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Share-based compensation | 9 Months Ended
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Sep. 30, 2021
Share-based compensation. |
Share-based compensation | 6. Share-based compensation Stock appreciation rights As at September 30, 2021, the Company had granted 3,710,473 stock appreciation rights (“SARs”) (inclusive of 5,779 forfeited SARs) to certain of its officers and directors under its 2013 Equity Incentive Plan. A summary of awards, simulation inputs, outputs and valuation methodology is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Model Inputs | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Weighted |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Risk-free | ​ | ​ | ​ | Average Fair | ​ | ​ | ​ | ​
​ | ​ | SARs | ​ | Exercise | ​ | Vesting | ​ | Grant | ​ | Dividend | ​ | rate of | ​ | Expected | ​ | Value @ | ​ | Average Expected | ​ | Valuation
Grant Date | ​ | Awarded | ​ | Price | ​ | Period | ​ | Price | ​ | Yield | ​ | Return | ​ | Volatility | ​ | grant date | ​ | Exercise Life | ​ | Method
12‑Mar‑14 |  | 22,118 | ​ | $ | 13.66 |  | 3 yrs | ​ | $ | 13.66 |  | 2.93 | % | 2.06 | % | 56.31 | % | $ | 4.17 |  | 4.6 – 5.0 yrs |  | Monte Carlo
01‑Sept‑14 |  | 5,595 | ​ | $ | 13.91 |  | 3 yrs | ​ | $ | 13.91 |  | 2.88 | % | 2.20 | % | 53.60 | % | $ | 4.20 |  | 4.5 – 5.0 yrs |  | Monte Carlo
06‑Mar‑15 |  | 37,797 | ​ | $ | 10.25 |  | 3 yrs | ​ | $ | 10.25 |  | 3.90 | % | 1.90 | % | 61.38 | % | $ | 2.98 |  | 4.2 – 5.0 yrs |  | Monte Carlo
15‑Jan‑16 |  | 205,519 | ​ | $ | 9.20 |  | 3 yrs | ​ | $ | 9.20 |  | 6.63 | % | 1.79 | % | 58.09 | % | $ | 2.20 |  | 4.0 – 5.0 yrs |  | Monte Carlo
04‑Apr‑18 |  | 1,719,733 | ​ | $ | 7.40 |  | 3 yrs | ​ | $ | 7.40 |  | 0 | % | 2.51 | % | 40.59 | % | $ | 2.67 |  | 4.25 yrs |  | Black-Scholes
07‑Mar‑19 | ​ | 560,000 | ​ | $ | 5.10 | ​ | 3 yrs | ​ | $ | 5.10 | ​ | 0 | % | 2.43 | % | 43.65 | % | $ | 2.00 | ​ | 4.5 yrs | ​ | Black-Scholes
04‑Mar‑20 | ​ | 549,020 | ​ | $ | 5.25 | ​ | 3 yrs | ​ | $ | 5.25 | ​ | 0 | % | 0.73 | % | 46.42 | % | $ | 2.04 | ​ | 4.5 yrs | ​ | Black-Scholes
04‑Mar‑21 | ​ | 610,691 | ​ | $ | 4.28 | ​ | 3 yrs | ​ | $ | 4.28 | ​ | 0 | % | 0.66 | % | 55.39 | % | $ | 1.93 | ​ | 4.5 yrs | ​ | Black-Scholes
​ Changes in the SARs for the nine months ended September 30, 2021 are set forth below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |
​ | ​ |  | ​ | Weighted average
​ |  | No. of SARs |  | exercise price
Balance as at January 1, 2021 |  | 3,094,003 | ​ | $ | 6.80
SARs granted during the nine months ended September 30, 2021 | ​ | 610,691 | ​ | $ | 4.28
SARs forfeited during the nine months ended September 30, 2021 | ​ | — | ​ | ​ | —
Balance as at September 30, 2021 (none of which are exercisable or convertible) |  | 3,704,694 | ​ | $ | 6.40
​ The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below: ​
​ | ​ | ​ | ​
Period | ​ | ​ | TOTAL
2021 (1) | ​ | $ | 284,886
2022 | ​ | ​ | 828,434
2023 | ​ | ​ | 455,100
2024 | ​ | ​ | 65,480
​ | ​ | $ | 1,633,900
| (1) | Three-month period ending December 31, 2021.
