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:

Changes in the SARs for the nine months ended September 30, 2021 are set forth below:

The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below:

(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