Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards and Units Activity
The following table summarizes activity related to RSAs and RSUs under the 2021 Plan for the years ended December 31, 2023 and 2022:

Years Ended December 31,
2023 2022
Restricted Stock Awards (1)
Restricted Stock Units (2)
Restricted Stock Awards (1)
Restricted Stock Units (2)
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 1,337  $ 1,252  5,612  $ 1,323  3,330  $ 1,252  —  $ — 
Granted —  —  2,848  1,924  —  —  5,612  1,323 
Vested (3)
(1,297) 1,252  (1,864) 1,324  (1,993) 1,252  —  — 
Cancelled and forfeited (40) 1,252  (371) 1,602  —  —  —  — 
Nonvested at end of period —  $ —  6,225  $ 1,581  1,337  $ 1,252  5,612  $ 1,323 
(1)RSAs were granted on December 29, 2021: 1,993 shares vested on December 29, 2022, 40 shares were forfeited during 2023 and 1,297 shares vested on December 29, 2023.
(2)RSUs vest in one-third increments over a three-year period.
(3)Of the 3,161 shares that vested during the year ended December 31, 2023, 1,165 shares were surrendered upon vesting by employees to the Company to settle tax withholding obligations.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the years ended December 31, 2023 and 2022:
Years Ended December 31,
2023 2022
Restricted Stock Awards Restricted Stock Awards
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 699  $ 1,281  —  $ — 
Granted (1)
486  2,344  784  1,277 
Vested (807) 1,423  —  — 
Cancelled and forfeited —  —  (85) 1,249 
Nonvested at end of period 378  $ 2,344  699  $ 1,281 
(1)RSAs vest on the first anniversary of the grant date.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs for the years ended December 31, 2023 and 2022:

Years Ended December 31,
2023 2022
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period (1)
2,394  $ 1,355  —  $ — 
Granted (2)
1,852  2,342  2,394  1,355 
Vested —  —  —  — 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period 4,246  $ 1,786  2,394  $ 1,355 
(1)The PSUs were granted on February 11, 2022 and include 1,197 RTSR (as defined below) PSUs (based on target) with a grant date fair value of $1,605 per share and 1,197 FCF (as defined below) PSUs (based on target) with a grant date fair value of $1,105 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 2,394 additional units would be issued).
(2)The PSUs were granted on February 10, 2023 and include 926 RTSR PSUs (based on target) with a grant date fair value of $2,761 per share and 926 FCF PSUs (based on target) with a grant date fair value of $1,924 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 1,852 additional units would be issued).
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the consolidated statements of income (in thousands):
Years Ended December 31,
2023 2022 2021
Salaries and related employee expenses (employee awards) $ 9,124  $ 7,583  $ 28 
General and administrative expenses (director awards) 1,219  849  — 
Total share-based compensation expense (1)
$ 10,343  $ 8,432  $ 28 
(1)The Company recognized a tax benefit of $2.2 million and $1.8 million related to share-based compensation for the years ended December 31, 2023 and 2022, respectively.