Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value of financial instruments measured at fair value on a recurring basis

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2022:

(in thousands)	Level 1	Level 2	Level 3
Liability-classified stock compensation (1)	$—	$—	$381

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2021:

(in thousands)	Level 1	Level 2	Level 3
Liability-classified stock compensation (1)	$—	$—	$241

(1)    The fair value of the stock appreciation right was measured using a Black-Scholes pricing model during the years ended December 31, 2022 and December 31, 2021. The fair value of phantom shares is based on the fair value of the Company's common stock. The fair value of performance based phantom shares was measured using estimated performance payout factors. For the year ended December 31, 2021, certain phantom shares were measured using a Monte Carlo pricing model.

Schedule of changes in financial instruments measured at Level 3 fair value on a recurring basis

The following tables present the changes during the periods presented in our Level 3 financial instruments that are measured at fair value on a recurring basis.

(in thousands)	Liability-classified stock compensation
Balance at December 31, 2021	$241
Stock compensation activity	140
Balance at December 31, 2022	$381