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Stock incentive plan (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The stock-based compensation expense and associated tax benefit were as follows:
| Year Ended |  |  |  |
(in thousands) | December 31, 2023 |  |  |  |
Stock-based compensation expense |  |  |  |  |
Restricted Stock Awards | $ | 1,081 |  |  |  |  |
Performance Stock Units | 47 |  |  |  |  |
Stock Options | 234 |  |  |  |  |
Other Awards | 800 |  |  |  |  |
Total stock-based compensation expense | $ | 2,162 |  |  |  |  |
Tax benefit recognized on compensation expense | $ | 311 |  |  |  |  |
The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at December 31, 2023:
(in thousands) | Restricted Stock Awards |  | Performance Stock Units |  | Stock Options
2024 | $ | 419 |  |  | $ | 62 |  |  | $ | 78 |
2025 | 174 |  |  | 62 |  |  | 12 |
2026 | 29 |  |  | — |  |  | — |
Total | $ | 622 |  |  | $ | 124 |  |  | $ | 90 |
Schedule of Nonvested Restricted Stock Shares Activity | A summary of the Company's restricted stock award activity for the year ended December 31, 2023 is presented below.
| Restricted Stock Awards |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022 | — |  |  | $ | — |
Awards granted | 308,938 |  |  | $ | 5.72 |
Awards canceled/forfeited | (12,948) |  |  | $ | 5.01 |
Outstanding at December 31, 2023 | 295,990 |  |  | $ | 5.75 |
Schedule of Nonvested Performance-Based Units Activity | A summary of the Company's PSU activity for the year ended December 31, 2023 is presented below.
| Performance Stock Units |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022 | — |  |  | $ | — |
Awards granted | 26,574 |  |  | $ | 6.01 |
Outstanding at December 31, 2023 | 26,574 |  |  | $ | 6.01 |
Schedule of Share-Based Payment Arrangement, Option, Activity | A summary of the Company's stock option activity for the year ended December 31, 2023 is presented below.
| Stock Options |  | Weighted Average Exercise Price Per Share |  | Aggregate intrinsic value
|  |  |  |  | (in thousands)
Outstanding at December 31, 2022 | — |  |  | $ | — |  |  |
Options granted | 392,108 |  |  | $ | 8.45 |  |  |
Options canceled/forfeited | — |  |  | $ | — |  |  |
Options exercised | — |  |  | $ | — |  |  |
Outstanding at December 31, 2023 | 392,108 |  |  | $ | 8.45 |  |  | $ | 72 |
Options exercisable at December 31, 2023 | 130,702 |  |  | $ | 8.45 |  |  | $ | 24 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The Company used the following assumptions to estimate the fair value of stock options granted during the year ended December 31, 2023:
| Year Ended |  |  |  |
| December 31, 2023 |  |  |  |
Risk-free interest rate | 3.5% - 3.7% |  |  |  |
Volatility | 56.0% - 59.0% |  |  |  |
Expected term | 5.5 years - 7.8 years |  |  |  |
Dividend yield | 8.8% |  |  |  |

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