XML 36 R22.htm IDEA: XBRL DOCUMENT
v3.26.1

Equity | 6 Months Ended
--- | ---
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Equity | Equity Share Repurchases On November 4, 2025, the Company’s Board of Directors approved a program to repurchase and acquire up to $100 million of the Company’s common stock through December 31, 2026. During the six months ended June 30, 2026, the Company repurchased 1,221,938 shares of Happen, Inc. common stock on the open market at an average price of $16.68 per share and retired those shares upon repurchase. Employee Incentive Plans The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors. Stock-based Compensation Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
RSUs | $ | 6,708 |  |  | $ | 9,236 |  |  | $ | 14,237 |  |  | $ | 18,310 |
PBRSUs | 1,258 |  |  | 1,270 |  |  | 2,263 |  |  | 2,117 |
Stock-based compensation expense, gross | 7,966 |  |  | 10,506 |  |  | 16,500 |  |  | 20,427 |
Less: Capitalized stock-based compensation expense | 1,012 |  |  | 1,441 |  |  | 1,972 |  |  | 2,843 |
Stock-based compensation expense, net | $ | 6,954 |  |  | $ | 9,065 |  |  | $ | 14,528 |  |  | $ | 17,584 |
Restricted Stock Units The following table summarizes the Company’s RSU activity:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025 | 4,278,687 |  |  | $ | 10.73 |
Granted | 1,979,722 |  |  | $ | 15.58 |
Vested | (1,867,714) |  |  | $ | 9.50 |
Forfeited | (510,128) |  |  | $ | 12.72 |
Unvested at June 30, 2026 | 3,880,567 |  |  | $ | 13.53 |
During the first half of 2026, the Company granted 1,979,722 RSUs with an aggregate fair value of $30.8 million. As of June 30, 2026, there was $47.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.9 years, subject to any forfeitures. Performance-based Restricted Stock Units The Company’s outstanding PBRSU awards consist of awards with a market-based metric and awards with an operating-based metric, all with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period. The following table summarizes the Company’s PBRSU activity:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025 | 1,160,819 |  |  | $ | 8.86 |
Granted | 641,982 |  |  | $ | 14.72 |
Vested | (485,134) |  |  | $ | 7.62 |
Forfeited | (43,690) |  |  | $ | 12.88 |
Unvested at June 30, 2026 | 1,273,977 |  |  | $ | 12.14 |
During the first half of 2026, the Company granted 641,982 PBRSUs with an aggregate fair value of $9.4 million. As of June 30, 2026, there was $10.0 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years, subject to any forfeitures.

X
- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration