Equity Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Stock Activity

The following tables summarize the activity of the Company’s management incentive unit awards granted pre-IPO for the nine months ended September 30, 2022 and their equity based compensation expense for the nine and three months ended September 30, 2022 and 2021, respectively (amounts in thousands):

	Class A			Class B
	Amount	Weighted Average Grant Date Fair Value		Amount	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	2,520,229	$	16.28	596,598	$	0.13
Granted	—	—		—	—
Forfeited	—	—		—	—
Vested	(1,009,960)	17.38		(596,598)	0.10
Unvested at September 30, 2022	1,510,269	$	18.10	—	$	—

	Nine months ended September 30,				Three months ended September 30,
	2022		2021		2022		2021
Equity based compensation expense - management incentive units pre-IPO(1)	$	2,073	$	1,135	$	684	$	708

(1) Total unrecognized equity based compensation for the management incentive unit awards granted pre-IPO to be recognized in future periods is $9.5 million at September 30, 2022, and will be recognized over a weighted average period of 3.60 years. Equity based compensation expense is recorded within selling, general and administrative expenses on our condensed consolidated statements of comprehensive income.

The following table summarizes the activity of the Company’s PSU and RSU awards for the nine months ended September 30, 2022, and their equity based compensation expense for the nine and three months ended September 30, 2022 and 2021, respectively (amounts in thousands):

	PSU Awards			RSU Awards
	Amount	Weighted Average Grant Date Fair Value		Amount	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	—	$	—	—	$	—
Granted	496,375	5.75		720,411	5.75
Forfeited	(750)	5.75		(3,250)	5.75
Vested	—	—		—	—
Unvested at September 30, 2022	495,625	$	5.75	717,161	$	5.75

	Nine months ended September 30,				Three months ended September 30,
	2022		2021		2022		2021
Equity based compensation expense - PSUs(1)	$	238	$	—	$	238	$	—
Equity based compensation expense - RSUs(2)	$	302	$	—	$	302	$	—

(1) Total unrecognized equity based compensation for the PSUs to be recognized in future periods is $3.2 million at September 30, 2022, and will be recognized over a weighted average period of 2.25 years. Equity based compensation expense is recorded within selling, general and administrative expenses on our condensed consolidated statements of comprehensive income.

(2) Total unrecognized equity based compensation for the RSUs to be recognized in future periods is $3.8 million at September 30, 2022, and will be recognized over a weighted average period of 2.55 years. Equity based compensation expense is recorded within selling, general and administrative expenses on our condensed consolidated statements of comprehensive income.