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Long-Term Incentive Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Long-Term Incentive Compensation Long-Term Incentive Compensation
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of service-based restricted stock awards is determined by the quoted market price of the Company’s common stock on the date of grant. The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period.
Stock-based compensation expense recognized during the years ended December 31, 2024, 2023 and 2022 totaled $8.7 million, $7.0 million and $6.9 million, respectively.
Restricted Stock Awards
The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon achievement of predefined specific performance objectives based on the Company’s cumulative EBITDA over a three-year period.
In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. Service-based restricted stock awards generally vest on a straight-line basis over a three-year term.
The following table presents changes in restricted stock awards and related information for the year ended December 31, 2024 (shares in thousands):
Service-based Restricted StockPerformance- and Service-based Stock Units
Number of SharesWeighted Average Grant Date Fair ValueNumber of UnitsWeighted Average Grant Date Fair ValueTotal Number of Restricted Shares and Units
Unvested, December 31, 20231,233 $7.74 927 $7.17 2,160 
Granted993 5.88 317 5.77 1,310 
Performance adjustment(1)
— — 233 5.12 233 
Vested(663)7.36 (444)6.87 (1,107)
Forfeited(50)6.69 — — (50)
Unvested, December 31, 20241,513 $6.72 1,033 $6.41 2,546 
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(1)Reflects an adjustment to the number of shares issuable upon vesting of the 2022 performance-based stock awards.
The total fair value of restricted stock awards that vested in 2024, 2023 and 2022 was $4.9 million, $4.7 million and $5.5 million, respectively. As of December 31, 2024, there was $7.3 million of total compensation costs related to unvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average vesting period of 1.4 years.
As of December 31, 2024, approximately 2.0 million shares were available for future grant under the Company’s Amended and Restated Equity Participation Plan.
Long-Term Cash Incentive Awards
The Company issued conditional long-term cash incentive awards (“Cash Awards”) totaling $1.5 million in both 2024 and 2023. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for each annual grant ranges from zero to a maximum of $3.1 million, but is limited to the targeted award value if the Company’s total stockholder return is negative over the respective performance period. Obligations related to these Cash Awards are classified as liabilities and recognized over the vesting period.