Long-Term Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Equity-based Awards

Summary of amount of recognized compensation expense

The following table summarizes the amount of recognized compensation expense associated with the EIP, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands):

	For the Three Months Ended
	March 31,
	2024		2023
Share-based compensation costs
Share-based compensation - equity awards	$	1,120	$	941
Share-based compensation - liability awards		411		—
	$	1,531	$	941

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, 2023	1,331,456	$	5.77
Granted (2)	709,402	$	6.09
Forfeited	(5,922)	$	5.04
Vested	(604,684)	$	4.95
TSUs outstanding at March 31, 2024 (3)	1,430,252	$	6.28

(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 three months ended March 31, 2024 was $4.3 million based on a grant-date market price of $6.09 per share.

(3) As of March 31, 2024, 709,402 of the unvested TSUs were accounted for as liability awards in “accrued liabilities” in the Unaudited Condensed Consolidated Balance sheet.

PSUs

Equity-based Awards

Summary of information regarding restricted stock unit awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
PSUs outstanding at December 31, 2023	402,701	$	9.31
Granted (2)	312,843	$	8.28
Forfeited	—	$	—
Vested	(107,044)	$	2.63
PSUs outstanding at March 31, 2024 (3)	608,500	$	9.95

(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 PSUs issued for the three months ended March 31, 2024 was $2.6 million based on a calculated fair value price ranging from $2.63 to $9.18 per share.

(3) As of March 31, 2024, 269,897 of the unvested PSUs were accounted for as liability awards in “accrued liabilities” in the Unaudited Condensed Consolidated Balance sheet.

Contingent PSUs

Equity-based Awards

Schedule of ranges for the assumptions used in the Monte Carlo model

	February 2024
Expected volatility	75.8	%
Dividend yield	0.00	%
Risk-free interest rate	4.19	%