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Stock-based Compensation

9 Months Ended

Sep. 30, 2025

Stock-based Compensation

Stock-based Compensation

15. Stock-based Compensation

Performance Share Units

The Company periodically grants PSUs to certain members of the Company’s senior management team. PSUs vest subject to the satisfaction of annual and cumulative performance and/or market conditions established by the Company’s Compensation Committee.

A summary of the Company’s PSU activity for the nine months ended September 30, 2025 and related information is as follows:


				Weighted-Average
		Shares		Grant Date Fair Value
Outstanding as of December 31, 2024		329,652		$	39.04
Granted		151,466			40.28
Vested		(163,423)			32.08
Forfeited		(38,862)			43.59
Performance adjustment		34,809			29.74
Outstanding as of September 30, 2025		313,642		$	41.65

The number of PSUs granted represents the target number of shares of common stock that may be earned. However, the actual number of shares earned may vary based on the satisfaction of performance criteria. The weighted-average grant date fair value of PSUs granted for the nine months ended September 30, 2025, and 2024 was $40.28 and $45.06, respectively. The total fair value of PSUs vested (measured on the date of vesting) for the nine months ended September 30, 2025 and 2024 was $4,925 and $17,433, respectively.

Restricted Stock Units

The Company granted RSUs to employees during the nine months ended September 30, 2025. RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service.

A summary of the Company’s RSU activity for the nine months ended September 30, 2025 and related information is as follows:


				Weighted-Average
		Shares		Grant Date Fair Value
Outstanding as of December 31, 2024		2,483,342		$	28.27
Granted		1,431,005			30.28
Vested		(980,992)			27.38
Forfeited		(216,549)			30.26
Outstanding as of September 30, 2025		2,716,806		$	29.49

The weighted-average grant date fair value per share of RSUs granted for the nine months ended September 30, 2025 and 2024 was $30.28 and $34.63, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the nine months ended September 30, 2025 and 2024 was $30,224 and $31,868, respectively.

Stock Options

The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination.

A summary of the Company’s stock option activity for the nine months ended September 30, 2025 and related information is as follows:


							Weighted-
					Weighted-		Average
					Average		Remaining			Aggregate
					Exercise Price		Contractual			Intrinsic
		Shares			per Share		Term (in years)			Value
Outstanding as of December 31, 2024		803,406		$	20.84		4.4		$	6,634
Exercised		(179,346)			18.37
Outstanding as of September 30, 2025		624,060		$	21.55		4.0		$	8,387
Exercisable as of September 30, 2025		493,716		$	18.95		2.6		$	7,921

There were no stock options granted during the nine months ended September 30, 2025 and 2024.

Employee Stock Purchase Plan

The Company’s 2015 Employee Stock Purchase Plan allows employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on: (i) the first day of the purchase period; or (ii) the last day of the purchase period. During the nine months ended September 30, 2025, 50,187 shares of common stock were purchased for total proceeds of $1,363. The expense for the three months ended September 30, 2025 and 2024 was $147 and $91, respectively. The expense for the nine months ended September 30, 2025 and 2024 was $433 and $224, respectively.

Stock-based Compensation Expense

The Company’s stock-based compensation expense for the three months ended September 30, 2025 and 2024 was $9,811 and $7,317, respectively and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations. The Company’s stock-based compensation expense for the nine months ended September 30, 2025 and 2024 was $32,153 and $24,804, respectively and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations.

As of September 30, 2025, there was approximately $66,247 of unrecognized compensation expense related to unvested options, restricted stock units, and performance stock units, which is expected to be recognized as expense over a weighted average period of approximately 2.1 years.