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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Valuation Assumptions | The Company used a Monte Carlo simulation to estimate the $11.64 weighted average fair value of the awards granted subject to the TSR goal during the three months ended March 31, 2024, with the following weighted average assumptions:
Expected dividend yield |  | — | %
Risk-free interest rate |  | 4.09 | %
Expected volatility |  | 39.45 | %
Expected term (in years) |  | 2.95
Activity of Restricted Stock Units | The following table summarizes the activity for the Company’s RSUs and PSUs for the three months ended March 31, 2024:
|  | Restricted Stock Units |  | Performance Stock Units
|  | Number of units |  | Weighted average grant date fair value (per share) |  | Number of units |  | Weighted average grant date fair value (per share)
Nonvested as of December 31, 2023 |  | 1,962,828 |  |  | $ | 10.55 |  |  | 959,217 |  | (1) | $ | 11.84 |
Granted |  | 1,108,063 |  |  | $ | 8.82 |  |  | 535,629 |  |  | $ | 10.23 |
Vested |  | (996,148) |  |  | $ | 10.36 |  |  | — |  |  | $ | — |
Forfeited |  | (19,197) |  |  | $ | 11.10 |  |  | (126,497) |  |  | $ | 12.99 |
Nonvested as of March 31, 2024 |  | 2,055,546 |  |  | $ | 9.35 |  |  | 1,368,349 |  | (1) | $ | 11.10 |
(1)Based on target.
Activity of Performance Stock Units | The following table summarizes the activity for the Company’s RSUs and PSUs for the three months ended March 31, 2024:
|  | Restricted Stock Units |  | Performance Stock Units
|  | Number of units |  | Weighted average grant date fair value (per share) |  | Number of units |  | Weighted average grant date fair value (per share)
Nonvested as of December 31, 2023 |  | 1,962,828 |  |  | $ | 10.55 |  |  | 959,217 |  | (1) | $ | 11.84 |
Granted |  | 1,108,063 |  |  | $ | 8.82 |  |  | 535,629 |  |  | $ | 10.23 |
Vested |  | (996,148) |  |  | $ | 10.36 |  |  | — |  |  | $ | — |
Forfeited |  | (19,197) |  |  | $ | 11.10 |  |  | (126,497) |  |  | $ | 12.99 |
Nonvested as of March 31, 2024 |  | 2,055,546 |  |  | $ | 9.35 |  |  | 1,368,349 |  | (1) | $ | 11.10 |
(1)Based on target.

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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