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Share-based compensation (Tables)

9 Months Ended

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:

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Model Inputs

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Weighted

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Risk-free

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Average Fair

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SARs

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Exercise

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Vesting

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Grant

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Dividend

​

rate of

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Expected

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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

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$

7.40

3 yrs

​

$

7.40

0

%

2.51

%

40.59

%

$

2.67

4.25 yrs

Black-Scholes

07‑Mar‑19

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560,000

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$

5.10

​

3 yrs

​

$

5.10

​

0

%

2.43

%

43.65

%

$

2.00

​

4.5 yrs

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Black-Scholes

04‑Mar‑20

​

549,020

​

$

5.25

​

3 yrs

​

$

5.25

​

0

%

0.73

%

46.42

%

$

2.04

​

4.5 yrs

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Black-Scholes

04‑Mar‑21

​

610,691

​

$

4.28

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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:

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​	​	​	​	​	​
​		​
​	​		​	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:

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​	​	​	​
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:

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​	​	​	​	​	​	​	​
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:

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​	​	​	​	​	​
​		​		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:

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​	​	​	​
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.

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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:

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Model Inputs

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DERs

Service

Fair

Dividend

Risk-free rate

Expected

Valuation

Grant Date

​

Awarded

​

Period

​

Value

​

Yield

​

of Return

​

Volatility

​

Method

04-Nov-19

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1,146,517

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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:

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​	​	​	​	​	​
​		​		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:

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​	​	​	​
Period	​	​	TOTAL
2021 (1)	​	$	23,408
​	​	$	23,408

(1) Three-month period ending December 31, 2021

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

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