XML 109 R96.htm IDEA: XBRL DOCUMENT v3.25.0.1
Share-Based Compensation - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Feb. 07, 2024
Feb. 17, 2023
Feb. 16, 2022
Jan. 31, 2025
Feb. 29, 2024
Jan. 31, 2024
Feb. 28, 2023
Jan. 31, 2023
Feb. 28, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Stock Unit Awards                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares)                   169,420    
Share-based compensation cost                   $ 6,490 $ 5,639 $ 4,485
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Unvested, beginning of period (shares)       571,287   563,581       563,581    
Granted (shares)                   169,420    
Incremental granted (shares) [1]                   49,248    
Vested (shares)                   (210,962)    
Unvested, end of period (shares)                   571,287 563,581  
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 28.48   $ 28.65       $ 28.65    
Weighted average grant-date fair value, granted (USD per share)                   $ 24.3    
Weighted average incremental grant-date fair value, granted (USD per share) [1]                   24.58    
Weighted average grant-date fair value, vested (USD per share)                   $ 24.67    
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 24.3 [2] $ 38.79 [2] $ 24.67 [2]             $ 28.48 $ 28.65  
Vested (shares)                   (210,962)    
Unrecognized compensation cost related to nonvested stock awards                   $ 10,434    
Compensation cost to be recognized over a weighted-average period                   1 year 10 months 24 days    
weighted-average grant date fair value $ 24.3 [2] $ 38.79 [2] $ 24.67 [2]             $ 28.48 $ 28.65  
Risk-free interest rate (as a percent) [3] 4.19% 4.37% 1.85%                  
Expected share price volatility (as a percent) [4] 40.00% 62.50% 65.00%                  
Performance period   3 years             4 years      
Pecentage of shares issued based on achievement of long term relative TSR performance         30.00%   40.00%          
Percentage of shares issued based on achievement of TSR performance         70.00%   60.00%          
Performance Stock Unit Awards | Chief Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares) 50,825 63,114                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Granted (shares) 50,825 63,114                    
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 29.38 $ 40.64                    
weighted-average grant date fair value $ 29.38 $ 40.64                    
Performance Stock Unit Awards | Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares) 118,595 94,675                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Granted (shares) 118,595 94,675                    
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 22.12 $ 37.55                    
weighted-average grant date fair value $ 22.12 $ 37.55                    
2021 Equity Incentive Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Number of shares authorized (shares)                   3,222,222    
Increase in number of shares authorised           0   953,403        
Shares available under the EIP                   2,829,138    
Percentage released stock awards granted                   3.00%    
Restricted Stock Awards                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares)                   169,454    
Share-based compensation cost                   $ 8,305 $ 7,343 7,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Unvested, beginning of period (shares)       490,864   590,953       590,953    
Granted (shares)                   169,454    
Vested (shares)                   (269,543)    
Unvested, end of period (shares)                   490,864 590,953  
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 26.08   $ 27.02       $ 27.02    
Weighted average grant-date fair value, granted (USD per share)                   24.48    
Weighted average grant-date fair value, vested (USD per share)                   27.13    
Weighted average grant-date fair value, unvested, ending of period (USD per share)                   $ 26.08 $ 27.02  
Weighted average grant-date fair value, granted                   $ 4,148 $ 10,086 3,095
Vested (shares)                   (269,543)    
Unrecognized compensation cost related to nonvested stock awards                   $ 9,287    
Compensation cost to be recognized over a weighted-average period                   1 year 3 months 18 days    
Share-based compensation cost capitalized as part of real estate assets                   $ 133    
Total fair value of shares vested                   $ 7,720 $ 11,090 $ 5,306
weighted-average grant date fair value                   $ 26.08 $ 27.02  
RSU component award vesting performance period             3 years          
Restricted Stock Awards | Non-Executive Officers                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   3 years    
Restricted Stock Awards | Non-Employee Directors                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   1 year    
Maximum | Performance Stock Unit Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         70.00%   60.00%          
Maximum | Restricted Stock Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         40.00%   45.00%          
Maximum | Restricted Stock Awards | Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   4 years    
Minimum | Performance Stock Unit Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         60.00%   55.00%          
Minimum | Restricted Stock Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         30.00%   40.00%          
Minimum | Restricted Stock Awards | Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   3 years    
Subsequent Event | 2021 Equity Incentive Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Increase in number of shares authorised       0                
[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.
[2] 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, 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 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, 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.
[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 grant date listed above.
[4] 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, 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 its emergence from bankruptcy on November 1, 2021.