Incentive and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2023

Compensation Related Costs [Abstract]

Incentive and Deferred Compensation Plans

Incentive and Deferred Compensation Plans

Annual Incentive Plan. The Annual Incentive Plan ("AIP") incorporates quantitative performance measures, strategic qualitative goals and competitive target award levels for management and employees for the 2023 and 2022 performance years. Incentive bonus awards for 2023 will be provided based on performance measures related to health, safety and environment, production, operating expenses, capital expenditures, general and administrative expenses, among other metrics and will be paid in 2024 at the discretion of the Board of Directors. As of December 31, 2023 and 2022, the Company accrued approximately $2.2 million and $1.5 million, respectively for AIP. AIP Payments totaling $1.5 million were paid in 2023 for the 2022 performance year and $2.1 million were paid in 2022 for the 2021 performance year.

401(k) Plan. The Company maintains a 401(k) retirement plan for its employees. Under this plan, eligible employees may elect to defer a portion of their earnings up to the maximum allowed by the IRS. For the years ended December 31, 2023, 2022 and 2021, the Company made matching contributions to the plan equal to 100% on the first 10% of employee deferred wages, excluding incentive compensation, totaling $0.8 million for each year. Participants in the plan are immediately 100% vested in the discretionary employee contributions and related earnings on those contributions. The Company's matching contributions and related earnings vest based on years of service, with full vesting occurring on the fourth anniversary of employment.