v3.25.2
Share-based payments
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based payments Share-based payments:
The Company maintains the 2024 Incentive Award Plan (the 2024 Plan). The 2024 Plan generally is administered by the Company’s board of directors with respect to awards to non-employee directors and by its compensation committee with
respect to other participants and authorizes the Company to grant incentive stock-based awards, including, but not limited to, time-based and performance-based restricted stock units.

Time-based Restricted Stock Units
The following table summarizes information about our time-based restricted stock units (RSUs):
Three months ended June 30,Six months ended June 30,
2025202420252024
RSUsWeighted Average Grant Date Fair ValueRSUsWeighted Average Grant Date Fair ValueRSUsWeighted Average Grant Date Fair ValueRSUsWeighted Average Grant Date Fair Value
Beginning balance518,007 $21.12 440,727 $21.00 463,938 $21.34 — $— 
Granted39,364 19.87 24,269 25.42 283,887 20.51 464,996 21.22 
Vested(23,897)25.46 — — (214,161)21.50 — — 
Forfeited— — (2,850)21.00 (190)21.00 (2,850)21.00 
Ending balance533,474 $20.83 462,146 $21.23 533,474 $20.83 462,146 $21.23 
Generally, the RSUs granted during the six months ended June 30, 2025 vest in three equal installments on each of the first three anniversaries of the grant date, subject to the employee’s continued employment through the applicable vesting date. The RSUs granted during the six months ended June 30, 2024 vested in full upon the one-year anniversary of the closing date of the IPO, subject to the employee’s continued employment or the director’s continued service, with the exception of one executive’s award that vests in six equal installments on each of the first six anniversaries of the closing date of the IPO, subject to the employee’s continued employment through the applicable vesting date. Additionally, vesting of the awards granted during the six months ended June 30, 2025 and 2024 is subject to certain change in control and qualifying termination provisions as provided in the award agreements.
The Company recognized compensation expense for RSUs of approximately $0.9 million and $1.5 million during the three and six months ended June 30, 2025, respectively, and $1.0 million and $1.9 million during the three and six months ended June 30, 2024, respectively, which is included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income.
The unamortized compensation cost related to RSUs of approximately $10.1 million as of June 30, 2025 is expected to be recognized over a weighted-average period of approximately 2.02 years.
Market-based Performance Restricted Stock Units
In March 2025, the compensation committee granted awards of market-based performance RSUs (PSUs) under the 2024 Plan to certain members of senior management. The PSUs vest based on the Company’s total shareholder return (TSR) relative to a selected peer group over a three-year performance period and will be settled in shares of the Company’s Class A common stock. The number of PSUs that may vest and be settled ranges from 0% to 200% of the target amount of PSUs for each award, based on actual Company TSR results as compared to the selected peer group for the performance period. Since the PSUs contain market conditions as defined by ASC 718, compensation expense associated with the PSU grants is determined using the grant date fair value, based on a third-party valuation analysis, and is expensed over the applicable period. To the extent earned based on actual performance, the PSUs vest on the last day of the three-year performance period, subject to the employee's continued service through the vesting date. Additionally, vesting is subject to certain change in control and qualifying termination provisions as provided in the award agreements.
The following table summarizes information about our PSUs during the six months ended June 30, 2025:

Period GrantedMeasurement PeriodTarget PSUs Outstanding as of December 31, 2024Target PSUs GrantedTarget PSUs ForfeitedTarget PSUs VestedTarget PSUs Outstanding as of June 30, 2025Weighted Average Grant Date Fair Value
20252025 - 2027— 55,619 — — 55,619 $25.24 
Total— 55,619 — — 55,619 
During the three and six months ended June 30, 2025, the Company recognized compensation expense for PSUs of approximately $116,000 and $131,000, respectively, which is included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income. The unamortized compensation cost related to PSUs of approximately $1.3 million as of June 30, 2025 is expected to be recognized over a weighted-average period of approximately 2.72 years. There were no PSUs granted during the six months ended June 30, 2024.