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Long-term Incentive Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Compensation Related Costs [Abstract] |
Summary of long-term incentive compensation expense | the Company recognized long-term incentive compensation expense for all of its awards as shown below (in thousands):
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock-based compensation expense | $ | 1,966 |  |  | $ | 1,129 |  |  | $ | 5,263 |  |  | $ | 2,560 |
Summary of stock option activity | The following table summarizes stock option activity for the nine months ended September 30, 2024 and provides information for outstanding and exercisable options as of September 30, 2024:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
|  |  |  |  | (per share) |  |  | (years) |
Outstanding at January 1, 2024 |  | 317,601 |  |  | $ | 24.00 |  |  |  |
Granted |  | — |  |  |  | — |  |  |  |
Exercised |  | — |  |  |  | — |  |  |  |
Forfeited or expired |  | (13,654 | ) |  |  | 24.00 |  |  |  |
Outstanding at September 30, 2024 |  | 303,947 |  |  | $ | 24.00 |  |  |  | 7.1 |
Exercisable at September 30, 2024 |  | 135,006 |  |  | $ | 24.00 |  |  |  | 6.5 |
Summary of restricted stock activity | The following table summarizes restricted stock unit activity for the nine months ended September 30, 2024 and provides information for unvested shares as of September 30, 2024:
|  | Number of Shares |  |  | Weighted Average Fair Value |
|  |  |  |  | (per share) |
Unvested at January 1, 2024 |  | 318,150 |  |  | $ | 20.88 |
Granted |  | 469,655 |  |  |  | 15.04 |
Vested |  | (107,956 | ) |  |  | 21.39 |
Forfeited |  | (5,744 | ) |  |  | 16.51 |
Unvested at September 30, 2024 |  | 674,105 |  |  | $ | 16.72 |
Summary of assumptions fair value of options granted | The Company uses estimates of forfeitures to estimate the expected term of the grants. The reversal of any expense due to forfeitures is accounted for as they occur. The table below describes the assumptions used to value the awards granted in 2024 and 2023:
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  | 4.4 | % |  |  | 3.9 | %
Expected volatility |  | 50.6 | % |  |  | 58.0 | %
Expected term | 2.82 years |  |  | 2.76 years |
Summary performance unit activity | The following table summarizes performance unit activity for the nine months ended September 30, 2024 and provides information for unvested performance units (reflected at target performance) as of September 30, 2024:
|  | Number of Units |  |  | Weighted Average Fair Value |
|  |  |  |  | (per unit) |
Unvested at January 1, 2024 |  | 84,699 |  |  | $ | 28.80 |
Granted |  | 247,073 |  |  |  | 16.90 |
Vested |  | (2,184 | ) |  |  | 20.39 |
Forfeited |  | (5,525 | ) |  |  | 27.15 |
Unvested at September 30, 2024 |  | 324,063 |  |  | $ | 19.97 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -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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