On February 6, 2025 and May 16, 2025, respectively, the Board adopted and the Company's stockholders approved the 2016 Amended and Restated Incentive Award Plan (the "Amended 2016 Plan"). The Amended 2016 Plan provides for long-term equity incentive compensation for key employees, officers and non-employee directors. A variety of discretionary awards (collectively, the “Awards”) for employees and non-employee directors are authorized under the Amended 2016 Plan, including vested shares, stock options, stock appreciation rights (SARs), restricted stock awards (RSAs), restricted stock units (RSUs), or other cash based or stock dividend equivalent awards, which are all equity-classified instruments under the Amended 2016 Plan. The number of shares registered and available for grant under the Amended 2016 Plan is 6,000,000. The vesting of such awards may be conditioned upon either a specified period of time or the attainment of specific performance goals as determined by the administrator of the Amended 2016 Plan. The option price and term are also subject to determination by the administrator with respect to each grant. Option prices are generally expected to be set at the market price of the Company’s common stock at the date of grant and option terms are not expected to exceed ten years.

The Company granted 161,495 awards to employees under the Amended 2016 Plan during the year ended December 31, 2025, consisting of 41,075 RSU and 35,960 stock option awards having five year vesting schedules, and 84,460 stock option awards that vested upon issuance. The Company granted an additional 386 RSU that vest in four approximately equal installments on March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, and 7,344 stock option awards to non-employee directors under the Amended 2016 Plan, during the year ended December 31, 2025. These stock option awards will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

The Company granted 206,893 awards to employees under the Amended 2016 Plan during the year ended December 31, 2024, consisting of 131,156 RSU and 24,650 stock option awards having five year vesting schedules, 1,087 RSU having four year vesting schedules and 50,000 stock option awards that vested upon issuance. The Company granted an additional 674 RSU that vest in four approximately equal installments on March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025, and 6,542 stock option awards to non-employee directors under the Amended 2016 Plan, during the year ended December 31, 2024. These stock option awards will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

The Company granted 47,238 awards to employees under the Amended 2016 Plan during the year ended December 31, 2023, consisting of 45,988 RSU and 1,250 stock option awards having four year vesting schedules. The Company granted an additional 848 RSU that vest in four approximately equal installments on March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, and 11,187 stock option awards to non-employee directors under the Amended 2016 Plan, during the year ended December 31, 2023. These stock option awards will vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

The Company satisfies stock option exercises and vested stock awards with treasury shares or newly issued shares. Shares available for future stock compensation grants under the Amended 2016 Plan totaled 1.9 million and 2.1 million at December 31, 2025 and 2024, respectively.

The Company determines the fair value of stock options using the Black-Scholes-Merton option pricing model (the “BSM Model”). The BSM Model is primarily affected by the fair value of the Company’s common stock (see restricted share valuation discussion below), the expected holding period for the option, expected stock price volatility over the term of the awards, the risk-free interest rate, and expected dividends.

The expected holding period represents the period of time the grants are expected to be outstanding. The Company uses the simplified method, as prescribed by accounting guidance governing such awards, to calculate the expected holding period for options granted to employees as we do not have sufficient historical evidence data to provide a reasonable basis upon which to estimate the expected holding period. For options valued by the Company for the years ended December 31, 2025, 2024 and 2023, respectively, the expected holding period is based on an average between the midpoint of the vesting date and the expiration date of the options.

Due to the lack of Company specific historical and implied volatility data, our estimate of expected volatility is based upon a blended approach that utilizes the historical volatility of the Company's common stock for periods in which the Company has sufficient information and the historical volatility of a group of peer companies that are most representative of our company.

The following table summarizes the grant date fair values of stock options and restricted shares issued during the period as well as the allocation of stock-based compensation expense to Total direct costs, and Selling, general and administrative reported in the consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
Weighted average, grant date fair value
Stock options	$	140.34	$	148.85	$	85.30
Restricted shares (RSAs and RSUs)	$	353.93	$	372.17	$	225.69

Stock-based compensation expense allocated to:
Total direct costs	$	13,612	$	11,117	$	11,099
Selling, general, and administrative	21,174		14,397		9,417
Total stock-based compensation expense	$	34,786	$	25,514	$	20,516


	Year Ended December 31,
	2025			2024			2023
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Outstanding - beginning of Period	1,143,368	$	130.33	1,343,287	$	100.75	1,629,148	$	89.71
Granted	127,764	$	325.60	81,192	$	378.45	12,437	$	211.25
Exercised	(639,729)	$	89.10	(274,733)	$	57.73	(287,048)	$	39.64
Cancelled/Forfeited/Expired	(12,722)	$	227.08	(6,378)	$	186.83	(11,250)	$	183.04
Outstanding - end of period	618,681	$	211.29	1,143,368	$	130.33	1,343,287	$	100.75

Exercisable - end of period	450,986	$	209.15	814,980	$	110.86	901,865	$	74.79


	Year Ended December 31,
	2025	2024	2023
	Shares/Units	Shares/Units	Shares/Units
Outstanding and unvested - beginning of period	365,492	390,998	523,377
Granted	41,461	132,917	46,836
Vested	(62,176)	(130,934)	(154,618)
Forfeited	(20,260)	(27,489)	(24,597)
Outstanding and unvested - end of period	324,517	365,492	390,998


	Weighted Average Exercise Price		Stock Options		Restricted Shares/Units		Weighted Average Remaining Life (Years)
Number of stock options expected to vest	$	211.29	618,681				3.8
Number of restricted shares/units expected to vest					324,517
Total expected to vest			618,681		324,517
Total stock options exercisable	$	209.15	450,986				4.0
Unrecognized compensation cost (in thousands)			$	7,557	$	49,409
Weighted average years over which unrecognized compensation cost will be recognized			3.8		3.6


	Year Ended December 31,
	2025		2024		2023
Total intrinsic value of stock options exercised	$	202,429	$	89,298	$	56,548
Total grant-date fair value of stock options vested	$	22,179	$	13,992	$	3,591
Total grant-date fair value of restricted shares vested	$	10,827	$	12,903	$	9,306
Total settlement date fair value of restricted shares vested	$	35,537	$	49,503	$	31,842