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Share-Based Compensation and Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

The following table provides a summary of the option activity under the 2021 Plan for the year ended December 31, 2023:

			Number of Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of December 31, 2022			1,865,094						$	2.93					8.90						$	—
Granted			—						—												—
Exercised			(430,552)						1.80												495,135
Forfeited / Cancelled			(109,188)						4.73												—
Balance as of December 31, 2023			1,325,354						$	3.15					7.61						$	1,223,510
Exercisable as of December 31, 2023			526,353						$	2.60					7.41						$	534,947

The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:

			Weighted- Average Grant Date Fair Value
Non-vested as of December 31, 2022			$	1.01
Granted			—
Vested			0.98
Forfeited			2.56
Non-vested as of December 31, 2023			$	1.80

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table provides a summary of the Company’s RSU activity:

			Number of Units						Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022			—						$	—
Granted			1,851,124						7.02
Vested			—						—
Forfeited			(24,178)						7.56
Balance as of December 31, 2023			1,826,946						$	7.01

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following weighted average assumptions were used to calculate the fair value of each unit option award under the 2021 Plan using the Black-Scholes option pricing model:

						December 31, 2022
Expected unit price volatility						65 – 70%
Risk-free interest rate						2.9 – 3.6%
Expected annual dividend yield						0.0		%
Expected term (years)						6.50

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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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