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STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
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.