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Stock incentive plan (Tables)

12 Months Ended

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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