at a fair value of $0.88 (which relate to relative TSR) and 1,065,463 shares at fair value of $0.75 per share (which relate to absolute TSR). The weighted-average fair value per share related to the 2019 PSUs classified as equity consists of 357,800 shares at a fair value of $2.45 per share (which relate to relative TSR) and 178,875 shares at a fair value of $2.29 per share (which relate to absolute TSR).
(3) | The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the respective grant date listed above.
(4) | The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a five-year period for the 2020 PSUs and a three-year period for the 2019 and 2018 PSUs and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money.

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