Quarterly report pursuant to Section 13 or 15(d)

Employee Benefits (Tables)

v3.23.1
Employee Benefits (Tables)
3 Months Ended
Mar. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Share-Based Compensation Expense Stock-based payments are recognized as expense for restricted stock units (“RSUs”), Restricted Stock Awards (“RSAs”), Performance Stock Units (“PSUs”) and options, net of estimated forfeitures, as follows:
For the Three Months Ended March 31,
2023 2022
(in thousands) $ $
Total stock-based compensation expense
2,167 9,174
Schedule of RSA and RSU Activity
The following table displays RSA activity and weighted average grant date fair values for the three months ended March 31, 2023:

RSAs Weighted average grant date fair value per RSA
Balance at January 1, 2023
570,314  $ 19.50 
Granted —  $ — 
Vested and issued (68,048) $ 33.76 
Forfeited (39,952) $ 7.95 
Balance at March 31, 2023
462,314  $ 21.03 
Vested and unissued at March 31, 2023
116,874  $ 12.47 
Unvested at March 31, 2023
345,440  $ 23.93 
The following table displays RSU activity and weighted average grant date fair values for the three months ended March 31, 2023:
RSUs
Weighted average grant date fair value per RSU1
Balance at January 1, 2023
702,823  $ 82.85 
Granted 19,400  $ 8.46 
Vested and issued (11,812) $ 132.61 
Forfeited (148,867) $ 87.26 
Balance at March 31, 2023
561,544  $ 77.83 
Vested and unissued at March 31, 2023
23,933  $ 76.19 
Unvested at March 31, 2023
537,611  $ 113.73 
(1) The calculation of weighted average grant date fair value excludes RSUs issued to Higi employees upon the acquisition of Higi during the period ended March 31, 2023.
Schedule of Performance Shares Activity
The following table displays PSU activity and weighted average fair values for the periods presented:
PSUs Weighted average fair value
Balance at January 1, 2023
624,000  $ 11.23 
Granted —  $ — 
Vested and issued —  $ — 
Forfeited / cancelled during the period (32,000) $ 8.58 
Balance at March 31, 2023
592,000  $ 11.73 
Vested and unissued at March 31, 2023
— 
Unvested at March 31, 2023
592,000  $ 11.73 
Schedule of Stock Options Outstanding
The following table displays option activity, aggregate intrinsic values, and weighted average exercise prices and remaining contractual lives for the three months ended March 31, 2023:
Weighted
average
exercise
price
Number of
options
Weighted average remaining contractual life in years
Aggregate intrinsic value
$ $’000
Outstanding at the beginning of the period
19.76 368,069 8.32 $ (4,723)
Granted during the period
N/A
Exercised during the period
0.01 (5,792) N/A $ (40)
Forfeited / cancelled during the period
21.04 (43,388) N/A
Outstanding at the end of the period
19.96 318,889 9.18 $ (4,846)
Exercisable at the end of the period
19.43 302,031 8.67 $ (4,427)