Share-based compensation

12 Months Ended

Dec. 31, 2020

19.	Share-based compensation

RSUs

The Company has granted RSUs to select officers, employees, non-employee members of the board of directors and select non-employees under the Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date and other fair value adjustments to account for a post-vesting holding period. These fair value adjustments were estimated based on the Finnerty model.

The following table summarizes the RSU activity for the year ended December 31, 2020:

	Restricted Share Units			Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2019		3,137,415		$	13.44
Granted		109,409			14.47
Vested		(1,507,633	)		13.47
Forfeited		(201,131	)		13.51
Non-vested RSUs as of December 31, 2020		1,538,060		$	13.49

The following table summarizes the share-based compensation expense for the Company’s RSUs recorded for the year ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020		2019
Operations and maintenance	$	800	$	853
Selling, general and administrative		7,943		40,594
Total share-based compensation expense	$	8,743	$	41,447

For the years ended December 31, 2020 and 2019, cumulative compensation expense recognized for forfeited RSU awards of $914 and $2,248, respectively, was reversed. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized.

As of December 31, 2020, the Company had 1,538,060 non-vested RSUs subject to service conditions and had unrecognized compensation costs of approximately $8,211. The non-vested RSUs will vest over a period from ten months to three years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 1.03 years as of December 31, 2020.

Performance Share Units (“PSUs”)

During the first quarter of 2020, the Company granted 1,109,777 PSUs to certain employees and non-employees. The PSUs contain a performance condition, and vesting will be determined based on achievement of a performance metric for the year ended December 31, 2021. The number of shares that will vest can range from zero to 2,219,554. For the year ended December 31, 2020, the Company determined that it was not probable that the performance condition required for any of the PSUs to vest would be achieved, and as such, no compensation expense has been recognized in the consolidated statements of operations and comprehensive loss. Unrecognized compensation costs if the maximum amount of shares were to vest based on the achievement of the performance condition was $30,864, and the weighted-average remaining vesting period of non-vested PSUs was one year as of December 31, 2020.