Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2023 and December 31, 2022 is as follows:

						Weighted Average
						Contractual Life		Aggregate
	Number of			Weighted Average		Remaining		Intrinsic Value
	Shares			Exercise Price		(in years)		(whole dollars)
Outstanding as of December 31, 2021		7,095,936		$	3.71		7.45	$	73,156,722
Granted		4,948,733			10.90
Exercised		(47,905	)		6.34
Settled		(1,120,000	)		0.41
Expired/Forfeited		(264,533	)		9.73
Outstanding as of December 31, 2022		10,612,231		$	7.25		8.09	$	39,004,141
Exercisable as of December 31, 2022		314,105		$	3.74		5.74	$	2,176,407
Outstanding as of December 31, 2022		10,612,231		$	7.25		8.09	$	39,004,141
Granted		3,825,842			10.12
Exercised		(721,222	)		1.97
Settled		—			—
Expired/Forfeited		(1,001,470	)		10.20
Outstanding as of December 31, 2023		12,715,381		$	8.15		7.82	$	30,872,113
Exercisable as of December 31, 2023		1,683,231		$	6.05		7.30	$	7,019,738

Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

The weighted average assumptions used in calculating the fair value of stock options granted during the years ended December 31, 2023 and December 31, 2022 were as follows:

	For the Years Ended December 31,
	2023			2022
Expected life	7.5 (yrs)			7.5 (yrs)
Expected volatility		38.28	%		36.57	%
Risk-free interest rate		4.11	%		3.50	%
Expected dividend yield		1.19	%		0.85	%

Summary of Restricted Stock Activity

The Company has granted restricted stock awards ("RSAs") to certain employees. Holders of RSAs have no voting rights and accrue dividends until vesting with payment being made once they vest. All of the shares currently vest one year from the grant date.

	Number of			Weighted-Average Grant
	RSAs			Date Fair Value Per RSA
Outstanding as of December 31, 2021	$	36,033		$	12.49
Granted		33,346			12.37
Vested		(36,033	)		12.49
Forfeited		-			-
Outstanding as of December 31, 2022		33,346			12.37
Outstanding as of December 31, 2022		33,346		$	12.37
Granted		32,722			11.46
Vested		(33,346	)		12.37
Forfeited		—			—
Outstanding as of December 31, 2023		32,722		$	11.46

Summary of Restricted Stock Units

The below table excludes Executive Market Units that the performance conditions have not been satisfied, Executive Transition Units that have not vested and are recorded as a liability, and Bonaccord or Hark that were issued outside of the Plan, that have not vested and are recorded as a liability or vested and settled in cash.

	Number of			Weighted-Average Grant
	RSUs			Date Fair Value Per RSU
Outstanding as of December 31, 2021	$	59,654		$	12.74
Granted		853,900			11.16
Vested		(405,419	)		12.65
Forfeited		-			-
Outstanding as of December 31, 2022		508,135			11.34
Outstanding as of December 31, 2022		508,135		$	11.34
Granted		2,911,391			9.54
Vested		(2,001,432	)		10.27
Forfeited		—			—
Outstanding as of December 31, 2023		1,418,094		$	9.15

Executive Market Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

The below table shows the assumptions used in the Monte Carlo simulation for the Executive Market Units' fair value.

	As of
	October 23, 2023
Expected life	5.0 (yrs)
Expected volatility	40.00%
Risk-free interest rate	4.81%
Expected dividend yield	1.42%