Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation - (Tables)

v3.24.0.1
Stock-Based Compensation - (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Options Activity
The following table summarizes the activity of common stock options for the period from December 31, 2020 through the year ended December 31, 2023:
Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2020 2,173,331  $ 9.84  (1)
Exercised (208,500) $ 3.56 
Forfeited (39,996) $ 3.53 
Expired (40,484) $ 14.52 
Outstanding at December 31, 2021 1,884,351  $ 6.99  (2)
Exercised (199,970) $ 3.06 
Forfeited (51,860) $ 3.98 
Expired (111,524) $ 11.97 
Outstanding at December 31, 2022 1,520,997  $ 7.24 
Exercised (197,941) $ 2.58 
Forfeited (284,956) $ 3.39 
Expired (328,677) $ 12.36 
Outstanding at December 31, 2023 709,423  $ 7.73  3.14 $ 2,322 
Exercisable at December 31, 2023 709,423  $ 7.73  3.14 $ 2,322 
(1)On December 14, 2020, the Company’s Board of Directors declared a special cash dividend of $1.80 per share to the stockholders of record at the close of business on December 31, 2020, using after tax cash proceeds and cash on hand from the sale of the Performance Materials business. This reflects the impact of the reduction in the strike price on all outstanding vested and unvested stock options by $1.80 per share.
(2)Reflects the impact of the reduction in the strike price on all outstanding vested and unvested stock options by $3.20 per share as described above.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table shows the weighted average assumptions for each of the unvested grants:
2023 Grants 2022 Grants 2021 Grants
Expected dividend yield —  % —  % —  %
Risk-free interest rate 3.80  % 1.51  % 0.20  %
Expected volatility 48.82  % 44.51  % 41.70  %
Expected term (in years) 2.96 2.91 2.95
Schedule of Nonvested Restricted Stock Awards, Restricted Stock Units and Performance Stock Unit Activity
The following table summarizes the activity of restricted stock awards, restricted stock units and performance stock units for the period from December 31, 2020 through the year ended December 31, 2023:
Restricted Stock Awards Restricted Stock Units Performance Stock Units
Number of
Shares		 Weighted Average Grant Date Fair Value (per share) Number of
Units		 Weighted Average Grant Date Fair Value (per share) Number of
Units		 Weighted Average Grant Date Fair Value (per share)
Nonvested as of December 31, 2020 897,015  $ 13.80  (1) 1,841,139  $ 16.14  965,736  (2) $ 17.69 
Granted —  $ —  1,697,623  $ 15.39  211,985  $ 13.21 
Vested —  $ —  (773,619) $ 16.00  —  $ — 
Forfeited (263,291) $ 15.31  (1) (257,722) $ 16.03  (60,166) $ 17.11 
Nonvested as of December 31, 2021 633,724  $ 15.84  (1) 2,507,421  $ 15.68  1,117,555  (2) $ 16.91 
Granted —  $ —  2,779,690  $ 10.28  295,132  $ 8.82 
Vested (84,903) $ 8.83  (1,550,969) $ 15.08  (496,442) $ 15.41 
Forfeited (271,765) $ 15.84  (1,271,424) $ 12.27  (276,713) $ 12.33 
Nonvested as of December 31, 2022 277,056  $ 15.66  2,464,718  $ 11.73  639,532  (2) $ 16.32 
Granted 5,081  $ 9.84  1,195,835  $ 9.84  721,537  $ 12.28 
Vested (5,081) $ 9.84  (1,436,301) $ 11.84  (200,204) $ 20.16 
Forfeited (277,056) $ 15.66  (261,424) $ 11.27  (201,648) $ 18.57 
Nonvested as of December 31, 2023 —  $ —  1,962,828  $ 10.55  959,217  (2) $ 11.84 
(1)    Reflects the impact of the modification on all unvested restricted stock awards as described above.
(2)    Based on target.