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Share-based compensation | 6 Months Ended
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Jun. 30, 2022
Share-based compensation. |
Share-based compensation | 6. Share-based compensation Stock appreciation rights As at June 30, 2022, 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 six months ended June 30, 2022 are set forth below in full numbers: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |
​ | ​ |  | ​ | Weighted average
​ |  | No. of SARs |  | exercise price
Balance as at January 1, 2022 |  | 3,704,694 | ​ | $ | 6.40
SARs granted during the six months ended June 30, 2022 | ​ | — | ​ | ​ | —
SARs forfeited during the six months ended June 30, 2022 | ​ | — | ​ | ​ | —
Balance as at June 30, 2022 (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 in thousands of U.S. Dollars: ​
​ | ​ | ​ | ​
Period | ​ | ​ | TOTAL
2022(1) | ​ | $ | 383
2023 | ​ | ​ | 455
2024 | ​ | ​ | 65
​ | ​ | $ | 903
(1) Six-month period ending December 31, 2022 ​ 6. Share-based compensation (continued) Restricted stock units As at June 30, 2022, the Company had granted 1,604,270 restricted stock units (“RSUs”) to certain of its officers and directors under its 2013 Equity Incentive Plan, of which 716,868 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 | ​ | 302,923 | ​ | 3 years | ​ | $ | 4.28
07-Jun-21 | ​ | 95,583 | ​ | 1 year | ​ | $ | 4.31
30-Mar-22 | ​ | 593,671 | ​ | 3 years | ​ | $ | 4.54
07-Jun-22 | ​ | 60,415 | ​ | 1 year | ​ | $ | 8.07
​ Changes in the RSUs for the six months ended June 30, 2022 are set forth below in thousands of U.S. Dollars: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average
​ | ​ | ​ | ​ | fair value at grant
​ | ​ | No. of RSUs | ​ | date
Balance as at January 1, 2022 |  | 546,935 |  | $ | 4.44
RSUs granted during the six months ended June 30, 2022 | ​ | 654,086 | ​ | $ | 4.87
RSUs vested during the six months ended June 30, 2022 | ​ | (313,619) | ​ | $ | (4.46)
Balance as at June 30, 2022 (none of which are vested) |  | 887,402 | ​ | $ | 4.75
​ The total cost related to non-vested RSU awards expected to be recognized through 2024 is set forth below: ​
​ | ​ | ​ | ​
Period |  | ​ | TOTAL
2022(1) | ​ | $ | 991
2023 | ​ | ​ | 1,561
2024 | ​ | ​ | 970
2025 | ​ | ​ | 225
​ | ​ | $ | 3,747
(1) Six-month period ending December 31, 2022 ​

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