Long-Term Incentive Plans (Tables)

6 Months Ended

Jun. 30, 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 Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Share-based compensation costs
TSUs	$	1,272	$	1,040	$	2,363	$	1,938
PSUs		495		300		935		343
	$	1,767	$	1,340	$	3,298	$	2,281

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)	711,676	$	6.30
Forfeited	(5,922)	$	5.04
Vested	(633,553)	$	5.02
TSUs outstanding at June 30, 2024	1,403,657	$	6.38

(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 six months ended June 30, 2024 was $4.5 million based on a grant-date market price ranging from $6.26 per share to $6.30 per share.

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	$	7.55
Forfeited	—	$	—
Vested	(107,044)	$	2.63
PSUs outstanding at June 30, 2024	608,500	$	9.58

(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 six months ended June 30, 2024 was $2.4 million based on a calculated fair value price ranging from $2.63 to $8.33 per share.

2024 PSUs

Equity-based Awards

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

	Date of Grant: February 2024		Modification Date: May 2024
Expected volatility	75.8	%	63.2	%
Dividend yield	0.00	%	0.00	%
Risk-free interest rate	4.19	%	4.72	%