EQUITY-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2019 |
Schedule of equity option activity and related information |
| | | | | | | | | | | | | For the six months ended June 30, 2019 | | | | | | | | Weighted-average | | | | | | | | Weighted-average | | Remaining Contractual | | Aggregate Intrinsic | | | Stock Options | | Exercise Price | | Term (Years) | | Value (in thousands) (a) | Beginning balance, outstanding | | 3,865,678 | | $ | 16.00 | | 4.9 | | $ | 19 | Granted | | — | | | — | | | | | | Exercised | | — | | | — | | | | | | Forfeited | | (12,459) | | | 17.83 | | | | | | Expired | | (27,303) | | | 22.21 | | | | | | Ending balance, outstanding | | 3,825,916 | | $ | 15.95 | | 4.7 | | $ | 2,516 | Ending balance, exercisable | | 3,373,046 | | $ | 15.26 | | 4.3 | | $ | 2,189 | Nonvested at end of period | | 452,870 | | $ | 21.06 | | | | | |
(a) Aggregate intrinsic value for stock options is based on the difference between the exercise price of the stock options and the quoted closing Class A Common Stock price of $11.61 and $6.32 as of June 28, 2019 and December 31, 2018, respectively.
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Schedule of percentage of stock settled incentives earned |
| | | Stock Price at Vesting Date(1) | | Percentage of Target Amount Earned | Less than $20.00 | | 0% | At least $20.00, but less than $25.00 | | 100% | $25.00 or greater | | 200% |
| (1) | The stock price at vesting date equals the greater of (i) the fair market value of a share of the Class A Common Stock on the vesting date, or (ii) the volume weighted average closing price of a share of the Class A Common Stock, as reported on the New York Stock Exchange (“NYSE”), for the 30 trading days preceding the vesting date. |
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Schedule of stock-settled incentive awards outstanding |
| | | | | | | | | | | | Award Value | | | Value at Target | | Being Recognized | Nonvested as of December 31, 2018 | | $ | 3,147 | | $ | 1,202 | Granted during 2019 | | | — | | | — | Forfeited during 2019 | | | (210) | | | (80) | Nonvested as of June 30, 2019 | | $ | 2,937 | | $ | 1,122 |
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summary of ESPP activity |
The following table summarizes ESPP activity (in thousands, except shares): | | | | | | For the six months ended June 30, 2019 | Cash received for shares issued | | $ | 56 | Shares issued | | | 5,667 |
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Restricted Stock |
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Schedule of restricted stock activity |
| | | | | | | | For the six months ended June 30, 2019 | | | | | Weighted-average | | | Restricted Stock Awards | | Grant Date Fair Value | Nonvested at December 31, 2018 | | 496,945 | | $ | 19.02 | Granted | | 1,373,930 | | | 8.77 | Vested | | (255,582) | | | 18.80 | Forfeited | | (8,822) | | | 19.79 | Nonvested at June 30, 2019 | | 1,606,471 | | $ | 10.28 |
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Restricted Stock Units |
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Schedule of restricted stock activity |
| | | | | | | | For the six months ended June 30, 2019 | | | | | Weighted-average | | | Restricted Stock Units | | Grant Date Fair Value | Nonvested at December 31, 2018 | | 2,500 | | $ | 19.00 | Granted | | — | | | — | Vested | | (1,250) | | | 19.00 | Nonvested at June 30, 2019 | | 1,250 | | $ | 19.00 |
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Performance share units |
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Schedule of percentage of target PSUs earned |
| | | Return on Assets at Performance Period End Date | | Percentage of Target PSUs Earned | Less than 9.6% | | 0% | 9.6% | | 50% | 12% | | 100% | 14.4% | | 175% |
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Summary of activity related to the units outstanding |
| | | | | Performance Share Units | Nonvested as of December 31, 2018 | | 255,364 | Target shares granted | | 769,741 | Target shares vested | | — | Target shares forfeited | | (9,442) | Target shares outstanding as of June 30, 2019 | | 1,015,663 |
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