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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2024, and changes during the year ended December 31, 2024, is presented below:
|  | Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |
Unvested at January 1, 2024 |  |  | 590,953 |  |  | $ | 27.02 |
Granted |  |  | 169,454 |  |  | $ | 24.48 |
Vested |  |  | (269,543 | ) |  | $ | 27.13 |
Unvested at December 31, 2024 |  |  | 490,864 |  |  | $ | 26.08 |
Schedule of PSU Activity | A summary of the status of the Company’s outstanding PSU awards as of December 31, 2024, and changes during the year ended December 31, 2024, are presented below:
|  | PSUs |  |  | Weighted- Average Grant-Date Fair Value Per Share |
Outstanding at January 1, 2024 |  |  | 563,581 |  |  | $ | 28.65 |
2024 PSUs granted |  |  | 169,420 |  |  | $ | 24.30 |
Incremental PSUs granted (1) |  |  | 49,248 |  |  | $ | 24.58 |
Vested |  |  | (210,962 | ) |  | $ | 24.67 |
Outstanding at December 31, 2024 |  |  | 571,287 |  |  | $ | 28.48 |
(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.
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 Company’s PSUs:
|  | 2024 PSUs |  |  | 2023 PSUs |  |  | 2022 PSUs |
Grant date |  | February 7, 2024 |  |  | February 17, 2023 |  |  | February 16, 2022 |
Fair value per share on valuation date (1) |  | $ | 24.30 |  |  | $ | 38.79 |  |  | $ | 24.67 |
Risk-free interest rate (2) |  |  | 4.19 | % |  |  | 4.37 | % |  |  | 1.85 | %
Expected share price volatility (3) |  |  | 40.00 | % |  |  | 62.50 | % |  |  | 65.00 | %
(1) The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 and 2024 PSUs, t he 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 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR). For the 2022 PSUs, t he 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) For the 2024 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period 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. For the 2022 PSUs, t he 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 its emergence from bankruptcy on November 1, 2021.

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- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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