Long-term Incentive Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Compensation Related Costs [Abstract]

Summary of long-term incentive compensation expense

the Company recognized long-term incentive compensation expense for both its stock options and restricted stock unit awards as shown below (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Stock-based compensation expense	$	1,074	$	270	$	1,431	$	270

Summary of stock option activity

The following table summarizes stock option activity for the six months ended June 30, 2023 and provides information for outstanding and exercisable options as of June 30, 2023:

	Number of Options			Weighted Average Exercise Price
				(per share)
Outstanding at January 1, 2023		323,023		$	24.00
Granted		—			—
Exercised		—			—
Forfeited or expired		(4,338	)		24.00
Outstanding at June 30, 2023		318,685		$	24.00
Exercisable at June 30, 2023		64,581		$	24.00

Summary of assumptions fair value of options granted

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

	2023
Risk-free interest rate		3.9	%
Expected volatility		58.0	%
Expected term	2.76 years

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the six months ended June 30, 2023 and provides information for unvested shares as of June 30, 2023:

	Number of Shares			Weighted Average Fair Value
				(per share)
Unvested at January 1, 2023		37,754		$	23.61
Granted		264,801			21.61
Vested		—			—
Forfeited		(1,388	)		21.62
Unvested at June 30, 2023		301,167		$	21.86

Summary performance unit activity

The following table summarizes performance unit activity for the six months ended June 30, 2023 and provides information for unvested performance units (reflected at target performance) as of June 30, 2023:

	Number of Units		Weighted Average Fair Value
			(per unit)
Unvested at January 1, 2023		—	$	—
Granted		84,699		28.16
Vested		—		—
Forfeited		—		—
Unvested at June 30, 2023		84,699	$	28.16