Long-term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Compensation Related Costs [Abstract]

Summary of long-term incentive compensation expense

For the years ended December 31, 2023 and 2022, the Company recognized long-term incentive compensation expense for all of its awards as shown below (in thousands):

	For the years ended December 31,
	2023		2022
Stock-based compensation expense	$	3,639	$	956

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. The table below describes the assumptions used to value the options granted in 2022. No options were granted in 2023.

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

The Company uses estimates of forfeitures to estimate the expected term of the 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 stock option activity

The following table summarizes stock option activity for the year ended December 31, 2023 and provides information for outstanding and exercisable options as of December 31, 2023:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
				(per share)		(years)
Outstanding at January 1, 2023		323,023		$	24.00
Granted		—			—
Exercised		—			—
Forfeited or expired		(5,422	)		24.00
Outstanding at December 31, 2023		317,601			24.00		8.1
Exercisable at December 31, 2023		74,164			24.00		7.4

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2023 and provides information for unvested shares as of December 31, 2023:

	Number of Shares			Weighted Average Fair Value
				(per share)
Unvested at January 1, 2023		37,754		$	23.61
Granted		314,721			20.77
Vested		(32,937	)		21.68
Forfeited		(1,388	)		21.62
Unvested at December 31, 2023		318,150			20.88

Summary performance unit activity

The following table summarizes performance unit activity for the year ended December 31, 2023 and provides information for unvested performance units (reflected at target performance) as of December 31, 2023:

	Number of Units		Weighted Average Fair Value
			(per unit)
Unvested at January 1, 2023		—	$	—
Granted		84,699		27.85
Vested		—		—
Forfeited		—		—
Unvested at December 31, 2023		84,699		28.80