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SHARE-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Refer to Note 11 of the Company’s audited consolidated financial statements of its 2024 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards. Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the three months ended March 31, 2025 and 2024:
|  | Performance Restricted Shares |  | Service Restricted Shares
|  | Number of non-vested restricted shares |  | Weighted average grant date fair value |  | Number of non-vested restricted shares |  | Weighted average grant date fair value
Balance at December 31, 2023 |  | 1,042,688 |  |  | $ | 9.94 |  |  | 419,604 |  |  | $ | 9.18 |
Granted |  | — |  |  | — |  |  | — |  |  | — |
Vested |  | — |  |  | — |  |  | (217,522) |  |  | 8.78 |
Forfeited |  | (89,945) |  |  | 10.84 |  |  | — |  |  | — |
Balance at March 31, 2024 |  | 952,743 |  |  | $ | 9.86 |  |  | 202,082 |  |  | $ | 9.61 |
Balance at December 31, 2024 |  | 944,587 |  |  | $ | 9.87 |  |  | 191,556 |  |  | $ | 9.96 |
Granted |  | — |  |  | — |  |  | — |  |  | — |
Vested |  | (222,532) |  |  | 9.65 |  |  | (75,667) |  |  | 8.08 |
Forfeited |  | (372,966) |  |  | 9.08 |  |  | (1,702) |  |  | 9.85 |
Balance at March 31, 2025 |  | 349,089 |  |  | $ | 10.87 |  |  | 114,187 |  |  | $ | 11.20 |
At March 31, 2025, 2,931,783 (December 31, 2024: 2,834,519) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan. For the three months ended March 31, 2025, the total fair value of Performance and Service RSs vested was $4.2 million, respectively (2024: $1.9 million, respectively). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the three months ended March 31, 2025 and 2024:
|  | Performance RSUs |  | Service RSUs
|  | Number of non-vested RSUs |  | Weighted average grant date fair value |  | Number of non-vested RSUs |  | Weighted average grant date fair value
Balance at December 31, 2023 |  | 154,445 |  |  | $ | 8.03 |  |  | 110,425 |  |  | $ | 8.78 |
Granted |  | 258,148 |  |  | 11.85 |  |  | 124,425 |  |  | 11.85 |
Vested |  | — |  |  | — |  |  | (74,357) |  |  | 8.84 |
Forfeited |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2024 |  | 412,593 |  |  | $ | 10.42 |  |  | 160,493 |  |  | $ | 11.14 |
Balance at December 31, 2024 |  | 403,526 |  |  | $ | 10.43 |  |  | 149,834 |  |  | $ | 11.14 |
Granted |  | 185,551 |  |  | 13.16 |  |  | 149,435 |  |  | 13.16 |
Vested |  | (38,752) |  |  | 6.82 |  |  | (62,041) |  |  | 10.46 |
Forfeited |  | (54,048) |  |  | 7.06 |  |  | (3,534) |  |  | 11.85 |
Balance at March 31, 2025 |  | 496,277 |  |  | $ | 12.10 |  |  | 233,694 |  |  | $ | 12.60 |
For the awards granted during the three months ended March 31, 2025, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 0% and 200% of the awarded Performance RSUs, with a target of 100%. For the three months ended March 31, 2025, the total fair value of Performance and Service RSUs vested was $1.4 million, (2024: $0.7 million). Stock Compensation Expense For the three months ended March 31, 2025, the Company recorded $1.3 million (2024: $1.3 million) of total stock compensation expense (net of forfeitures), respectively. The stock compensation expense is included in “General and administrative expenses” in the condensed consolidated statements of operations. Forfeiture recoveries were immaterial for both periods.

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