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:

Changes in the SARs for the six months ended June 30, 2022 are set forth below in full numbers:

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:

(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