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Employee Benefits | 6 Months Ended
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Jun. 30, 2026
Retirement Benefits [Abstract] |
Employee Benefits | EMPLOYEE BENEFITS Healthcare We participate in multiple healthcare plans, the largest of which is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual/family. Our healthcare benefit expense (net of employee contributions) was $11.7 million and $8.8 million for the three months ended June 30, 2026 and 2025, respectively, and $22.6 million and $16.7 million for the six months ended June 30, 2026 and 2025. respectively. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $5.0 million and $4.9 million as of June 30, 2026 and December 31, 2025, respectively. Workers’ Compensation Workers’ compensation expense totaled $3.1 million and $5.4 million for the three months ended June 30, 2026 and 2025, respectively, and $9.0 million and $11.8 million for six months ended June 30, 2026 and 2025, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):
| June 30, 2026 |  | December 31, 2025
Included in other current liabilities | $ | 9.6 |  |  | $ | 10.4 |
Included in other long-term liabilities | 20.7 |  |  | 20.5 |
| $ | 30.3 |  |  | $ | 30.9 |
We also had insurance receivables included on the Condensed Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above and were as follows (in millions):
| June 30, 2026 |  | December 31, 2025
Included in other non-current assets | $ | 5.5 |  |  | $ | 4.8 |
Retirement Plans We participate in multiple 401(k) plans, whereby we provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. We recognized 401(k) plan expenses of $1.0 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $2.1 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. These expenses are included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Multiemployer Pension Plans We participate in various multiemployer pension plans under collective bargaining agreements in Washington, Oregon, California and Illinois with other companies in the construction industry. These plans cover our union-represented employees and contributions to these plans are expensed as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. We do not participate in any multiemployer pension plans that are considered to be individually significant. Share-Based Compensation Common Stock Awards We periodically grant shares of our common stock to non-employee members of our board of directors and our employees. During the three and six months ended June 30, 2026 and 2025, we granted approximately six thousand and five thousand shares, respectively, under our 2023 Omnibus Incentive Plan to non-employee members of our board of directors. In addition, we granted approximately 29 thousand and 30 thousand shares of our common stock to employees during the three and six months ended June 30, 2026, respectively, and 45 thousand and 63 thousand during the three and six months ended June 30, 2025, respectively, exclusive of the issuance of liability-based awards disclosed below. Employees – Performance-Based Stock Awards During the six months ended June 30, 2026, we issued approximately 43 thousand shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2027 and April 20, 2028. In addition, during the six months ended June 30, 2026, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2027 contingent upon achievement of these targets. In addition, there are various performance-based bonus plans for certain employees to be issued through the 2029 performance period that are accounted for as liability-based awards since they represent a predominantly-fixed monetary amount that will be settled with a variable number of common shares contingent upon achievement of certain performance targets. During the three and six months ended June 30, 2026, we issued approximately three thousand and five thousand shares of our common stock, respectively, to certain employees under one of the bonus plans that are scheduled to vest in April 2030. In addition, during the six months ended June 30, 2026, we issued approximately eight thousand shares of our common stock under a bonus plan that vested in the second quarter of 2026. During the six months ended June 30, 2025, we issued approximately 11 thousand shares of our common stock under a bonus plan which vested in the second quarter of 2025. Employees – Performance-Based Restricted Stock Units During 2025, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards which were issued to certain employees in 2026 based upon achievement of a performance target. In addition, during the six months ended June 30, 2026, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards to be issued to certain employees in 2027 based upon achievement of a performance target. These units will be accounted for as equity-based awards that will be settled with a fixed number of common shares. Share-Based Compensation Summary Amounts and changes for each category of equity-based award were as follows:
| Common Stock Awards |  | Performance-Based Stock Awards |  | Performance-Based Restricted Stock Units
| Awards |  | Weighted Average Grant Date Fair Value Per Share |  | Awards |  | Weighted Average Grant Date Fair Value Per Share |  | Units |  | Weighted Average Grant Date Fair Value Per Share
Nonvested awards/units at December 31, 2025 | 91,788 |  |  | $ | 170.70 |  |  | 110,586 |  |  | $ | 163.30 |  |  | 10,876 |  |  | $ | 170.37 |
Granted | 49,766 |  |  | 283.56 |  |  | 29,236 |  |  | 319.99 |  |  | 7,917 |  |  | 285.66 |
Vested | (65,748) |  |  | 186.65 |  |  | (50,207) |  |  | 142.23 |  |  | (10,834) |  |  | 170.37 |
Forfeited/Cancelled | (1,435) |  |  | 208.75 |  |  | (139) |  |  | 170.99 |  |  | (100) |  |  | 237.24 |
Nonvested awards/units at June 30, 2026 | 74,371 |  |  | $ | 231.39 |  |  | 89,476 |  |  | $ | 226.30 |  |  | 7,859 |  |  | $ | 285.66 |
The following table summarizes the share-based compensation expense recognized by award type (in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Common Stock Awards | $ | 3.4 |  |  | $ | 2.6 |  |  | $ | 6.3 |  |  | $ | 5.6 |
Non-Employee Common Stock Awards | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Performance-Based Stock Awards | 2.1 |  |  | 1.9 |  |  | 4.1 |  |  | 3.8 |
Liability Performance-Based Stock Awards | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.5 |
Performance-Based Restricted Stock Units | 0.5 |  |  | 0.4 |  |  | 1.0 |  |  | 0.9 |
| $ | 6.2 |  |  | $ | 5.3 |  |  | $ | 11.9 |  |  | $ | 11.2 |
We recorded the following stock compensation expense by income statement category (in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cost of sales | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Selling | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.3 |
Administrative | 5.7 |  |  | 4.9 |  |  | 10.9 |  |  | 10.4 |
| $ | 6.2 |  |  | $ | 5.3 |  |  | $ | 11.9 |  |  | $ | 11.2 |
Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while cost of sales and selling stock compensation represent all stock compensation earned by our installation and sales employees, respectively. Unrecognized share-based compensation expense related to unvested awards was as follows (in millions):
| As of June 30, 2026
| Unrecognized Compensation Expense on Unvested Awards |  | Weighted Average Remaining Vesting Period
Common Stock Awards | $ | 14.7 |  |  | 2.2 years
Performance-Based Stock Awards | 12.5 |  |  | 2.0 years
Performance-Based Restricted Stock Units | 1.7 |  |  | 0.8 years
Total unrecognized compensation expense related to unvested awards | $ | 28.9 |  |  |
Total unrecognized compensation expense is subject to future adjustments for forfeitures. This expense is expected to be recognized over the remaining weighted-average period shown above on a straight-line basis except for the Performance-Based Stock Awards which uses the graded-vesting method. Shares forfeited are returned as treasury shares and available for future issuances. During the six months ended June 30, 2026 and 2025, our employees surrendered approxim ately 42 thousand and 53 thousand shares of our common stock, respectively, to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2023 Omnibus Incentive Plans. As of June 30, 2026, approximately 1.6 million of the 2.1 million shares of common stock authorized for issuance were available for issuance under the 2023 Omnibus Incentive Plan.

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