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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2026
STOCK - BASED COMPENSATION |
STOCK-BASED COMPENSATION | 9. STOCK-BASED COMPENSATION Performance Awards On June 16, 2026, the Company granted 1,886,500 stock options and 1,073,500 restricted stock units ("RSUs") to certain executives under the 2021 Stock Incentive Plan. The performance awards contain market conditions based on the achievement of specified volume-weighted average stock price ("VWAP") thresholds of $60 and $80 per share over a 20 consecutive trading day measurement period. Certain awards vest solely upon achievement of the applicable market condition, while other awards require both achievement of the applicable market condition and continued employment through the third anniversary of the grant date. The market-condition awards were valued using a Monte Carlo simulation model, which incorporates assumptions regarding stock price volatility, risk-free interest rates, and dividend yield. Compensation expense for awards containing both a market condition and an explicit service condition is recognized over the longer of the explicit service period or the derived service period determined through the Monte Carlo valuation. Compensation expense for awards containing only a market condition is recognized over the derived service period. Because the market conditions are reflected in the grant-date fair value of the awards, compensation cost is recognized regardless of whether the market conditions are ultimately achieved, provided the requisite service period is rendered. The following table summarizes the significant assumptions used in the Monte Carlo model to estimate grant-date fair value and the derived service period: ​
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Grant date share price | ​ | $28.75
Expected volatility | ​ | 38.99%
Risk-free interest rate | ​ | 4.23%
Dividend yield | ​ | 1.39%
​ The weighted-average grant-date fair value of the performance stock options and performance RSUs was $10.18 and $16.29 per award, respectively. The weighted-average requisite service period of the performance stock options and performance RSUs was 3.30 years and 3.33 years, respectively. During the three months ended June 30, 2026, the Company recognized stock-based compensation expense of $245 related to the performance stock options and $223 related to the performance RSUs. As of June 30, 2026, total unrecognized compensation cost related to unvested performance stock options was $18,954, which is expected to be recognized over a weighted-average period of 3.24 years. As of June 30, 2026, total unrecognized compensation cost related to unvested performance RSUs was $17,262, which is expected to be recognized over a weighted-average period of 3.23 years.

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