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STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2018
STOCKHOLDERS' EQUITY  
Schedule of the stock option transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Aggregate

 

Weidhted Average

 

 

 

 

Average

 

Intrinsic

 

Remaining

 

 

 

 

Exercise Price

 

Value (1)

 

Contractual Life

 

    

Number

    

Per Share

    

(In thousands)

    

(Years)

Outstanding at December 31, 2015 (Predecessor)

 

4,860,133

 

$

17.80

 

$

 —

 

 

8.4

Granted

 

 —

 

 

 —

 

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

 

Forfeited

 

(695,302)

 

 

21.17

 

 

 

 

 

 

Cancelled (2)

 

(4,164,831)

 

 

17.23

 

 

 

 

 

 

Outstanding at September 9, 2016 (Predecessor)

 

 —

 

$

 —

 

$

 —

 

 

 —

Outstanding at September 9, 2016 (Successor)

 

 —

 

$

 —

 

$

 —

 

 

 —

Granted

 

5,319,400

 

 

9.22

 

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

 

Forfeited

 

 —

 

 

 —

 

 

 

 

 

 

Outstanding at December 31, 2016 (Successor)

 

5,319,400

 

$

9.22

 

$

631

 

 

9.7

Granted

 

1,790,605

 

 

7.72

 

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

 

Forfeited

 

(374,102)

 

 

8.82

 

 

 

 

 

 

Outstanding at December 31, 2017 (Successor)

 

6,735,903

 

$

8.84

 

$

29

 

 

8.9

Granted

 

1,206,800

 

 

5.65

 

 

 

 

 

 

Exercised

 

(41,667)

 

 

7.75

 

 

29

 

 

 

Forfeited

 

(432,110)

 

 

8.68

 

 

 

 

 

 

Outstanding at December 31, 2018 (Successor)

 

7,468,926

 

$

8.34

 

$

 —

 

 

8.1

(1)       The period end intrinsic value of stock options was calculated as the amount by which the closing market price on December 31, 2018, 2017 and 2016 of the underlying stock exceeded the exercise price of the option.  The intrinsic value of stock options exercised during the year ended December 31, 2018 was calculated as the amount by which the market price at the time of exercise of the underlying stock exceeded the exercise price of the option. No stock options were exercised during the year ended December 31, 2017 or 2016.

(2)       Immediately prior to emergence from chapter 11 bankruptcy, all outstanding options under the Predecessor incentive plan were cancelled.

Schedule of outstanding options by exercise price range

Options outstanding at December 31, 2018 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

Exercisable(1)

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

Weighted Average

 

Remaining

 

 

 

Weighted Average

 

Aggregate

 

Remaining

Range of Grant

 

 

 

Exercise Price

 

Contractual Life

 

 

 

Exercise Price

 

Intrinsic

 

Contractual Life

Prices Per Share

    

Number

    

per Share

    

(Years )

    

Number

    

per Share

    

Value

    

(Years )

$5.65 - $7.75

 

2,783,493

 

$

6.85

 

8.7

 

 —

 

$

 —

 

$

 —

 

 —

$8.93 - $9.24

 

4,685,433

 

 

9.23

 

7.7

 

 —

 

 

 —

 

 

 —

 

 —

(1)

At December 31, 2018, none of the Company’s options were exercisable due to service performance conditions or option exercise prices above the current market value of the underlying stock.
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

September 10, 2016

 

 

 

Years Ended December 31, 

 

through

 

 

    

2018

    

2017

    

December 31, 2016

 

Weighted average value per option granted during the period

 

$

2.92

 

$

4.36

 

$

6.07

 

Assumptions:

 

 

 

 

 

 

 

 

 

 

Stock price volatility(1)

 

 

52.08

%  

 

60.18

%

 

56.29

%  

Risk free rate of return

 

 

2.63

%  

 

1.94

%

 

1.34

%  

Expected term

 

 

 6

years

 

 6

years

 

 6

years 

(1)

Due to the Company’s limited historical data, expected volatility was estimated using volatilities of similar entities whose share or option prices and assumptions were publicly available.
Schedule of the restricted stock transactions

The following table sets forth the restricted stock transactions for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Aggregate

 

 

 

 

Average Grant

 

Intrinsic

 

 

Number of

 

Date Fair Value

 

Value (1)

 

    

Shares

    

Per Share

    

(In thousands)

Unvested outstanding shares at December 31, 2015 (Predecessor)

 

2,870,405

 

$

7.55

 

$

3,617

Granted

 

 —

 

 

 —

 

 

 

Vested

 

(436,256)

 

 

18.50

 

 

 

Accelerated vesting (2)

 

(1,917,072)

 

 

5.39

 

 

 

Forfeited

 

(517,077)

 

 

6.31

 

 

 

Unvested outstanding shares at September 9, 2016 (Predecessor)

 

 —

 

$

 —

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested shares outstanding at September 9, 2016 (Successor)

 

 —

 

$

 —

 

$

 —

Granted

 

2,991,202

 

 

9.14

 

 

 

Vested

 

(1,253,125)

 

 

9.24

 

 

 

Forfeited

 

 —

 

 

 —

 

 

 

Unvested outstanding shares at December 31, 2016 (Successor)

 

1,738,077

 

$

9.06

 

$

16,234

Granted

 

2,022,432

 

 

7.07

 

 

 

Vested

 

(2,516,647)

 

 

8.39

 

 

 

Forfeited

 

(498,355)

 

 

7.41

 

 

 

Unvested outstanding shares at December 31, 2017 (Successor)

 

745,507

 

$

7.05

 

$

5,643

Granted

 

2,326,961

 

 

5.47

 

 

 

Vested

 

(537,411)

 

 

5.89

 

 

 

Forfeited

 

(262,164)

 

 

6.29

 

 

 

Unvested shares outstanding at December 31, 2018 (Successor)

 

2,272,893

 

$

5.80

 

$

3,864

(1)       The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2018, 2017 and 2016 of the underlying stock multiplied by the number of restricted shares. The total fair value of shares vested was $2.0 million, $16.1 million, $11.6 million and $0.9 million for the years ended December 31, 2018 and 2017, the period from September 10, 2016 through December 31, 2016, and the period from January 1, 2016 through September 9, 2016, respectively.

(2)       Immediately prior to emergence from chapter 11 bankruptcy, all outstanding unvested restricted stock under the Predecessor incentive plan were vested.