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Stock-Based Compensation (Tables)

9 Months Ended

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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