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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Fair Value of MRI EICP Options and Valuation Assumptions | The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model. Three blocks of options have been awarded since inception of the plan with the following weighted-average assumptions (no dividends were expected):
|  | September 2023 Awards |
Options awarded |  |  | 225,000 |
Risk-free interest rate |  | 4.44%-4.65% |
Expected volatility |  | 71%-73% |
Expected option life (in years) |  | 3.5-5.5 |
Grant-date fair value |  | $ | 5.72 |
|  | April 2023 Awards |
Options awarded |  |  | 2,100,000 |
Risk-free interest rate |  | 3.71%-3.97% |
Expected volatility |  | 78%-80% |
Expected option life (in years) |  | 3.5-5.5 |
Grant-date fair value |  | $ | 4.25 |
|  | January 2021 Awards |
Options awarded |  |  | 950,214 |
Risk-free interest rate |  |  | 0.5 | %
Expected volatility |  |  | 32 | %
Expected option life (in years) |  |  | 5.5 |
Grant-date fair value |  | $ | 3.44 |
Summary of Outstanding Activity of Options, Restricted Stock and Restricted Stock Units under MRI EICP | The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP as of March 31, 2025 and 2024, respectively:
|  | Restricted Shares |  |  | Restricted Stock Units |  |  | Options |
|  | Number of shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of shares |  |  | Weighted Average Exercise Price |
End of period - December 31, 2024 |  |  | 626,108 |  |  | $ | 11.93 |  |  |  | 170,000 |  |  | $ | 7.63 |  |  |  | 2,325,000 |  |  | $ | 7.04 |
Beginning of period - January 1, 2025 |  |  | 626,108 |  |  | $ | 11.93 |  |  |  | 170,000 |  |  | $ | 7.63 |  |  |  | 2,325,000 |  |  | $ | 7.04 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |  |  |  | — |  |  |  | — |
End of period - Balance at March 31, 2025 |  |  | 626,108 |  |  | $ | 11.93 |  |  |  | 170,000 |  |  | $ | 7.63 |  |  |  | 2,325,000 |  |  | $ | 7.04 |
End of period - December 31, 2023 |  |  | 1,638,678 |  |  | $ | 11.91 |  |  |  | 150,000 |  |  | $ | 10.09 |  |  |  | 2,325,000 |  |  | $ | 7.04 |
Beginning of period - January 1, 2024 |  |  | 1,638,678 |  |  | $ | 11.91 |  |  |  | 150,000 |  |  | $ | 10.09 |  |  |  | 2,325,000 |  |  | $ | 7.04 |
Granted |  |  | — |  |  | — |  |  |  | 10,000 |  |  |  | 6.48 |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
End of period - March 31, 2024 |  |  | 1,638,678 |  |  | $ | 11.91 |  |  |  | 160,000 |  |  | $ | 9.87 |  |  |  | 2,325,000 |  |  | $ | 7.04 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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