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SHARE-BASED PAYMENTS | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS (a) Employee Stock Incentive Plans Under the 2021 Stock Incentive Plan (the “2021 Plan”), share-based compensation expense for restricted stock units under the Company’s 2021 Plan was $8,374 and $13,312 during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, in connection with employee stock incentive plans, the Company granted 1,223,263 restricted stock units with a grant date fair value of $16,181. During the three months ended March 31, 2023, in connection with employee stock incentive plans, the Company granted 502,824 restricted stock units with a grant date fair value of $19,338. The restricted stock units generally vest over a period of one to five years based on continued service. Performance based restricted stock units generally vest based on both the employee’s continued service and the achievement of a set threshold of the Company’s common stock price, as defined in the grant, during the two to three-year period following the grant. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company’s anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period. (b) Employee Stock Purchase Plan In connection with the Company’s Employee Stock Purchase Plan (the “Purchase Plan”), share based compensation was $237 and $298 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, there were 236,949 shares reserved for issuance under the Purchase Plan. (c) Common Stock Since October 30, 2018, the Company’s Board of Directors has authorized annual share repurchase programs of up to $50,000 of its outstanding common shares. All share repurchases were effected on the open market at prevailing market prices or in privately negotiated transactions. During the three months ended March 31, 2024, the Company did not repurchase any shares of its common stock. During the three months ended March 31, 2023, the Company repurchased 1,452,831 shares of its common stock for $53,688, which represents an average price of $36.95 per common share, respectively. The shares repurchased under the program are retired. In November 2023, the share repurchase program was reauthorized by the Board of Directors for share repurchases up to $50,000 of the Company's outstanding common shares and the reauthorized program expires in October 2024. Amounts purchased prior to November 2023 relate to the previously authorized share repurchase program. As of March 31, 2024 and December 31, 2023, $34,206 remains available for common share repurchases under the share repurchase program. On July 28, 2023, the Company issued 2,090,909 shares of common stock through a public offering at a price of $55.00 per share for net proceeds of $114,507 after underwriting fees and costs. On October 28, 2019, the Company issued 200,000 warrants to purchase common stock of the Company (the “BR Brands Warrants”) in connection with the acquisition of a majority ownership interest in BR Brand Holdings LLC. The BR Brands Warrants entitle the holders of the warrants to acquire shares of the Company’s common stock from the Company at an exercise price of $26.24 per share. One-third of the BR Brands Warrants immediately vested and became exercisable upon issuance, and the remaining two-thirds of warrants vested and became exercisable on the second anniversary of the closing, upon the BR Brands’ satisfaction of specified financial performance targets. The BR Brands warrants expire in February 2025. As of March 31, 2024 and 2023, 200,000 BR Brands warrants were outstanding. In April 2024, 200,000 shares of the Company's common stock were issued in connection with the exercise of warrants for cash in the amount of $653. (d) Preferred Stock During the three months ended March 31, 2024 and 2023, the Company issued zero depository shares of the Series A Preferred Stock. There were 2,834 shares issued and outstanding as of March 31, 2024 and December 31, 2023. Total liquidation preference for the Series A Preferred Stock as of March 31, 2024 and December 31, 2023 was $70,854. Dividends on the Series A preferred paid during the three months ended March 31, 2024 and 2023 were $0.4296875 per depository share. During the three months ended March 31, 2024 and 2023, the Company issued zero and 18 depository shares of the Series B Preferred Stock. There were 1,729 shares issued and outstanding as of March 31, 2024 and December 31, 2023. Total liquidation preference for the Series B Preferred Stock as of March 31, 2024 and December 31, 2023 was $43,228. Dividends on the Series B preferred paid during the three months ended March 31, 2024 and 2023 were $0.4609375 per depository share.

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