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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The components of the Company’s share-based compensation expense for the three months ended March 31, 2025 and 2024 are as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
| (in thousands)
Stock options | $ | 1,568 |  |  | $ | 179 |
Restricted stock units and deferred stock units | 1,765 |  |  | 1,935 |
Performance stock units | 352 |  |  | 330 |
Employee Stock Purchase Plan | 53 |  |  | 40 |
Total pre-tax share-based compensation expense charged against income | $ | 3,738 |  |  | $ | 2,484 |
The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31,
| 2025 |  | 2024
| (in thousands)
Selling, general and administrative expense | $ | 3,724 |  |  | $ | 2,471 |
Costs of services provided | 14 |  |  | 13 |
Total share-based compensation expense | $ | 3,738 |  |  | $ | 2,484 |
Schedule of Stock Options Outstanding | A summary of stock options outstanding under the Amended 2020 Plan and the 2012 Plan as of December 31, 2024 and changes during the three months ended March 31, 2025 are as follows:
| Stock Options Outstanding
| Number of Shares |  | Weighted Average Exercise Price
| (in thousands) |  |
December 31, 2024 | 2,528 |  |  | $ | 28.23 |
Granted | 269 |  |  | $ | 11.76 |
Exercised | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
Expired | (274) |  |  | $ | 31.15 |
March 31, 2025 | 2,523 |  |  | $ | 26.16 |
Schedule of Assumption for Fair Value of Options Granted | The fair value of stock option awards granted during the three months ended March 31, 2025 and 2024 was estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:
| Three Months Ended March 31,
| 2025 |  | 2024
Risk-free interest rate | 4.5 | % |  | 3.9 | %
Weighted average expected life | 7.2 years |  | 7.0 years
Expected volatility | 42.1 | % |  | 40.5 | %
Dividend yield | — | % |  | — | %
Schedule of Other Information about Stock Options | The following table summarizes other information about the stock options at March 31, 2025:
| March 31, 2025
| (amounts in thousands, except per share data)
Outstanding: |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 5.3 years
Exercisable: |
Number of options | 1,715 |
Weighted average exercise price | $ | 32.06 |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 3.8 years
Schedule of Outstanding Restricted Stock Units | A summary of the outstanding RSUs and DSUs as of December 31, 2024 and changes during the three months ended March 31, 2025 is as follows:
| Restricted Stock Units & Deferred Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2024 | 1,516 |  |  | $ | 13.98 |
Granted | 701 |  |  | $ | 11.75 |
Vested | (396) |  |  | $ | 16.21 |
Forfeited | (9) |  |  | $ | 12.39 |
March 31, 2025 | 1,812 |  |  | $ | 12.64 |
Schedule of Outstanding Performance Stock Units | A summary of the outstanding PSUs as of December 31, 2024 and changes during the three months ended March 31, 2025 is as follows:
| Performance Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2024 | 258 |  |  | $ | 15.31 |
Granted | 106 |  |  | $ | 14.75 |
Vested | (31) |  |  | $ | 21.00 |
Forfeited | (29) |  |  | $ | 21.00 |
March 31, 2025 | 304 |  |  | $ | 14.00 |
Schedule of Options Granted Under Employee Stock Purchase Plan | The expense associated with the options granted under the ESPP during the three months ended March 31, 2025 and 2024 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
| Three Months Ended March 31,
| 2025 |  | 2024
Risk-free interest rate | 4.2% |  | 4.8%
Weighted average expected life (years) | 1.0 |  | 1.0
Expected volatility | 39.3% |  | 37.1%
Dividend yield | —% |  | —%
Schedule of Supplemental Employee Retirement Plan | The following table summarizes information about the SERP during the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31,
| 2025 |  | 2024
| (in thousands)
SERP expense 1 | $ | 191 |  |  | $ | 188 |
Unrealized (loss) gain recorded in SERP liability account | $ | (1,467) |  |  | $ | 4,100 |
1. Both the SERP match and the deferrals are included in the “Selling, general and administrative expense” caption in the Consolidated Statements of Comprehensive Income.

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