Long-term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Compensation Related Costs [Abstract]

Summary of assumptions fair value of options granted

The Company uses estimates of forfeitures to estimate the expected term of the options granted. The reversal of any expense due to forfeitures is accounted for as they occur.

	2022
Risk-free interest rate		2.7	%
Expected dividend yield		0.4	%
Expected volatility		58.5	%
Expected term	6.5 years

Summary of stock option activity

The following table summarizes stock option activity for the year ended December 31, 2022 and provides information for outstanding and exercisable options as of December 31, 2022:

	Number of Options		Weighted Average Exercise Price
			(per share)
Outstanding at January 1, 2022		—	$	—
Granted		338,935		24.00
Exercised		—		—
Forfeited or expired		15,912		24.00
Outstanding at December 31, 2022		323,023	$	24.00
Exercisable at December 31, 2022		—	$	—

The fair value of the options granted in 2022 was $4.6 million.

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2022 and provides information for unvested shares as of December 31, 2022:

	Number of Shares		Weighted Average Fair Value
			(per share)
Unvested at January 1, 2022		—	$	—
Granted		37,754		23.61
Vested		—		—
Forfeited		—		—
Unvested at December 31, 2022		37,754	$	23.61

The fair value of the awards granted in 2022 was $0.9 million.