XML 75 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Stock-Based Compensation Plans
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
The components of stock-based compensation expense were as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(in thousands)
2023 Incentive Stock Plan$11,253 $10,341 $34,821 $18,279 
Employee Stock Purchase Plan28 48 118 72 
Total Stock Compensation Expense$11,281 $10,389 $34,939 $18,351 

Under the 2023 Incentive Stock Plan (the “2023 Plan”), stock-based compensation is in the form of restricted stock awards (“RSAs”). The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically between one and three years. The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur. As it relates to performance-based awards, accrual of compensation expense is based on the probable outcome of the performance condition. For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant‑date fair value of the award tranche that is actually vested at that date.

As of September 30, 2025, the Company had granted 2,658,196 RSAs under the 2023 Plan and had 991,264 shares available for future issuance. The fair value of the RSAs equaled the stock price at the grant date.

The following table summarizes the restricted stock activity during the nine months ended September 30, 2025:
Shares
Balance of unvested shares as of December 31, 2024569,425 
Shares granted603,509 
Shares forfeited(9,653)
Shares vested(331,398)
Balance of unvested shares as of September 30, 2025831,883 

Under the Employee Stock Purchase Plan (“ESPP”), as amended and restated effective November 2021, 425,000 shares of common stock have been reserved for issuance. Eligible employees may designate no more than 10% of their base cash compensation to be deducted each pay period for the purchase of common stock under the ESPP. Participants may purchase the lesser of 1,000 shares or $25,000 of common stock in any one calendar year. Each January 31 and July 31, shares of common stock are purchased with the employees’ payroll deductions from the immediately preceding six months at a price per share of 85% of the lesser of the market price of the common stock on the purchase date or the market price of the common stock on the date of entry into an offering period. During the nine months ended September 30, 2025 and 2024, 3,194 and 9,843 shares of common stock, respectively, were issued under the ESPP. The Company issues new shares through its transfer agent upon an employee stock purchase.