Long-term Incentive Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Compensation Related Costs [Abstract]

Summary of long-term incentive compensation expense

the Company recognized long-term incentive compensation expense for all of its awards as shown below (in thousands):

	For the three months ended March 31,
	2024		2023
Stock-based compensation expense	$	1,377	$	357

Summary of stock option activity

The following table summarizes stock option activity for the three months ended March 31, 2024 and provides information for outstanding and exercisable options as of March 31, 2024:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
			(per share)		(years)
Outstanding at January 1, 2024		317,601	$	24.00
Granted		—		—
Exercised		—		—
Forfeited or expired		—		—
Outstanding at March 31, 2024		317,601	$	24.00		7.8
Exercisable at March 31, 2024		74,164	$	24.00		7.1

Summary of assumptions fair value of options granted

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.

The table below describes the assumptions used to value the awards granted in 2024 and 2023:

	2024			2023
Risk-free interest rate		4.4	%		3.9	%
Expected volatility		50.6	%		58.0	%
Expected term	2.82 years			2.76 years

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2024 and provides information for unvested shares as of March 31, 2024:

	Number of Shares			Weighted Average Fair Value
				(per share)
Unvested at January 1, 2024		318,150		$	20.88
Granted		461,715			14.98
Vested		(95,466	)		21.62
Forfeited		—			—
Unvested at March 31, 2024		684,399		$	16.79

Summary performance unit activity

The following table summarizes performance unit activity for the three months ended March 31, 2024 and provides information for unvested performance units (reflected at target performance) as of March 31, 2024:

	Number of Units		Weighted Average Fair Value
			(per unit)
Unvested at January 1, 2024		84,699	$	28.80
Granted		247,073		16.93
Vested		—		—
Forfeited		—		—
Unvested at March 31, 2024		331,772	$	20.02