​ 6. Share-based compensation (continued) Restricted stock units As at September 30, 2021, the Company had granted 791,857 restricted stock units (“RSUs”) to certain of its officers and directors under its 2013 Equity Incentive Plan, of which 403,249 had vested. A summary of awards is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grant Date |  | RSUs Awarded |  | Service Period |  | Grant Price
02-Jan-19 | ​ | 176,659 |  | 2 years | ​ | $ | 4.64
07-Mar-19 | ​ | 86,210 |  | 3 years | ​ | $ | 5.10
28-May-19 | ​ | 59,237 |  | 1 year | ​ | $ | 7.47
04-Mar-20 | ​ | 94,105 |  | 3 years | ​ | $ | 5.25
29-May-20 |  | 78,510 |  | 1 year | ​ | $ | 5.84
04-Mar-21 | ​ | 56,957 | ​ | 1 year | ​ | $ | 4.28
04-Mar-21 | ​ | 144,596 | ​ | 3 years | ​ | $ | 4.28
07-Jun-21 | ​ | 95,583 | ​ | 1 year | ​ | $ | 4.31
​ Changes in the RSUs for the nine months ended September 30, 2021 are set forth below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average
​ | ​ | ​ | ​ | fair value at grant
​ | ​ | No. of RSUs | ​ | date
Balance as at January 1, 2021 |  | 318,417 |  | $ | 5.19
RSUs granted during the nine months ended September 30, 2021 | ​ | 297,136 | ​ | $ | 4.29
RSUs vested during the nine months ended September 30, 2021 | ​ | (226,945) | ​ | $ | (5.20)
Balance as at September 30, 2021 (none of which are vested) |  | 388,608 | ​ | $ | 4.50
​ The total cost related to non-vested RSU awards expected to be recognized through 2024 is set forth below: ​
​ | ​ | ​ | ​
Period |  | ​ | TOTAL
2021 (1) | ​ | $ | 293,317
2022 | ​ | ​ | 607,681
2023 | ​ | ​ | 233,738
2024 | ​ | ​ | 34,382
​ | ​ | $ | 1,169,118
| (1) | Three-month period ending December 31, 2021.
​ 6. Share-based compensation (continued) Dividend equivalent rights As at September 30, 2021, the Company had granted 1,146,517 dividend equivalent rights (“DERs”) to certain of its officers and directors under its 2013 Equity Incentive Plan. A summary of awards, simulation inputs, outputs and valuation methodology is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Model Inputs
​ |  | DERs |  | Service |  | Fair |  | Dividend |  | Risk-free rate |  | Expected |  | Valuation
Grant Date | ​ | Awarded | ​ | Period | ​ | Value | ​ | Yield | ​ | of Return | ​ | Volatility | ​ | Method
04-Nov-19 | ​ | 1,146,517 | ​ | 2 yrs | ​ | $0.49 | ​ | 2.93 | % | 2.06 | % | 30.22 | % | Monte Carlo
​ Changes in the DERs for the nine months ended September 30, 2021 are set forth below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average fair
​ | ​ | No. of DERs | ​ | value at grant date
Balance as at January 1, 2021 |  | 1,146,517 |  | $ | 0.49
DERs granted during the nine months ended September 30, 2021 | ​ | — | ​ | ​ | —
DERs forfeited during the nine months ended September 30, 2021 | ​ | — | ​ | ​ | —
Balance as at September 30, 2021 (none of which are vested) |  | 1,146,517 | ​ | $ | 0.49
​ The total cost related to non-vested DER awards expected to be recognized through 2021 is set forth below: ​
​ | ​ | ​ | ​
Period | ​ | ​ | TOTAL
2021 (1) | ​ | $ | 23,408
​ | ​ | $ | 23,408
| (1) | Three-month period ending December 31, 2021

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