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Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
We use share-based payments to compensate employees and non-employee directors. We grant incentive awards in the form of restricted stock units (a small portion of which are subject to the achievement of performance conditions) and performance unit awards (which are subject to the achievement of performance conditions). Certain of these incentive awards are share-settled, and certain of these incentive awards are cash-settled. See Note 12 in Notes to consolidated financial statements in Item 8 of our Annual Report for further description of the various types of stock-based compensation awards (other than the 2025 Performance Units, which are described below) and the applicable award terms and accounting.
Stock Options — No stock options have been granted since 2016. Stock option activity from January 1, 2025 to September 30, 2025 follows:
Underlying
Shares 		Weighted Average
Exercise Price
Per Share
Outstanding at January 1, 2025
1,794,005$22.26 
Exercised—$— 
Expired(616,800)$20.33 
Outstanding at September 30, 2025
1,177,205$23.27 
Exercisable at September 30, 2025
1,177,205$23.27 
Restricted Stock Units (Equity Based) — Share-settled restricted stock unit activity from January 1, 2025 to September 30, 2025 follows:
Time
Based 		Performance
Based		Weighted Average Grant Date Fair Value Per Share
Non-vested restricted stock units outstanding at January 1, 2025
5,427,657452,514$11.34 
Granted4,448,229—$6.04 
Vested(2,857,803)—$11.41 
Forfeited(187,145)(3,524)$9.52 
Non-vested restricted stock units outstanding at September 30, 2025
6,830,938448,990$8.12 
As of September 30, 2025, we had unrecognized compensation cost related to our unvested restricted stock units totaling $43.7 million. The weighted-average remaining vesting period for these unvested restricted stock units was 2.02 years as of September 30, 2025.
Restricted Stock Units (Liability Based) — A portion of the annual restricted stock unit awards granted in 2025 are cash-settled. Cash-settled restricted stock unit activity from January 1, 2025 to September 30, 2025 follows:
Time Based
Non-vested cash-settled restricted stock units outstanding at January 1, 2025
13,134
Granted619,417
Vested(4,376)
Forfeited—
Non-vested cash-settled restricted stock units outstanding at September 30, 2025
628,175
As of September 30, 2025, we had unrecognized compensation cost related to our unvested cash-settled restricted stock units totaling $3.0 million. The weighted-average remaining vesting period for these unvested cash-settled restricted stock units was 2.58 years as of September 30, 2025.
Performance Unit Awards — We have granted performance unit awards to certain employees (the “Performance Units”). The Performance Units generally vest over a three-year period based on the achievement of performance goals. Historically, Performance Units have been tied to total shareholder return (“TSR”) achievement as compared to the TSR of a designated peer group, and allow for a payout ranging between 0% and 200% of the target payout. With respect to the Performance Units granted in May 2025, (i) one-half are cash-settled and are otherwise structured similarly to the 2024 Performance Units with vesting tied to our TSR over 1-, 2- and 3-year performance periods (the “2025 TSR Performance Units”), and (ii) one-half are share-settled and tied to our relative free cash flow return over the three-year period commencing January 1, 2025 as compared to the free cash flow return of a designated peer group (“FCF”), and allow for a payout ranging between 0% and 200% of the target payout (the “2025 FCF Performance Units”).
Share-settled Performance Units, excluding the 2025 FCF Performance Units, have vesting terms subject to a market condition and are measured at fair value on the date of grant using a Monte Carlo simulation model. The 2025 TSR Performance Units are cash-settled and are accounted for as liability classified awards and remeasured at fair value using a Monte Carlo simulation model at each reporting period. The 2025 FCF Performance Units are subject to an operational performance condition, with fair value determined based on the average closing price of our common stock over the 20 trading days immediately preceding the grant date.
Stock-based compensation expense is subsequently adjusted to reflect the fair value of units expected to vest, based on the likelihood of meeting the performance condition. If the performance condition is not met, any previously recognized compensation expense will be reversed.

Performance Units activity from January 1, 2025 to September 30, 2025 follows:
Performance Units
Share-Settled
(at target)		Weighted
Average Grant
Date Fair Value
Per Share		Performance
Units
Cash-Settled
(at target)
Non-vested outstanding at January 1, 2025
1,869,400$15.62 —
Granted743,800$5.86 743,800
Performance units settled (1)
(398,500)$25.95 —
Forfeited—$— —
Non-vested outstanding at September 30, 2025
2,214,700$10.49 743,800
(1)Share-settled Performance Units granted in 2022 reached the end of their performance period during the nine months ended September 30, 2025, and no shares were issued to settle such Performance Units.
As of September 30, 2025, we had unrecognized compensation cost related to our unvested Performance Units totaling $12.6 million. The weighted-average remaining vesting period for these unvested Performance Units was 1.80 years as of September 30, 2025.
Stock-Based Compensation Expense — Expense associated with restricted stock units and Performance Unit awards is included in “Selling, general and administrative” in our unaudited condensed consolidated statements of operations. The following table presents stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
Share-settled awards2025202420252024
Restricted stock units$7,088 $10,478 $24,486 $29,102 
Performance units – TSR1,585 2,448 5,556 6,688 
Performance units – FCF(13)— 485 — 
Total share-settled awards8,660 12,926 30,527 35,790 
Cash-settled awards
Cash-settled restricted stock units270 (736)482 374 
Cash-settled performance units107 — 484 — 
Total cash-settled awards377 (736)966 374 
Stock-based compensation expense$9,037 $12,190 $31,493 $36,164