Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

A summary of our restricted share awards from January 1, 2024 to December 31, 2024 is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024	2,733,532	$	6.84
Granted	1,456,506	8.03
Vested	(1,417,634)	6.61
Forfeited	(45,077)	7.49
Unvested balance at December 31, 2024	2,727,327	$	7.58

Summary of Additional Information on Restricted Share Awards and Performance Share Awards

The following table provides additional information on our restricted share awards for the years ended December 31, 2024, 2023 and 2022 ($ in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Weighted-average grant date fair value	$	8.03	$	6.77	$	8.20
Fair value of vested restricted share awards	$	11,681	$	7,260	$	13,086
Share-based compensation expense	$	9,974	$	9,130	$	8,665

The following table provides additional information on our performance share awards for the years ended December 31, 2024, 2023 and 2022 ($ in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Weighted-average grant date fair value	$	7.39	$	6.88	$	8.10
Fair value of vested performance share awards	$	9,528	$	—	$	130
Share-based compensation expense	$	4,935	$	4,077	$	3,227

Summary of Key Inputs Used in Monte-Carlo Simulation

The table below summarizes the key inputs used in the Monte-Carlo simulation ($ in thousands):


Performance Award Grant Date	Percentage of Total Award		Grant Date Fair Value by Component		Volatility (1)		Interest Rate (2)		Dividend Yield
January 4, 2022
Peer Shareholder Return	50	%	$	1,689	67.79	%	1.01	%	—	%
Growth Rate	50	%	$	1,346	67.79	%	1.01	%	—	%
January 18, 2023
Peer Shareholder Return	50	%	$	2,751	71.82	%	3.70	%	—	%
Growth Rate	50	%	$	2,194	71.82	%	3.70	%	—	%
January 17, 2024
Peer Shareholder Return	50	%	$	2,915	39.05	%	4.09	%	—	%
Growth Rate	50	%	$	2,066	39.05	%	4.09	%	—	%
February 8, 2024
Growth Rate	100	%	$	4,369	38.21	%	4.20	%	—	%

________

(1) Expected volatility was determined based on Playa's historical share prices.

(2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period.

Summary of Performance Share Awards

A summary of our performance share awards from January 1, 2024 to December 31, 2024 is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024	2,048,350	$	6.34
Granted	1,509,519	7.39
Vested	(1,174,808)	5.38
Forfeited	(24,130)	6.01
Unvested balance at December 31, 2024	2,358,931	$	7.35

Playa Hotels & Resorts N.V. 10-K