Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The following table summarizes share-based equity compensation activity for the six months ended June 30, 2022:


	Share-Based Awards (in thousands)	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2022	2,640	$	6.38
Granted	213	$	6.01
Forfeited	(834)	$	2.96
Vested	(960)	$	7.83
Nonvested at June 30, 2022	1,059	$	6.67

Share-based compensation expense was $0.7 million and $4.8 million for the three and six months ended June 30, 2022, respectively, and $1.1 million and $2.4 million for the three and six months ended June 30, 2021. In February 2022, the Company accelerated the expense attributed to the outstanding restricted share awards of two former officers of the Company resulting from a modification of the required service condition of the awards (see Note 2). As a result, for the six months ended June 30, 2022, share-based compensation expense of $3.0 million is included in restructuring expense and $1.8 million is included in selling, general, and administrative expenses on the accompanying condensed consolidated statement of operations. All share-based compensation for the three and six months ended June 30, 2021 is included in selling, general, and administrative expenses on the accompanying condensed consolidated statement of operations.

The estimated fair value at vesting of share-based awards that vested during the six months ended June 30, 2022 was $6.2 million. In January 2022 and 2021, the Company reacquired vested restricted Class A common shares for $2.7 million and $2.0 million, respectively, for the purpose of settling tax withholding obligations of employees. The reacquisition cost is based on the fair value of the Company’s Class A common shares on the date the tax obligation is incurred.