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Share-based compensation | 12 Months Ended
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Dec. 31, 2024
Share-based compensation. |
Share-based compensation | 15. Share-based compensation Stock appreciation rights As of December 31, 2024, no SARs were outstanding under the Company’s 2013 Equity Incentive Plan. ​ Changes in the SARs for the year ended December 31, 2024 are set forth below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |
​ | ​ |  | ​ | Weighted average
​ |  | No. of SARs |  | exercise price
Balance as of January 1, 2024 |  | 176,360 | ​ | $ | 4.28
SARs granted during the year ended December 31, 2024 | ​ | — | ​ | ​ | —
SARs exercised during the year ended December 31, 2024 | ​ | (176,360) | ​ | $ | (4.28)
Balance as of December 31, 2024 (none of which are exercisable or convertible) |  | — | ​ | $ | -
​ ​ Time Restricted stock units ​ As of December 31, 2024, the Company has granted 2,017,203 TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in three equal annual tranches from the date of grant. Changes in the TRSUs for the year ended December 31, 2024 is set forth below: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ |  | ​ |  | Weighted average |  | ​ |  | Weighted average | ​ | ​ |  | Weighted average
​ | ​ | Number of | ​ | fair value at grant |  | Number of | ​ | fair value at grant | ​ | Number of | ​ | fair value at grant
​ | ​ | TRSUs | ​ | date |  | TRSUs | ​ | date | ​ | TRSUs | ​ | date
Balance as of January 1 |  | 677,739 |  | $ | 7.70 | ​ | 908,209 | ​ | $ | 5.31 | ​ | 546,935 | ​ | $ | 4.44
TRSUs granted during the year | ​ | 134,175 | ​ | $ | 16.99 | ​ | 172,034 | ​ | $ | 14.70 | ​ | 760,810 | ​ | $ | 5.50
TRSUs vested during the year | ​ | (528,157) | ​ | $ | (7.19) | ​ | (402,504) | ​ | $ | (5.30) | ​ | (399,536) | ​ | $ | (4.47)
Balance as of December 31, 2024 (none of which are vested) |  | 283,757 | ​ | $ | 13.04 | ​ | 677,739 | ​ | $ | 7.70 | ​ | 908,209 | ​ | $ | 5.31
​ ​ The total cost related to non-vested awards expected to be recognized through 2027 is set forth below: ​
​ | ​ | ​
In thousands of U.S. Dollars | ​ | ​
Period |  | TOTAL
2025 | ​ | 1,272
2026 | ​ | 457
2027 | ​ | 67
​ | ​ | 1,796
​ Performance-Based Restricted stock units ​ As of December 31, 2024, the Company has granted 86,607 PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in one tranche to the extent earned which are contingent upon the Company’s relative total shareholder return (“TSR”), which represents a market condition, and the grantee’s continued employment with the Company through the vesting date. ​ The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 30 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards is being amortized over the service period. ​ Changes in the PRSUs for the year ended December 31, 2024 is set forth below: ​
​ | ​ | ​ | ​
​ | For the years ended December 31
​ | 2024 | ​ | 2023
​ | Number of PRSUs | ​ | Number of PRSUs
Outstanding as of January 1 | 38,713 | ​ | -
Granted | 47,894 | ​ | 38,713
Vested | - | ​ | -
​ | ​ | ​ | ​
Balance as of December 31, 2024 | 86,607 | ​ | 38,713
​ Significant inputs used in the estimation of the fair value of these awards granted during 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​
​ | ​ | 2024 | 2023
Closing share price of our common stock | ​ | $16.25 | $18.53
Risk-free rate of return | ​ | 4.27% | 4.56%
Expected volatility of our common stock | ​ | 52.11% | 67.33%
Holding period discount | ​ | 0.00% | 0.00%
Simulation term (in years) | ​ | 3.00 | 3.00
​ ​ The total cost related to non-vested awards expected to be recognized through 2027 is set forth below: ​
​ | ​ | ​
In thousands of U.S. Dollars | ​ | ​
Period |  | TOTAL
2025 | ​ | 412
2026 | ​ | 254
2027 | ​ | 37
​ | ​ | 703
​

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