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Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2022

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

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rate of

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Expected

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Value @

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Average Expected

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Valuation

Grant Date

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Awarded

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Price

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Period

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Price

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Yield

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Return

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Volatility

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grant date

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Exercise Life

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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

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$

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

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$

9.20

3 yrs

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$

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

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$

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

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3 yrs

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$

5.10

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0

%

2.43

%

43.65

%

$

2.00

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4.5 yrs

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Black-Scholes

04‑Mar‑20

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549,020

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$

5.25

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3 yrs

​

$

5.25

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0

%

0.73

%

46.42

%

$

2.04

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4.5 yrs

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Black-Scholes

04‑Mar‑21

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610,691

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$

4.28

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3 yrs

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$

4.28

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0

%

0.66

%

55.39

%

$

1.93

​

4.5 yrs

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Black-Scholes

Schedule of changes in the Stocks

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

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​	​	​	​	​	​
​		​
​	​		​	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

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 in thousands of U.S. Dollars:

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​	​	​	​
Period	​	​	TOTAL
2022(1)	​	$	383
2023	​	​	455
2024	​	​	65
​	​	$	903

(1) Six-month period ending December 31, 2022

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	​	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

Schedule of changes in the Stocks

Changes in the RSUs for the six months ended June 30, 2022 are set forth below in thousands of U.S. Dollars:

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​	​	​	​	​	​
​		​		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

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
2022(1)	​	$	991
2023	​	​	1,561
2024	​	​	970
2025	​	​	225
​	​	$	3,747

(1) Six-month period ending December 31, 2022

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

+ 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
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
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