Stock-Based Compensation Awards (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

The Monte Carlo simulation incorporated the assumptions as presented in the following table:

Relative performance-based restricted stock units
Start price (1)	$	151.35
Valuation date stock price (2)	$	176.44
Expected volatility (3)	102.06		%
Risk-free interest rate (4)	3.82		%
Expected dividend yield (5)	—		%

(1)    The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2022, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.

(2)    The valuation date stock price represented the closing value on the grant date.

(3)    The expected volatility assumption was based on the historical volatility of the price of the Company’s stock.

(4)    The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date.

(5)    The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

The Monte Carlo simulation incorporated the assumptions as presented in the following table:

Relative performance-based restricted stock units
Start price (1)	$	53.29
Valuation date stock price (2)	$	61.09
Expected volatility (3)	106.48		%
Risk-free interest rate (4)	1.26		%
Expected dividend yield (5)	—		%

(1)    The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2021, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.

(2)    The valuation date stock price represented the closing price on the grant date.

(3)    The expected volatility assumption was based on the historical volatility of the price of the Company’s stock.

(4)    The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date.

(5)    The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

The Monte Carlo simulation incorporates the assumptions as presented in the following table:

Performance-based cash incentive awards
Start price (1)	$	53.29
Valuation date stock price (2)	$	61.09
Expected volatility (3)	106.48		%
Risk-free interest rate (4)	1.26		%
Expected dividend yield (5)	—		%

(1)    The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2021, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.

(2)    The valuation date stock price represented the closing price on the grant date.

(3)    The expected volatility assumption was based on the historical volatility of the price of the Company’s stock.

(4)    The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date.

(5)    The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

The Monte Carlo simulation incorporated the assumptions as presented in the following table:

Relative performance-based restricted stock units
Start price (1)	$	11.81
Valuation date stock price (2)	$	11.34
Expected volatility (3)	98.54		%
Risk-free interest rate (4)	0.18		%
Expected dividend yield (5)	—		%

(1)    The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2020, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.

(2)    The valuation date stock price represented the closing price on the grant date.

(3)    The expected volatility assumption was based on the historical volatility of the price of the Company’s stock.

(4)    The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date.

(5)    The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

The Monte Carlo simulation incorporates the assumptions as presented in the following table:

Performance-based cash incentive awards
Start price (1)	$	11.81
Valuation date stock price (2)	$	11.34
Expected volatility (3)	98.54		%
Risk-free interest rate (4)	0.18		%
Expected dividend yield (5)	—		%

(1)    The start price for the Company represented the average closing stock price over the twenty trading days ending on December 31, 2020, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.

(2)    The valuation date stock price represented the closing price on the grant date.

(3)    The expected volatility assumption was based on the historical volatility of the price of the Company’s stock.

(4)    The annual risk-free interest rate equaled the yield on the semi-annual zero coupon U.S. Treasury rates converted to continuously compounded rates that had a term equal to the length of the remaining performance measurement period as of the valuation date.

(5)    The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

Schedule of Restricted Stock Shares and Restricted Share Units Activity

Time-based restricted stock unit activity for the year ended December 31, 2023 is summarized in the following table: 

Time-based restricted stock unit activity:	Number of  Shares	Weighted-Average Grant  Date Fair Value
Non-vested shares outstanding at December 31, 2022	248,369	$	41.02
Granted	35,018	$	165.43
Vested (1)	(178,664)	$	54.50
Forfeited	(837)	$	149.38
Non-vested shares outstanding at December 31, 2023	103,886	$	58.91

(1) Includes 6,753 shares with deferred settlement pursuant to the award agreements.

Schedule of Performance Shares Activity

Relative performance-based restricted stock unit activity for the year ended December 31, 2023 based on target achievement of the performance criteria is summarized in the following table: 

Relative performance-based restricted stock unit activity:	Number of  Shares	Weighted-Average Grant  Date Fair Value
Non-vested shares outstanding at December 31, 2022	91,377	$	37.80
Granted	19,885	$	257.06
Vested	(10,502)	$	106.82
Forfeited	(1,045)	$	167.08
Non-vested shares outstanding at December 31, 2023	99,715	$	72.90

Operational performance-based restricted stock unit activity for the year ended December 31, 2023 based on target achievement of the performance criteria is summarized in the following table: 

Operational performance-based restricted stock unit activity:	Number of  Shares	Weighted-Average Fair Value
Non-vested shares outstanding at December 31, 2022	137,067	$	24.89
Granted	29,816	$	171.07
Vested	(15,753)	$	74.61
Forfeited	(1,568)	$	150.24
Non-vested shares outstanding at December 31, 2023	149,562	$	47.48

Performance-based cash incentive award activity for the year ended December 31, 2023 based on target achievement of the performance criteria is summarized in the following table: 

Performance-based cash incentive award activity:	Target Dollar Value		Weighted-Average Fair Value as a % of Target Dollar Value
Non-vested awards outstanding at December 31, 2022	$	3,958	166.29	%
Granted	—		—	%
Vested	(2,054)		200.00	%
Forfeited	(28)		130.43	%
Non-vested awards outstanding at December 31, 2023	$	1,876	190.30	%

Schedule of Stock Option Activity

30-day VWAP stock option activity for the year ended December 31, 2023 is summarized in the following table:

	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (1)
Outstanding at December 31, 2022	3,407	$	66.13	4.18	$	273
Exercisable at December 31, 2022	3,407	$	66.13	4.18	$	273
Granted	—	$	—
Exercised	(3,407)	$	66.13		$	515
Forfeited or Expired	—	$	—
Outstanding at December 31, 2023	—	$	—		$	—
Exercisable at December 31, 2023	—	$	—		$	—

(1) The aggregate intrinsic value of outstanding and exercisable options is calculated as the difference between the exercise price and the Company’s stock price at each reporting period end. The aggregate intrinsic value of exercised options is calculated as the difference between the exercise price and the Company’s stock price on the exercise date.