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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Changes in Number of Common Shares Underlying Options
The following table summarizes the changes in the number of common shares underlying options for the years ended December 31, 2024 and 2023 (shares in whole numbers and per share values in whole dollars):
Shares Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in Years)
Aggregate Intrinsic Value
Outstanding at December 31, 2022125,000 $11.50 1.8$
Exercised— — 
Outstanding at December 31, 2023125,000 $11.50 0.8$
Exercised(125,000)11.50 
Outstanding at December 31, 2024— $— 0.0$— 
Exercisable at December 31, 2024— $— 0.0$— 
Summary of Changes in Number of Outstanding RSUs and PSUs The time-based RSUs granted to the Company’s directors vest at the end of the anniversary date of their grant date.
Time-Based
Restricted
Stock Units
Weighted-Average
Grant Date Fair
Value Per Share
Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 2022727,633$17.95 0.9
Granted631,22723.60 
Vested(387,942)16.16 
Forfeited(66,574)23.12 
Outstanding at December 31, 2023904,344$22.28 1.0
Granted525,21136.19 
Vested(411,952)21.69 
Forfeited(110,258)30.39 
Outstanding at December 31, 2024907,345$29.64 1.6
Expected to vest at December 31, 2024896,180$29.57 1.6
During the years ended December 31, 2024 and 2023, the Company approved and granted PSUs with EBITDA-based financial performance conditions. PSUs vest, if at all, following a three-year performance period. If the performance conditions are not met, no compensation cost is recognized and any recognized compensation cost is reversed.
Performance-
Based Restricted
Stock Units
Weighted-Average
Grant Date Fair
Value Per Share
Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 2022858,35720.06 1.5
Granted573,07023.42 
Forfeited(139,275)20.97 
Change in units based on performance expectations359,86820.97 
Outstanding at December 31, 20231,652,02021.35 1.0
Granted407,68635.80 
Vested(468,289)19.10 
Forfeited(404,765)26.15 
Change in units based on performance expectations(14,444)20.77 
Outstanding at December 31, 20241,172,208$26.58 1.1
Expected to vest at December 31, 20241,141,340$26.49 1.1
Schedule of Unvested Restricted Stock Units Roll Forward The MSUs will vest 100% on March 9, 2025, the third anniversary of the grant date, as the performance condition was satisfied during the year ended December 31, 2023.
Market-Based
Performance Restricted
Stock Units
Weighted-Average
Grant Date Fair
Value Per Share
Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 2022438,180 $16.19 2.2
Forfeited(24,819)1.76 
Outstanding at December 31, 2023413,361 $17.06 1.2
Forfeited(71,702)16.31 
Outstanding at December 31, 2024341,659$16.31 0.2
Expected to vest at December 31, 2024339,654$16.31 0.2
Summary of Valuation Assumptions The key assumptions used in valuing these market-based awards were as follows:
Risk-free interest rate1.85 %
Dividend yield— 
Expected volatility45 %