Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.10.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Compensation Options Activity
The following table summarizes the activity of common stock options for the period from the date of the Business Combination of May 4, 2016 through the year ended December 31, 2018, which includes both the Eco Services Class B Units that were canceled and replaced, as well as the PQ Holdings options that were exchanged as part of the Business Combination:
 
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value
(in thousands)
Granted/assumed on May 4, 2016 in connection with the Business Combination
 
1,738,527

 
$
7.80

 
 
 
 
Granted
 
538,908

 
$
8.05

 
 
 
 
Forfeited
 
(478,997
)
 
$
7.49

 
 
 
 
Outstanding at December 31, 2016
 
1,798,438

 
$
7.96

 

 

Granted
 
1,051,496

 
$
13.70

 

 

Exercised
 
(32,366
)
 
$
8.04

 
 
 

Forfeited
 
(102,398
)
 
$
7.98

 
 
 

Outstanding at December 31, 2017
 
2,715,170

 
$
10.18

 

 

Granted
 
241,316

 
$
17.50

 
 
 
 
Exercised
 
(15,332
)
 
$
8.51

 
 
 
 
Outstanding at December 31, 2018
 
2,941,154

 
$
10.79

 
7.71
 
$
14,452

Exercisable at December 31, 2018
 
1,629,969

 
$
10.19

 
7.71
 
$
8,748

 
 
 
 
 
 
 
 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of PQ Group Holdings common stock options granted during the years ended December 31, 2018, 2017 and 2016 were determined on the respective grant dates using a Black-Scholes option pricing model with the following weighted-average assumptions:
 
 
2018
 
2017
 
2016
Expected term (in years)
 
5.75

 
5.85

 
5.00

Expected volatility
 
26.38
%
 
34.85
%
 
45.79
%
Risk-free interest rate
 
2.86
%
 
2.00
%
 
1.54
%
Expected dividend yield
 
0.00
%
 
0.00
%
 
0.00
%
Weighted average grant date fair value of options granted
 
$
5.47

 
$
4.71

 
$
3.33

 
 
 
 
 
 
 
Nonvested Restricted Stock Shares Activity
The following table summarizes the activity of restricted stock awards and restricted stock units for the period from the date of the Business Combination of May 4, 2016 through the year ended December 31, 2018, which includes the PQ Holdings restricted stock awards that were exchanged as part of the Business Combination:
 
 
Restricted Stock Awards
 
Restricted Stock Units
 
 
Number of
Shares
 
Weighted Average Grant Date Fair Value (per share)
 
Number of
Units
 
Weighted Average Grant Date Fair Value (per share)
Granted/assumed on May 4, 2016 in connection with the Business Combination
 
2,444,070

 
$
9.27

 
—

 
$
—

Granted
 
266,955

 
$
12.32

 
—

 
$
—

Vested
 
(207,915
)
 
$
12.32

 
—

 
$
—

Forfeited
 
(20,178
)
 
$
10.52

 
—

 
$
—

Nonvested as of December 31, 2016
 
2,482,932

 
$
9.34

 
—

 
$
—

Granted
 
51,907

 
$
16.11

 
1,654,690

 
$
16.97

Vested
 
(187,837
)
 
$
12.84

 
—

 
$
—

Forfeited
 
(250,365
)
 
$
12.03

 
—

 
$
—

Nonvested as of December 31, 2017
 
2,096,637

 
$
8.87

 
1,654,690

 
$
16.97

Granted
 
14,498

 
$
13.80

 
161,598

 
$
16.12

Vested
 
(223,298
)
 
$
12.18

 
(797,859
)
 
$
16.97

Forfeited
 
(117,177
)
 
$
8.04

 
(19,643
)
 
$
16.97

Nonvested as of December 31, 2018
 
1,770,660

 
$
8.39

 
998,786

 
$
16.83