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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Company Stock Awards | A summary of the status of the Successor Company’s nonvested restricted stock awards as of December 31, 2022, and changes during the year ended December 31, 2022, are presented below:
|  | Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |
Nonvested at January 1, 2022 |  |  | 784,999 |  |  | $ | 27.57 |
Granted |  |  | 115,884 |  |  | $ | 26.71 |
Vested |  |  | (215,508 | ) |  | $ | 27.56 |
Forfeited |  |  | (22,500 | ) |  | $ | 27.57 |
Nonvested at December 31, 2022 |  |  | 662,875 |  |  | $ | 27.42 |
Schedule of PSU Activity | A summary of the status of the Successor Company’s PSU awards as of December 31, 2022, and changes during the year ended December 31, 2022, are presented below:
|  | PSUs |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at January 1, 2022 |  |  | — |  |  | $ | — |
2022 PSUs granted (1) |  |  | 727,223 |  |  | $ | 24.67 |
2022 incremental PSUs granted (1) |  |  | 82,281 |  |  | $ | 26.66 |
Vested |  |  | (202,376 | ) |  | $ | 24.87 |
Outstanding at December 31, 2022 |  |  | 607,128 |  |  | $ | 24.69 |
(1) PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue. The Predecessor Company granted the following PSUs in the first quarter of the respective years. A summary of PSU activity as of October 31, 2021, and changes during the period from January 1, 2021 through October 31, 2021, is presented below:
|  | PSUs |  |  | Weighted-Average Grant Date Fair Value |
2019 PSUs granted (1) |  |  | 1,103,537 |  |  | $ | 2.40 |
2020 PSUs granted (2) |  |  | 3,408,083 |  |  | $ | 0.84 |
2020 PSUs cancelled (3) |  |  | (3,408,083 | ) |  | $ | 0.84 |
Outstanding at January 1, 2021 |  |  | 1,103,537 |  |  | $ | 2.40 |
2019 PSUs cancelled (4) |  |  | (1,103,537 | ) |  | $ | 2.40 |
Outstanding at October 31, 2021 |  |  | — |  |  | $ | — |
(1) Includes 566,862 shares classified as a liability due to the potential cash component. (2) Includes 1,247,098 shares classified as a liability due to the potential cash component. (3) In connection with the restructuring and support agreement, dated as of August 18, 2020, by and between the Predecessor Company and certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts or other entities for the holders of beneficial owners (the "Consenting Noteholders"), the 2020 PSUs were cancelled. (4) As of the Effective Date and pursuant to the Plan, all outstanding PSUs of the Predecessor Company were deemed cancelled.
Schedule of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used i n the Monte Carlo simulation pricing model related to the Successor Company’s PSUs:
|  | 2022 PSUs |
Grant date |  | February 16, 2022 |
Fair value per share on valuation date (1) |  | $ | 24.67 |
Risk-free interest rate (2) |  |  | 1.85 | %
Expected share price volatility (3) |  |  | 65.00 | %
(1) 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 TMR for each 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. (2) 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 grant date listed above. (3) The computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since the Effective Date. The following table summarizes the assumptions used i n the Monte Carlo simulation pricing model related to the Predecessor Company’s PSUs:
|  | 2020 PSUs |
Grant date |  | February 10, 2020 |
Fair value per share on valuation date (1) |  | $ | 0.84 |
Risk-free interest rate (2) |  |  | 1.39 | %
Expected share price volatility (3) |  |  | 57.98 | %
(1) 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). (2) 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. (3) 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 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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