Equity-based Awards (Tables)

12 Months Ended

Dec. 31, 2023

Equity-based Awards

Summary of Amount of Compensation Expense Recognized

The following table summarizes the amount of recognized compensation expense associated with these awards that are reflected in the accompanying statements of operations for the periods presented (in thousands):

	For the Year Ended
	December 31,
	2023		2022
Equity classified awards
TSUs	$	4,336	$	2,648
PSUs and PRSUs		944		440
Board RSUs		—		5
	$	5,280	$	3,093

TSUs

Equity-based Awards

Summary of Information Regarding Restricted Stock Unit Awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
TSUs outstanding at December 31, 2021	1,074,420	$	3.66
Granted (2)	963,027	$	4.05
Forfeited	(52,485)	$	4.30
Vested	(482,406)	$	3.85
TSUs outstanding at December 31, 2022	1,502,556	$	3.82
Granted (3)	713,689	$	8.07
Forfeited	(72,095)	$	6.05
Vested	(812,694)	$	4.16
TSUs outstanding at December 31, 2023	1,331,456	$	5.77

(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2) The aggregate grant date fair value of TSUs issued for the year ended December 31, 2022 was $3.9 million based on a grant date market price ranging from $3.64 to $6.99 per share.

(3) The aggregate grant date fair value of TSUs issued for the year ended December 31, 2023 was $5.8 million based on a grant date market price ranging from $6.52 to $8.91 per share.

PRSUs

Equity-based Awards

Ranges for the Assumptions Used in Monte Carlo Model for PRSUs Granted

	April 2023		February 2023		2022
Expected volatility	92.5	%	119.2	%	120.8	%
Dividend yield	0.00	%	0.00	%	0.00	%
Risk-free interest rate	3.78	%	3.74	%	1.38	%

PSUs and PRSUs

Equity-based Awards

Summary of Information Regarding Restricted Stock Unit Awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
PSUs and PRSUs outstanding at December 31, 2021	262,317	$	2.14
Granted (2)	189,904	$	6.20
Forfeited	(22,614)	$	2.57
Vested	(49,095)	$	1.24
PSUs and PRSUs outstanding at December 31, 2022	380,512	$	4.28
Granted (3)	321,436	$	10.59
Forfeited	(144,567)	$	6.55
Vested	(154,680)	$	2.20
PSUs and PRSUs outstanding at December 31, 2023	402,701	$	9.31

(1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2) The aggregate grant date fair value of PRSUs issued for the year ended December 31, 2022 was $1.2 million based on a calculated fair value price at $6.20 per share.

(3) The aggregate grant date fair value of PRSUs issued for the year ended December 31, 2023 was $3.4 million based on a calculated fair value price ranging from $1.27 to $15.04 per share.