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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The Company’s Board of Directors adopted the 2013 Omnibus Equity Incentive Plan (the “2013 Plan”) in October 2013. In February 2017, the Board of Directors amended and restated the 2013 Plan, which was approved by the Company’s stockholders in May 2017. In October 2023 and February 2024, the Board of Directors further amended the 2013 Plan to eliminate the term of the 2013 Plan and to make certain other best practice and administrative changes (the 2013 Plan, as amended, the “Amended Plan”). The Amended Plan was approved by the stockholders of the Company at the 2024 Annual Meeting of Stockholders. Grants are made from time to time by the Compensation Committee at its discretion, subject to certain restrictions as to the number and value of shares that may be granted to any individual. In addition, non-employee directors receive annual grants under a Director Compensation Policy. The Compensation Committee, at its discretion, may credit dividend equivalents to certain unvested awards as provided in the Amended Plan. Any dividend equivalents credited to unvested awards are paid to the participant at the time the related grants vest. As of September 30, 2025, there were 2,631,585 shares available for future grants under the Amended Plan. Awards Granted and Settled Under the Amended Plan, the Company has issued RSAs to non-employee directors and RSUs to employees and independent contractors. RSAs vest on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, subject to service requirements. RSUs generally vest in equal annual installments over a four to five-year period from the date of grant or earlier as approved by the Compensation Committee. The Company has also issued PSUs under the Amended Plan, which are subject to a three-year cliff-vesting period, based on achievement of pre-determined performance targets. At the end of each reporting period, the Company evaluates the probability that the PSUs will vest. Compensation expense related to PSUs is recognized generally over the three-year performance period, based on the grant-date fair value and the probability that the pre-determined performance targets will be achieved. Dividend equivalents granted for unvested stock awards are paid at the time the stock awards vest. Any unvested awards and dividend equivalents are forfeited upon termination as a service provider. As of September 30, 2025, there were no issued or outstanding options or SARs under the Amended Plan. During the nine months ended September 30, 2025, 604,393 RSUs vested, with 167,982 shares of common stock withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the Amended Plan. Unvested RSUs will be settled through the issuance of new shares of common stock. Outstanding Awards Activity under the Amended Plan consisted of the following (dollars in thousands, except weighted average per share data):
| Shares |  | Weighted- Average Grant Date Fair Value Per Share
Nonvested shares at December 31, 2024(1) | 1,986,007 |  | $ | 38.74 |
Granted | 335,952 |  | 35.81 |
Granted, with vesting subject to performance targets | 86,148 |  | 37.06 |
Vested | (604,393) |  | 38.61 |
Forfeited/canceled | (56,465) |  | 37.34 |
Nonvested shares at September 30, 2025(1) | 1,747,249 |  | $ | 38.08 |
(1)Nonvested RSUs will be settled through the issuance of new shares of common stock. As of September 30, 2025, the Company had unrecognized stock-based compensation relating to RSUs, RSAs and PSUs of approximately $52.0 million, which is expected to be recognized over a weighted-average period of 2.8 years. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping six-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. Qualifying employees may purchase shares of the Company stock at a discount based on the lower of the market price at the beginning or end of the offering period, subject to Internal Revenue Service (“IRS”) limitations. The Company determined that the ESPP was a compensatory plan and is required to expense the fair value of the awards over each six-month offering period. In October 2023 and February 2024, the Board of Directors amended the ESPP to (i) eliminate the term of the ESPP such that the ESPP shall continue in effect until the ESPP is terminated by the Board of Directors or the Compensation Committee, (ii) eliminate the “evergreen” feature providing for annual increases in the number of shares reserved for issuance under the ESPP without stockholder approval, (iii) increase the discount qualifying employees may purchase shares of the Company stock to 15% based on the lower of the market price at the beginning or end of the offering period, subject to IRS limitations and (iv) make certain other best practice and administrative changes to the ESPP (the ESPP as amended, the “Amended ESPP”). The Amended ESPP was approved by the stockholders of the Company at the 2024 Annual Meeting of Stockholders. The ESPP initially had 366,667 shares of common stock reserved, and 62,765 shares of common stock remain available for issuance under the Amended ESPP as of September 30, 2025. As of September 30, 2025, total unrecognized compensation cost related to the Amended ESPP was $34,000 and is expected to be recognized over a weighted average period of 0.12 years. Summary of Stock-Based Compensation Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of operations and consisted of the following (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
ESPP | $ | 69 |  |  | $ | 68 |  |  | $ | 201 |  |  | $ | 176 |
RSUs, PSUs and RSAs | 5,897 |  |  | 6,003 |  |  | 18,167 |  |  | 17,579 |
| $ | 5,966 |  |  | $ | 6,071 |  |  | $ | 18,368 |  |  | $ | 17,755 |

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