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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Time-based restricted stock units |  | $ | 5,059 |  |  | $ | 3,897 |  |  | $ | 3,783 |
Performance-based restricted stock units |  |  | 5,888 |  |  |  | 4,836 |  |  |  | 540 |
Stock appreciation rights |  |  | 1,359 |  |  |  | 908 |  |  |  | 792 |
Employee stock purchase plan |  |  | 329 |  |  |  | 523 |  |  |  | 214 |
Total stock-based compensation |  | $ | 12,635 |  |  | $ | 10,164 |  |  | $ | 5,329 |
Summary of Assumptions Used to Estimate Fair Value of Each SAR | For SARs issued in the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively, the assumptions shown in the following table were used:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Average risk-free interest rate |  |  | 4.3 | % |  |  | 4.0 | % |  |  | 1.9 | %
Expected term (years) |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
Expected volatility |  |  | 51.2 | % |  |  | 49.5 | % |  |  | 44.9 | %
SAR Activity | SAR activity under the Plan and all predecessor stock incentive plans is as follows:
|  | SARs |  |  | Weighted- Average Grant Price Per Share |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value as of December 31, 2024 |
Outstanding at December 31, 2021 |  |  | 200,998 |  |  | $ | 33.86 |  |  |  |  |  |  |
Granted |  |  | 32,971 |  |  | $ | 82.01 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Canceled |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 233,969 |  |  | $ | 40.64 |  |  |  |  |  |  |
Granted |  |  | 51,916 |  |  | $ | 56.80 |  |  |  |  |  |  |
Exercised |  |  | (53,036 | ) |  | $ | 11.95 |  |  |  |  |  |  |
Canceled |  |  | (12,969 | ) |  | $ | 75.25 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 219,880 |  |  | $ | 49.34 |  |  |  |  |  |  |
Granted |  |  | 33,277 |  |  | $ | 90.86 |  |  |  |  |  |  |
Exercised |  |  | (58,767 | ) |  | $ | 35.77 |  |  |  |  |  |  |
Canceled |  |  | (4,142 | ) |  | $ | 89.99 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 190,248 |  |  | $ | 59.91 |  |  |  | 6.3 |  |  | $ | 3,145,845 |
Vested at December 31, 2024 |  |  | 122,598 |  |  | $ | 51.41 |  |  |  | 5.1 |  |  | $ | 2,794,991 |
Exercisable at December 31, 2024 |  |  | 122,598 |  |  | $ | 51.41 |  |  |  | 5.1 |  |  | $ | 2,794,991 |
Time-Based Restricted Stock Units [Member] |
Restricted Stock Unit Activity | Time-based restricted stock unit activity under the Plan and all predecessor stock incentive plans is as follows:
|  | Time-based Restricted Stock Unit |  |  | Weighted- Average Grant Price Per Share |
Nonvested at December 31, 2021 |  |  | 111,546 |  |  | $ | 52.91 |
Granted |  |  | 57,094 |  |  | $ | 75.06 |
Vested |  |  | (56,719 | ) |  | $ | 58.13 |
Forfeited |  |  | (1,286 | ) |  | $ | 86.84 |
Nonvested at December 31, 2022 |  |  | 110,635 |  |  | $ | 61.28 |
Granted |  |  | 97,177 |  |  | $ | 58.50 |
Vested |  |  | (81,080 | ) |  | $ | 56.52 |
Forfeited |  |  | (10,228 | ) |  | $ | 66.19 |
Nonvested at December 31, 2023 |  |  | 116,504 |  |  | $ | 65.00 |
Granted |  |  | 62,348 |  |  | $ | 87.53 |
Vested |  |  | (64,261 | ) |  | $ | 71.29 |
Forfeited |  |  | (396 | ) |  | $ | 75.72 |
Nonvested at December 31, 2024 |  |  | 114,195 |  |  | $ | 74.03 |
Performance-Based Restricted Stock Units [Member] |
Restricted Stock Unit Activity | Performance-based restricted stock unit activity under the Plan is as follows:
|  | Performance- based Restricted Stock Units |  |  | Weighted- Average Grant Price Per Share |
Nonvested at December 31, 2021 |  |  | 57,768 |  |  | $ | 71.21 |
Granted |  |  | 72,152 |  |  | $ | 76.14 |
Vested |  |  | (57,875 | ) |  | $ | 64.43 |
Forfeited |  |  | (562 | ) |  | $ | 82.95 |
Nonvested at December 31, 2022 |  |  | 71,483 |  |  | $ | 81.57 |
Granted |  |  | 96,103 |  |  | $ | 56.79 |
Vested |  |  | (30,038 | ) |  | $ | 66.26 |
Forfeited |  |  | (28,163 | ) |  | $ | 74.39 |
Nonvested at December 31, 2023 |  |  | 109,385 |  |  | $ | 65.92 |
Granted |  |  | 80,159 |  |  | $ | 81.23 |
Vested |  |  | (67,710 | ) |  | $ | 63.83 |
Forfeited |  |  | (13,390 | ) |  | $ | 104.56 |
Nonvested at December 31, 2024 |  |  | 108,444 |  |  | $ | 75.57 |

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