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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Allocation of Compensation Expense | Total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
RSA expense |  | $ | 483 |  |  | $ | 501 |  |  | $ | 1,268 |  |  | $ | 1,405 |
PSU expense |  | 206 |  |  | 151 |  |  | 735 |  |  | 355 |
Stock option expense |  | 61 |  |  | 50 |  |  | 182 |  |  | 50 |
Total stock-based compensation expense |  | $ | 750 |  |  | $ | 702 |  |  | $ | 2,185 |  |  | $ | 1,810 |
Schedule of Unrecognized Compensation Cost | The amount of unrecognized compensation cost as of September 30, 2024, and the expected weighted-average period over which the cost will be recognized is as follows:
|  | As of September 30, 2024
(in thousands, expect years) |  | Unrecognized Compensation Cost |  | Expected Weighted- Average Period of Recognition (in years)
RSA expense |  | $ | 3,414 |  |  | 1.82
PSU expense |  | 1,400 |  |  | 1.09
Stock option expense |  | 435 |  |  | 1.79
Total unrecognized stock-based compensation expense |  | $ | 5,249 |  |  | 1.62
Schedule of Restricted Stock Activity | A summary of RSA activity under the Company's various stock compensation plans for the nine months ended September 30, 2024 is presented below:
|  | Restricted Stock |  |  |  | Weighted-Average Grant Date Fair Value |  |
Non-vested at January 1, 2024 |  | 790,005 |  |  |  |  | $ | 3.10 |  |  |
Granted |  | 577,159 |  |  |  |  | $ | 5.79 |  |  |
Vested |  | (541,166) |  |  |  |  | $ | 3.34 |  |  |
Forfeited |  | (55,197) |  |  |  |  | $ | 2.82 |  |  |
Non-vested at September 30, 2024 |  | 770,801 |  |  |  |  | $ | 4.99 |  |  |
Schedule of Performance Shares Units | A summary of PSU activity for the nine months ended September 30, 2024 is presented below:
|  | Units |  | Weighted-Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Term (in years)
PSUs outstanding, January 1, 2024 |  | 968,918 |  |  | $ | 2.06 |  |  |  |  |
Granted |  | 115,877 |  |  | $ | 10.94 |  |  |  |  |
Vested / Settled(1) |  | (150,000) |  |  | $ | 2.28 |  |  |  |  |
Forfeited / Canceled |  | (57,750) |  |  | $ | 5.90 |  |  |  |  |
PSUs outstanding, September 30, 2024 |  | 877,045 |  |  | $ | 2.94 |  |  | $ | 5,148 |  |  | 1.09
(1) The number of units shown in the table above are based on target performance. The final number of shares of common stock issued may vary depending on the achievement of market or performance conditions established within the awards, which could result in the actual number of shares issued ranging from zero to a maximum of two times the number of units shown in the above table. For the three and nine months ended September 30, 2024, 150,000 shares of common stock were issued upon vesting of PSUs.
Summary of Option Activity | A summary of stock option activity for the nine months ended September 30, 2024 is presented below:
|  | Number of Options Outstanding and Exercisable |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2024 |  | 1,000,000 |  |  | $ | 3.00 |  |  |  |  |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | — |  |  | — |  |  |  |  |
Options expired / forfeited |  | — |  |  | — |  |  |  |  |
Options outstanding, September 30, 2024 |  | 1,000,000 |  |  | $ | 3.00 |  |  | $ | 2,870 |  |  | 8.79
Options vested and exercisable, September 30, 2024 |  | 333,333 |  |  | $ | 3.00 |  |  | $ | 957 |  |  | 8.79

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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