SHARE-BASED COMPENSATION |
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION
Management Incentive Plan — On the Effective Date, the Compensation Committee of Old Bristow’s Board adopted the 2019 Management Incentive Plan (the “MIP”). At the time of its adoption, the MIP served as an equity-based compensation plan for directors, officers and participating employees and other service providers of Old Bristow and its affiliates, pursuant to which Old Bristow was permitted to issue awards covering shares of the Old Bristow Common Stock and Old Bristow Preferred Stock. Upon the closing of the Merger, awards granted under the MIP converted into shares of the Company.
2012 Incentive Plan — Era adopted the Era Group Inc. 2012 Incentive Plan (“2012 Incentive Plan”) under which a maximum of 4,000,000 shares of its common stock at par value of $0.01 per share were reserved for issuance. The 2012 Incentive Plan allowed awards to be granted in the form of stock options, stock appreciation rights, shares of restricted stock, other share-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants.
2021 Equity Incentive Plan — In August 2021, the Company adopted the 2021 Equity Incentive Plan (the “LTIP”). Upon adoption, the LTIP replaced the 2012 Incentive Plan and MIP (collectively the “Pre-existing Plans”). The aggregate number of shares of common stock reserved and available for issuance pursuant to awards granted under the LTIP are (a) 1,640,000 Shares minus (b) one share for each share issued under awards granted under the Pre-existing Plans on or after June 1, 2021, through the adoption date of the LTIP, and plus (c) the number of shares subject to awards under the Pre-existing Plans that are forfeited or expire and become available for issuance under the terms of the LTIP. The LTIP allows for awards to be granted in the form of stock options, stock appreciation rights, shares of restricted stock, other share-based awards (payable in cash or common stock) or performance awards, or any combination thereof, and may be made to outside directors, employees or consultants. Shares underlying awards that expire, terminate, are cancelled, or forfeited to the Company, or are settled in cash may be reused for subsequent awards. As of March 31, 2022, 1,230,296 shares remained available to grant under the 2012 Incentive Plan.
Restricted Stock. During the fiscal year ended March 31, 2022, the number of shares and the weighted average grant price of restricted stock transactions were as follows:
As of March 31, 2022, the Company had approximately $15.9 million in total unrecognized compensation costs associated with these awards, and the weighted average period over which it is expected to be recognized is 1.8 years.
Stock Options. During the fiscal year ended March 31, 2022, the stock options transactions were as follows:
As of March 31, 2022, the Company had approximately $2.3 million in total unrecognized compensation costs associated with these awards, and the weighted average period over which it is expected to be recognized is 1.4 years. The weighted average remaining contractual term on the non-vested stock options is 7.3 years and 6.4 years on the vested and exercisable stock options. As of March 31, 2022, the weighted average exercise price of the vested and exercisable stock options was $28.03 and had and aggregate intrinsic value of $2.6 million.
The Company utilizes the Black-Scholes option valuation model for estimating the fair value of its stock options and awards granted after the Merger vest on a cliff-basis after three years. The Company grants non-performance based restricted stock units that vest over a three year period and Cash Return on Invested Capital (“ROIC”) awards at grant date fair values derived using the Company’s closing stock price on the day the awards are granted and also vest over a three year period. The grant date fair values on performance-based restricted stock units (“PSUs”) and Total Stock Return (“TSR”) awards are determined under a Monte Carlo Simulation in a risk-neutral framework using Geometric Brownian Motion and will vest on a cliff-basis, after three years, subject to certain stock price performance targets.
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