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Long-term Incentive Compensation (Tables)

9 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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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.

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