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PROFITS INTEREST UNITS | 12 Months Ended
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Dec. 31, 2023
PROFITS INTEREST UNITS |
PROFITS INTEREST UNITS | 17.PROFITS INTEREST UNITS Prior to the Reorganization, the Company’s Parent granted profit interest units (“PIUs”) in the form of Class B units of the Parent to certain key employees and directors for purposes of retaining them and enabling such individuals to participate in the long-term growth and financial success of the Company. As part of the Reorganization, the vested and unvested PIUs of the Parent were converted on a pro rata basis into equivalent restricted stock units and restricted stock awards of the Company’s common stock. The following table summarizes the activity for all PIUs during the years ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-Average
​ | ​ | ​ | ​ | Grant-Date
​ |  | Number of PIUs |  | Fair Value
Balance at January 1, 2021 |  | 27,424,962 | ​ | $ | 0.43
Forfeited |  | (1,266,068) | ​ | ​ | 0.34
Converted at IPO in connection with the Reorganization |  | (26,158,894) | ​ | ​ | 0.43
Balance at December 31, 2021 |  | — | ​ | $ | —
​ ​ On January 29, 2021, an employee holder of PIUs terminated his employment with the Company, at which time all 1,055,057 of his performance-vesting units were forfeited. At the time of his termination, the employee held 527,528 of time-vesting units, of which 211,011 time-vesting units were vested. Per the terms of his termination agreement, the Company accelerated the vesting of an additional 105,506 time-vesting units, such that the total time-vesting units vested were equal to 316,517 upon his termination and the remaining 211,011 of unvested time-vesting units were forfeited upon his termination. As the employee’s profits interest units had not vested from an accounting perspective, the retention and immediate vesting of the retained time-vesting units was accounted for as a modification. A cumulative catch-up charge of $1.1 million was recorded during the quarter ended April 3, 2021 to reflect the incremental fair value of the awards as of the date of the modification, as compared to the grant-date fair value. The Company used the following assumptions in conjunction with the Contingent Claims Analysis Model to estimate the fair value of the PIUs: ​
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 31, 2021
Expected volatility | ​ | 55.00 | %
Risk-free interest rate | ​ | 0.20 | %
Expected term (in years) |  | 3.2 |
Expected dividend yield |  | — | %
​

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