A summary of the Company’s aggregate share-based compensation expense (income) is shown below. Share-based compensation expense related to incentive units allocated to the Company is recognized as a deemed non-cash contribution to or distribution from shareholders’ equity on the consolidated balance sheets. Substantially all share-based compensation expense (income) is included in general and administrative expense (income) on the consolidated statements of operations.


	Year Ended December 31,
	2025		2024		2023
Incentive Units	$	36,508	$	91,307	$	(17,230	)
Restricted Share Units		8,811		4,028		-
Total share-based compensation expense (income) (1)	$	45,319	$	95,335	$	(17,230	)

(1)

The tax benefit associated with share-based compensation expense was $1.1 million for the year ended December 31, 2025.

Schedule of LBH Incentive Units Granted and Fair Values

LBH Incentive Units granted during December 31, 2025 and 2024 were estimated using a Monte Carlo Simulation with the following inputs:


	10/1/2025			12/9/2024			10/29/2024			7/18/2024			7/1/2024(1)
Share price	$	55.56		$	62.29		$	53.84		$	28.45		$	22.96
Expected life (in years)		2.0			2.1			2.2			2.0			1.5
Risk-free interest rate		3.5	%		4.0	%		4.0	%		4.4	%		4.8	%
Dividend yield		0	%		0	%		0	%		0	%		0	%
Volatility		40.0	%	40% - 76%			35% - 72%			40% - 132%			40% - 225%
Marketability discount	17% - 30%			13% - 22%			12% - 22%			12% - 30%			11% - 32%

(1)

The LBH Incentive Units utilized the same inputs for the modification date fair value as it occurred on the same date as the 7/1/2024 grant date.

Summary of LBH Incentive Units Activity

A summary of LBH Incentive Units activity during the year ended December 31, 2025 is shown in the following table:


	Incentive Units		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)
Outstanding at December 31, 2024 (1)		30,020	$	5,130
Granted		200		7,175
Forfeited		-		-
Outstanding at December 31, 2025		30,220	$	5,144		0.9

(1)

The units outstanding as of December 31, 2024 reflect the effects of the Division and only include the LBH Incentive Units. The grant date fair value per unit amount includes the modification date weighted average per unit fair value of $7,959 per unit.

Summary of RSU Activity

A summary of RSU activity during the year ended December 31, 2025 is shown in the following table:


	RSUs			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2024		749,529		$	31.37
Granted (1)		57,393			56.17
Forfeited		-			-
Vested (2)		(269,441	)		31.48
Nonvested at December 31, 2025		537,481		$	33.96

(1)

The weighted average grant date fair values of RSUs granted was $56.17 and $31.36 for the years ended December 31, 2025 and 2024, respectively.

(2)

Included within the 269,441 RSUs that vested during the period, 86,661 RSUs were surrendered by employees to the Company to settle tax withholding requirements. The total fair value of RSUs vested was $8.5 million for the year ended December 31, 2025