Stock Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Stock Based Compensation and Other Benefit Plans

Schedule of valuation assumptions

	Year Ended December 31,
	2024		2023
Dividend yield	0	%	0	%
Expected volatility	65	%	66 - 70	%
Risk-free interest rate	4.35	%	3.58 - 4.73	%
Expected term	5.79 years		5.79 years

Schedule of stock option activity

			Weighted		Weighted
			Average		Average		Aggregate
			Exercise		Contractual		Intrinsic
	Number of		Price		Remaining Term		Value
	shares		Per Share		(in years)		(in thousands)
Outstanding as of January 1, 2024		2,730,068	$	20.88		6.29	$	10,638
Granted		34,170		24.71
Exercised		(301,599)		6.08
Forfeited, expired or cancelled		(35,710)		153.47
Outstanding as of December 31, 2024		2,426,929	$	20.83		5.77	$	18,644
Exercisable as of December 31, 2024		2,054,255	$	20.26		5.37	$	17,176

Schedule of grant date fair values of PSUs granted

The range of grant date fair values of the PSUs granted in 2023 was estimated as follows:

						Derived
Hurdle Price		Number of		Fair Value		Service Period
Per PSU		PSUs		Per Share		(in years)
$	30.00		243,550	$	11.42-17.45		0.69-2.59
$	35.00		91,239	$	10.16-16.07		0.93-2.59
$	40.00		60,024	$	9.07-14.84		1.12-2.59
$	45.00		53,787	$	8.12-13.72		1.27-2.59
			448,600

The grant date fair values of the PSUs granted in January 2024 and April 2024 was estimated as follows:

						Derived
Hurdle Price		Number of		Fair Value		Service Period
Per PSU		PSUs		Per Share		(in years)
$	30.00		165,900	$	18.42-19.71		0.46-0.74
$	35.00		55,290	$	17.24-17.67		0.66-0.96
$	40.00		34,029	$	15.85-16.14		0.82-1.15
$	45.00		29,781	$	14.20-15.13		0.95-1.31
			285,000

Schedule of performance shares, outstanding activity

			Weighted
			Average
			Grant Date
	Number of		Fair Value
	Unvested PSUs		Per Share
Unvested balance as of January 1, 2024		448,600	$	15.40
Granted		285,000		17.60
Vested		(136,483)		17.23
Forfeited		—		—
Unvested balance as of December 31, 2024		597,117	$	16.03

Summary of stock-based compensation expense

All stock-based compensation expense is recorded in G&A expense. The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2024		2023
Total stock-based compensation expense	$	10,312	$	9,099