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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions The weighted-average fair value of SPRs outstanding as of December 31, 2024, 2023 and 2022 was $20.80, $18.37 and $7.65 per SPR, respectively. The weighted average fair value assumptions used in the model were as follows:
December 31,
202420232022
Expected volatility
36.9% to 38.0%
41.1% to 45.9%
43.4% to 52.2%
Risk-free rate of return
4.2% to 4.2%
4.5% to 5.3%
4.4% to 4.7%
Expected term (in years)
0.5 to 1
0.3 to 1.5
0.5 to 2.0
Expected annual dividend$0$0$0
The weighted average fair value assumptions used in the model were as follows:
December 31,
202420232022
Expected volatility
45.2% to 45.6%
45.2% to 45.6%
43.7% to 44.6%
Risk-free rate of return
3.6% to 4.2%
3.6% to 4.5%
2.7% to 3.1%
Expected term (in years)
6.5 years
6.2 years
6.5 years
Expected annual dividend$0$0$0
Schedule of Activity Related to SPRs
Activity related to the Company’s SPRs during the year ended December 31, 2024 was as follows:
Number of SPRsWeighted Average Exercise Price
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding on December 31, 2023259,018 $18.37 
Granted— — 
Exercised(166,478)33.78 
Cancelled— — 
Outstanding on December 31, 202492,540 20.80 1.4$1,921 
Exercisable on December 31, 202492,540 $20.80 1.4$1,921 
Schedule of Activity Related to RSAs
Activity related to the Company’s RSAs during the year ended December 31, 2024 was as follows:
Restricted Stock Awards
Weighted Average Grant Date Fair Value
Outstanding on December 31, 202398,216 $23.57 
Granted141,325 32.16 
Cancelled(1,560)25.28 
Exchanged for common shares(75,832)24.09 
Outstanding on December 31, 2024162,149 $31.68 
Schedule of MSU Rollforward
Activity related to the Company’s MSUs during 2024 was as follows:
Number of Market Stock UnitsMaximum Shares Potentially Issuable
Weighted Average Grant Date Fair Value
Outstanding on December 31, 2023116,107 163,555 $17.25 
Granted— — — 
Cancelled— — — 
Exchanged for common shares(12,841)(18,464)15.69 
Outstanding on December 31, 2024103,266 145,091 $17.45 
Schedule of Activity Related to Options Upon vesting, stock options are recognized as a component of equity. Activity related to the Company’s stock options during the year ended December 31, 2024 was as follows:
Number of Stock OptionsWeighted Average Exercise Price
Weighted Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding on December 31, 20231,880,067 $37.53 
Granted442,242 45.79 
Exercised(80,000)13.50 
Cancelled(113,834)32.41 
Outstanding on December 31, 20242,128,475 40.43 8.6$3,252 
Exercisable on December 31, 2024707,407 $38.62 7.9$2,267 
Schedule of Activity Related to Performance Awards
Activity related to the Company’s PAs during the year ended December 31, 2024 was as follows:
Number of Performance AwardsMaximum Shares Potentially Issuable
Weighted Average Grant Date Fair Value
Outstanding on December 31, 202326,080 39,120 $25.70 
Granted— — — 
Exercised(26,080)(39,120)25.70 
Cancelled— — — 
Outstanding on December 31, 2024— — $—