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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity Compensation Expense

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying consolidated statements of operations as follows:

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

2,452

 

 

$

1,387

 

 

$

1,947

 

Equity compensation expense included in selling, general and administrative expenses

 

 

14,781

 

 

 

12,286

 

 

 

15,085

 

Total equity compensation expense

 

$

17,233

 

 

$

13,673

 

 

$

17,032

 

Schedule of Time-Vesting and Performance Vesting Restricted Share Awards

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2025 was as follows:

 

 

 

 

 

 

 

 

Performance-Vesting Restricted Awards

 

 

 

Time-Vesting
Restricted Awards

 

 

Bonus Performance
Restricted Awards

 

 

Long-Term
Incentive
Performance
Restricted Awards

 

 

 

Shares/Units

 

 

Weighted
Average
Grant
Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

Outstanding at December 31, 2024

 

 

747,495

 

 

$

50.54

 

 

 

120,847

 

 

$

50.92

 

 

 

540,478

 

 

$

56.68

 

Granted

 

 

874,817

 

 

$

37.92

 

 

 

88,775

 

 

$

34.33

 

 

 

444,524

 

 

$

34.50

 

Vested

 

 

(240,914

)

 

$

50.19

 

 

 

(14,945

)

 

$

51.21

 

 

 

(792

)

 

$

56.78

 

Forfeited

 

 

(134,973

)

 

$

51.00

 

 

 

(106,150

)

 

$

50.83

 

 

 

(222,203

)

 

$

58.95

 

Outstanding at December 31, 2025

 

 

1,246,425

 

 

$

41.70

 

 

 

88,527

 

 

$

34.34

 

 

 

762,007

 

 

$

43.08

 

Schedule of Activity Related to Stock Option Awards

The total intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was approximately $1.5 million, $1.3 million and $3.1 million, respectively. The activity related to the Company’s stock option awards during the year ended December 31, 2025 was as follows:

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life (in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

548,135

 

 

$

50.33

 

 

 

 

 

 

 

Granted

 

 

278,484

 

 

$

38.40

 

 

 

 

 

 

 

Forfeited

 

 

(123,040

)

 

$

53.35

 

 

 

 

 

 

 

Expired

 

 

(22,590

)

 

$

45.73

 

 

 

 

 

 

 

Exercised

 

 

(50,888

)

 

$

22.25

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

630,101

 

 

$

46.90

 

 

 

7.97

 

 

$

835

 

Exercisable at December 31, 2025

 

 

253,050

 

 

$

51.89

 

 

 

6.00

 

 

$

502

 

 

Schedule of Stock Options Valuation Assumptions

The weighted average grant date fair value of stock options granted during the year ended December 31, 2025 was $22.63. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2025 were:

Risk-free interest rate

3.86

%

Expected volatility

58.89

%

Expected dividend yield

0.00

%

Expected life (years) (a)

6.17

(a)
The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.