v3.25.1
Long-term Incentive Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Compensation Related Costs [Abstract]  
Summary of long-term incentive compensation expense the Company recognized long-term incentive compensation expense for all of its awards as shown below (in thousands):

 

 

For the three months ended March 31,

 

 

 

2025

 

 

2024

 

Stock-based compensation expense

$

2,135

 

 

$

1,377

 

Summary of stock option activity

The following table summarizes stock option activity for the three months ended March 31, 2025 and provides information for outstanding and exercisable options as of March 31, 2025:

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

(per share)

 

 

(years)

 

 

(in thousands)

 

Outstanding at January 1, 2025

 

293,388

 

 

$

24.00

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

(1,955

)

 

 

24.00

 

 

 

 

 

 

 

Forfeited or expired

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

291,433

 

 

$

24.00

 

 

 

6.8

 

 

$

1,364

 

Exercisable at March 31, 2025

 

122,492

 

 

$

24.00

 

 

 

6.5

 

 

 

573

 

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the three months ended March 31, 2025 and provides information for unvested shares as of March 31, 2025:

 

 

Number of Shares

 

 

Weighted Average Fair Value

 

 

 

 

 

 

(per share)

 

Unvested at January 1, 2025

 

663,946

 

 

$

16.81

 

Granted

 

243,972

 

 

 

30.19

 

Vested

 

(234,419

)

 

 

17.05

 

Forfeited

 

(22,595

)

 

 

18.03

 

Unvested at March 31, 2025

 

650,904

 

 

$

21.69

 

Summary of assumptions fair value of options granted The Company uses estimates of forfeitures to estimate the expected term of the grants. The reversal of any expense due to forfeitures is accounted for as they occur.

The table below describes the assumptions used to value the awards granted in 2025, 2024 and 2023:

 

 

 

 

 

2024

 

 

 

 

 

 

2025

 

 

March Grant

 

 

November Grant

 

 

2023

 

Risk-free interest rate

 

4.0

%

 

 

4.4

%

 

 

4.2

%

 

 

3.9

%

Expected volatility

 

46.6

%

 

 

50.6

%

 

 

41.9

%

 

 

58.0

%

Expected term

2.82 years

 

 

2.82 years

 

 

2.16 years

 

 

2.76 years

 

Summary performance unit activity

The following table summarizes performance unit activity for the three months ended March 31, 2025 and provides information for unvested performance units (reflected at target performance) as of March 31, 2025:

 

 

Number of Units

 

 

Weighted Average Fair Value

 

 

 

 

 

 

(per unit)

 

Unvested at January 1, 2025

 

329,507

 

 

$

20.37

 

Granted

 

155,826

 

 

 

38.83

 

Vested

 

 

 

 

 

Forfeited

 

(4,170

)

 

 

22.25

 

Unvested at March 31, 2025

 

481,163

 

 

$

26.31