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Stock-Based Awards (Tables)
12 Months Ended
Dec. 31, 2023
Stock-Based Awards [Abstract]  
Schedule of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:
 

December 31, 2023

Unrecognized
Stock-Based
Compensation

 

Weighted-Average
Remaining
Vesting Period
(Years)

Employees and directors

 

$

19,165

 

0.92

Schedule of Restricted Stock Activity and Restricted Stock Unit A summary of activity is as follows:
 

RSA

 

RSU

 

PRSU(1)

Shares

 

Weighted
Average
Grant Date
Fair Value

 

Shares

 

Weighted
Average
Grant Date
Fair Value

 

Shares

 

Weighted
Average
Grant Date
Fair Value

Unvested Balance at January 1, 2021

 

3,580,743

 

$

5.38

 

39,408  

 

$

4.46

 

341,312  

 

$

5.17

Granted

 

1,642,266

 

 

5.46

 

31,170  

 

 

5.43

 

257,043(2)

 

 

6.49

Vested

 

(1,897,699)

 

 

5.78

 

(15,136)  

 

 

4.73

 

—  

 

 

Forfeited

 

(288,405)

 

 

5.11

 

(452)  

 

 

5.37

 

(47,669)  

 

 

5.74

Unvested Balance at December 31, 2021

 

3,036,905

 

$

5.20

 

54,990  

 

$

4.93

 

550,686  

 

$

5.73

Granted

 

2,170,432

 

 

5.71

 

116,247  

 

 

5.18

 

319,838(2)

 

 

6.80

Vested

 

(1,621,201)

 

 

5.31

 

(27,894)  

 

 

5.10

 

(202,336)  

 

 

6.24

Forfeited

 

(195,054)

 

 

5.43

 

(1,380)  

 

 

5.73

 

—  

 

 

Unvested Balance at December 31, 2022

 

3,391,082

 

$

5.46

 

141,963  

 

$

5.09

 

668,188  

 

$

6.09

Granted

 

3,363,501

 

 

5.63

 

152,265  

 

 

6.24

 

576,240(2)

 

 

6.49

Vested

 

(1,629,925)

 

 

5.28

 

(72,461)  

 

 

5.66

 

(108,113)  

 

 

3.11

Forfeited

 

(114,436)

 

 

5.55

 

(34,385)  

 

 

5.70

 

—  

 

 

Stock dividends accrued

 

 

 

 

2,762  

 

 

6.24

 

37,777  

 

 

6.49

Unvested Balance at December 31, 2023

 

5,010,222

 

$

5.63

 

190,144(3)

 

$

5.70

 

1,174,092  

 

$

6.58

(1)     Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. During the years ended December 31, 2023, 2022 and 2021, 200%, 77% and 0%, respectively, of the target number of PRSUs granted ultimately vested, inclusive of accrued stock dividends.

(2)     A Monte Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day average stock prices; (ii) valuation date stock prices; (iii) correlation coefficients based upon the price data used to calculate the historical volatilities; and (iv) the following additional assumptions:

(3)     Includes 57,779 deferred RSUs that have vested.

Schedule of Share Based Payment Awards Other than Options Valuation Assumptions the following additional assumptions:
 

Granted in
2023

 

Granted in
2022

 

Granted in
2021

Historical stock price volatility (low)

 

37%

 

33%

 

34%

Historical stock price volatility (high)

 

56%

 

57%

 

57%

Historical stock price volatility (average)

 

47%

 

44%

 

44%

Risk free interest rate

 

3.80%

 

1.28%

 

0.17%

Expected dividend yield

 

0.00%

 

0.00%

 

0.00%