6. Share-based Compensation Time Restricted stock units (“TRSUs”) Changes in the TRSUs for the six months ended June 30, 2025 are set forth below: | | | | | | | | | | Weighted average | | | Number of | | fair value at grant | | | TRSUs | | date | Balance as of January 1, 2025 | | 283,757 | | $ | 13.04 | TRSUs granted during the six months ended June 30, 2025 | | 170,481 | | $ | 9.53 | TRSUs vested during the six months ended June 30, 2025 | | (208,775) | | $ | (7.97) | Balance as of June 30, 2025 (none of which are vested) | | 245,463 | | $ | 14.92 |
The total cost related to non-vested TRSU awards expected to be recognized through 2028 is set forth below in thousands of U.S. Dollars: | | | | Period | | | TOTAL | 2025(1) | | $ | 865 | 2026 | | | 1,040 | 2027 | | | 443 | 2028 | | | 63 | | | $ | 2,411 |
| (1) | Six-month period ending December 31, 2025 |
Performance-Based Restricted stock units (“PRSUs”) Changes in the PRSUs for the six months ended June 30, 2025 are set forth below: | | | | | No. of PRSUs | Balance as of January 1, 2025 | | 86,607 | PRSUs granted during the six months ended June 30, 2025 | | 51,537 | PRSUs vested during the six months ended June 30, 2025 | | — | Balance as of June 30, 2025 (none of which are vested) | | 138,144 |
The total cost related to non-vested PRSU awards expected to be recognized through 2028 is set forth below in thousands of U.S. Dollars: | | | | Period | | | TOTAL | 2025(1) | | $ | 314 | 2026 | | | 471 | 2027 | | | 254 | 2028 | | | 36 | | | $ | 1,075 |
| (1) | Six-month period ending December 31, 2025 |
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