Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

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

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2024 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, 2023		12,715,381		$	8.15		7.82	$	30,872,113
Granted		2,539,309			8.00
Exercised		(314,405	)		1.17
Expired/Forfeited		(257,260	)		11.62
Outstanding as of June 30, 2024		14,683,025		$	8.21		7.76	$	19,711,039
Exercisable as of June 30, 2024		3,028,622		$	5.13		6.47	$	11,086,732

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 six months ended June 30, 2024 and June 30, 2023 were as follows:

	For the Six Months Ended June 30,
	2024			2023
Expected life (in years)	6.71			7.5
Expected volatility		37.50	%		38.60	%
Risk-free interest rate		4.23	%		4.07	%
Expected dividend yield		1.63	%		1.20	%

Summary of Restricted Stock Activity

The Company has granted restricted stock awards ("RSAs") to certain non-employee directors. 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, 2023		32,722	$	11.46
Granted		93,473		8.02
Vested		—		—
Forfeited		—		—
Outstanding as of June 30, 2024		126,195	$	8.91

Summary of Restricted Stock Units

The below table excludes Executive Market Units that the market conditions have not been satisfied, Executive Transition Units that have not vested and are recorded as a liability, and Bonaccord or Hark Units 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, 2023		1,418,094		$	9.15
Granted		1,062,007			8.25
Vested		(750,714	)		9.60
Forfeited		(3,819	)		9.30
Outstanding as of June 30, 2024		1,725,568		$	8.40

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 (in years)	5
Expected volatility	40.00%
Risk-free interest rate	4.81%
Expected dividend yield	1.42%