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Equity Incentive Plans and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Available for Grant

A summary of shares available for grant under the Company’s plans is as follows:

 

 

Shares Available
for Grant

 

Total shares available for grant as of December 31, 2022

 

 

7,655,769

 

Increase in shares approved for issuance (1)

 

 

5,210,000

 

Nonvested equity stock and stock units granted (2) (3)

 

 

(2,082,334

)

Nonvested equity stock and stock units forfeited (2)

 

 

1,170,715

 

Total shares available for grant as of December 31, 2023

 

 

11,954,150

 

Stock options expired

 

 

1,125

 

Nonvested equity stock and stock units granted (2) (3)

 

 

(1,482,074

)

Nonvested equity stock and stock units forfeited (2)

 

 

416,677

 

Total shares available for grant as of December 31, 2024

 

 

10,889,878

 

Nonvested equity stock and stock units granted (2) (3)

 

 

(1,497,461

)

Nonvested equity stock and stock units forfeited (2)

 

 

341,211

 

Total shares available for grant as of December 31, 2025

 

 

9,733,628

 

 

(1)
On April 27, 2023, the Company’s stockholders approved these additional shares to be reserved for issuance under the 2015 Plan.
(2)
For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 share and each restricted stock unit forfeited increases shares available for grant by 1.0 share.
(3)
Amounts include approximately 0.2 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in each of the years 2023, 2024 and 2025, respectively, and discussed under the section titled “Nonvested Equity Stock and Stock Units” below.
Schedule of Stock Option Activity

The following table summarizes stock option activity under the Company’s equity incentive plans for the years ended December 31, 2025, 2024 and 2023 and information regarding stock options outstanding and vested as of December 31, 2025:

 

 

Options Outstanding

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic Value
(In thousands)

 

Outstanding as of December 31, 2022

 

 

432,443

 

 

$

11.60

 

 

 

 

 

 

 

Options exercised

 

 

(307,711

)

 

$

11.61

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

124,732

 

 

$

11.60

 

 

 

 

 

 

 

Options exercised

 

 

(33,607

)

 

$

9.42

 

 

 

 

 

 

 

Options expired

 

 

(1,125

)

 

$

8.76

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

90,000

 

 

$

12.45

 

 

 

 

 

 

 

Options exercised

 

 

(1,100

)

 

$

13.60

 

 

 

 

 

$

86

 

Outstanding and vested as of December 31, 2025

 

 

88,900

 

 

$

12.43

 

 

 

2.53

 

 

$

7,064

 

Weighted-average Assumptions for Employee Stock Purchase Plan

 

Employee Stock Purchase Plan for
Years Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Employee Stock Purchase Plan

 

 

 

 

 

 

 

 

 

Expected stock price volatility

 

51%-65%

 

 

47%-54%

 

 

48%-53%

 

Risk free interest rate

 

3.80%-4.22%

 

 

4.42%-5.43%

 

 

5.14%-5.51%

 

Expected term (in years)

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Weighted-average fair value of purchase rights granted under the purchase plan

 

$

23.63

 

 

$

14.96

 

 

$

14.86

 

Schedule of Nonvested Equity Stock and Stock Units Activity

The following table reflects the activity related to nonvested equity stock and stock units for the years ended December 31, 2025, 2024 and 2023:

 

Nonvested Equity Stock and Stock Units

 

Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested as of December 31, 2022

 

 

4,718,060

 

 

$

22.78

 

Granted

 

 

1,268,973

 

 

$

46.93

 

Vested

 

 

(1,797,002

)

 

$

18.07

 

Forfeited

 

 

(759,839

)

 

$

28.60

 

Nonvested as of December 31, 2023

 

 

3,430,192

 

 

$

32.90

 

Granted

 

 

1,312,367

 

 

$

57.03

 

Vested

 

 

(1,289,945

)

 

$

27.14

 

Forfeited

 

 

(302,453

)

 

$

39.07

 

Nonvested as of December 31, 2024

 

 

3,150,161

 

 

$

44.72

 

Granted

 

 

1,269,985

 

 

$

55.46

 

Vested

 

 

(1,296,894

)

 

$

38.04

 

Forfeited

 

 

(241,423

)

 

$

51.16

 

Nonvested as of December 31, 2025

 

 

2,881,829

 

 

$

51.91