Annual report pursuant to Section 13 and 15(d)

Savings and Incentive Plans

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Savings and Incentive Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Savings and Incentive Plans Savings and Incentive Plans
Savings Plan
The Company sponsors a defined contribution plan which includes a savings plan feature provided under Section 401(k) of the Internal Revenue Code. This plan is generally available to all U.S. employees with three months of service and is funded by employee contributions and periodic discretionary contributions from the Company. Under this plan, the Company may make a matching contribution of up to 100% of each pre-tax dollar contributed by the participant on the first 4% of eligible compensation.The Company’s contributions for the years ended December 31, 2023, 2022, and 2021 were $2.9 million, $3.1 million, and $2.9 million, respectively.
Annual Incentive Plan
The Annual Incentive Plan is approved annually by the compensation committee of the Company’s board of directors. The purpose of the Annual Incentive Plan is to provide an incentive and to reward participants in the plan for achieving certain, pre-established performance targets through a cash bonus. Funding of the plan for management-level participants for the years ended December 31, 2023, 2022, and 2021 included measures of Adjusted Earnings Before Income Taxes and Depreciation and Amortization (“Adjusted EBITDA Target”). The Annual Incentive Plan also incorporates individual performance goals for both management and non-management participants. For the year ended December 31, 2023, 2022, and 2021, the Company recognized $11.8 million, $12.7 million, and $12.1 million respectively, as expense under the Annual Incentive Plan.