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Share-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Stock appreciation rights |
Share-based compensation |
Schedule of awards, simulation inputs and outputs | 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
Schedule of changes in the Stocks | 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
Schedule of cost related to non-vested awards expected to be recognized | 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.
Restricted stock units |
Share-based compensation |
Schedule of awards, simulation inputs and outputs | 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
Schedule of changes in the Stocks | 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
Schedule of cost related to non-vested awards expected to be recognized | 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 |
Share-based compensation |
Schedule of awards, simulation inputs and outputs | 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
Schedule of changes in the Stocks | 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
Schedule of cost related to non-vested awards expected to be recognized | 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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