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STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2020
Schedule of the stock option transactions |
|  | Number |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value(1) (In thousands) |  | Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2017 (Predecessor) |  | 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 (Predecessor) |  | 7,468,926 |  | $ | 8.34 |  | $ | — |  | 8.1
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Forfeited |  | (5,182,238) |  |  | 8.38 |  |  |  |  |
Cancelled(2) |  | (2,286,688) |  |  | 8.26 |  |  |  |  |
Outstanding at October 1, 2019 (Predecessor) |  | — |  | $ | — |  | $ | — |  | —
Outstanding at October 1, 2019 (Successor) |  | — |  | $ | — |  | $ | — |  | —
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2019 (Successor) |  | — |  | $ | — |  | $ | — |  | —
Granted |  | 557,844 |  |  | 28.32 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Forfeited |  | (79,692) |  |  | 28.32 |  |  |  |  |
Outstanding at December 31, 2020 (Successor) |  | 478,152 |  | $ | 28.32 |  | $ | — |  | 6.2
| (1) |  | The period end intrinsic value of stock options was calculated as the amount by which the closing market price on December 31, 2020 (Successor) and 2018 (Predecessor) 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 (Predecessor) 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.
| (2) |  | Immediately prior to emergence from chapter 11 bankruptcy, all outstanding options under the 2016 Plan were cancelled.
Schedule of outstanding options by exercise price range |
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 )
$ | 18.91 |  | 159,384 |  | $ | 18.91 |  | 6.2 |  | — |  | $ | — |  | $ | — |  | —
| 28.23 |  | 159,384 |  |  | 28.23 |  | 6.2 |  | — |  |  | — |  |  | — |  | —
| 37.83 |  | 159,384 |  |  | 37.83 |  | 6.2 |  | — |  |  | — |  |  | — |  | —
| (1) |  | At December 31, 2020 (Successor), none of the Company’s stock options were exercisable due to service performance conditions or options exercise prices above current market value of the underlying stock.
Schedule of the restricted stock transactions | The following table sets forth the restricted stock transactions for the periods indicated:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value(1) (In thousands)
Unvested outstanding shares at December 31, 2017 (Predecessor) |  | 745,507 |  | $ | 7.05 |  | $ | 5,643
Granted |  | 2,326,961 |  |  | 5.47 |  |  |
Vested |  | (537,411) |  |  | 5.89 |  |  |
Forfeited |  | (262,164) |  |  | 6.29 |  |  |
Unvested outstanding shares at December 31, 2018 (Predecessor) |  | 2,272,893 |  | $ | 5.80 |  | $ | 3,864
Granted |  | 4,163,348 |  |  | 1.29 |  |  |
Vested |  | (1,611,465) |  |  | 4.65 |  |  |
Accelerated vesting(2) |  | (2,724,086) |  |  | 2.07 |  |  |
Forfeited |  | (2,100,690) |  |  | 2.58 |  |  |
Unvested outstanding shares at October 1, 2019 (Predecessor) |  | — |  | $ | — |  | $ | —
Unvested outstanding shares at October 1, 2019 (Successor) |  | — |  | $ | — |  | $ | —
Granted |  | — |  |  | — |  |  |
Vested |  | — |  |  | — |  |  |
Forfeited |  | — |  |  | — |  |  |
Unvested outstanding shares at December 31, 2019 (Successor) |  | — |  | $ | — |  | $ | —
Granted |  | 987,590 |  |  | 9.46 |  |  |
Vested |  | — |  |  | — |  |  |
Forfeited |  | (113,456) |  |  | 9.36 |  |  |
Unvested outstanding shares at December 31, 2020 (Successor) |  | 874,134 |  | $ | 9.48 |  | $ | 3,287
| (1) |  | The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2020 (Successor) and 2018 (Predecessor) of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.8 million and $2.0 million for the period of January 1, 2019 through October 1, 2019 (Predecessor) and the year ended December 31, 2018 (Predecessor), respectively.
Immediately prior to emergence from chapter 11 bankruptcy, all outstanding unvested restricted stock under the 2016 Plan was vested
Restricted Stock |
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation |
|  | Successor |
|  | Year Ended |
|  | December 31, 2020 |
Weighted average value per performance based RSUs granted during the period |  | $ | 6.13 |
Assumptions: |  |  |  |
Stock price volatility(1) |  |  | 51.79 | %
Risk free rate of return |  |  | 1.22 | %
Expected term |  |  | 3.9 | years
Due to the Successor Company’s limited historical data, expected volatility was estimated using volatilities of peer entities as defined in the award agreements whose share prices and assumptions were publicly available.
Stock options |
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation |
|  | Successor |  |  |  | Predecessor |
|  | Year Ended |  |  |  | Year Ended |
|  | December 31, 2020 |  |  |  | December 31, 2018 |
Weighted average value per option granted during the period |  | $ | 3.36 |  |  |  | $ | 2.92 |
Assumptions: |  |  |  |  |  |  |  |  |
Stock price volatility(1) |  |  | 61.87 | % |  |  |  | 52.08 | %
Risk free rate of return |  |  | 1.21 | % |  |  |  | 2.63 | %
Expected term |  |  | 4.75 | years |  |  |  | 6 | years
| (1) |  | Due to the Successor and Predecessor Company’s limited historical data, expected volatility was estimated using volatilities of similar entities whose share or option prices and assumptions were publicly available.

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