Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation expense:

	Year Ended December 31,
(in thousands)	2022			2021			2020
Performance-based restricted stock units	$	541		$	549		$	(2,187	)
Restricted stock awards and restricted stock units		6,703			5,451			4,523
Stock options		2,997			1,727			317
Share-based compensation expense before income tax		10,241			7,727			2,653
Income tax benefit(1)		(117	)		(82	)		—
Share-based compensation expense, net of income tax	$	10,124		$	7,645		$	2,653

(1)The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit in 2020 associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes.

Summary of Activity of the Outstanding PUP Awards

The following table summarizes the activity of the outstanding PRSU awards:

	Equity-Based PRSUs					Liability-Based PRSUs
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2021		134,152		$	37.30		77,746		$	57.13
Granted		65,000		$	36.46		—		$	—
Vested		—		$	—		(36,758	)	$	58.31
Forfeited		(97,367	)	$	43.03		(913	)	$	56.23
Balance at December 31, 2022		101,785		$	31.28		40,075		$	56.06

Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units

The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:

	Equity-Based Restricted Stock Awards					Equity-Based Restricted Stock Units					Liability-Based Restricted Stock Units
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2021		76,792		$	52.83		239,188		$	34.74		6,278		$	55.93
Granted		—		$	—		289,825		$	31.23		—		$	—
Vested		(52,127	)	$	52.21		(103,327	)	$	29.83		(3,709	)	$	56.66
Forfeited		(1,373	)	$	56.23		(13,667	)	$	36.89		(309	)	$	56.47
Balance at December 31, 2022		23,292		$	54.03		412,019		$	33.43		2,260		$	54.75

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price		Aggregate Intrinsic Value(1)
Options outstanding at December 31, 2021		312,008		$	31.01
Granted		233,970		$	33.96
Exercised		—		$	—
Forfeited		(120,000	)	$	19.30
Options outstanding at December 31, 2022		425,978		$	35.93	$	137,541
Options exercisable at December 31, 2022		100,103		$	32.39	$	137,541

The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.

Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of December 31, 2022:

	Options Outstanding						Options Exercisable
Range of exercise prices	Shares		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
$21.85		54,150		4.65	$	21.85		54,150	$	21.85
$33.96		233,970		6.15	$	33.96		—	$	—
$44.80		137,858		5.15	$	44.80		45,953	$	44.80
$21.85 - $44.80		425,978		5.64	$	35.93		100,103	$	32.39

Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant

Following is additional information on stock options granted during 2022 and the underlying assumptions used in assessing fair value:

	Year Ended
	December 31, 2022
Assumptions used to estimate fair value of stock options granted:
Risk-free interest rate		1.9	%
Expected term (in years)		4.5
Expected volatility		58.3	%
Expected dividend yield		—
Weighted average grant-date fair value per share of options granted	$	16.50