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Share-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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

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