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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 10. Stock-Based Compensation The Company recognizes cumulative stock-based compensation expense for the portion of the awards for which the service period is probable of being satisfied. Stock-based compensation expense is included in selling, general and administrative expense in the condensed consolidated statements of income and comprehensive income. The related deferred tax benefit for stock-based compensation recognized was $0.5 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively. Stock Options The Company recognized stock-based compensation expense relating to stock option activity of $1.7 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. Stock option activity for the three months ended March 31, 2025, was as follows:
|  |  |  |  | Weighted-Average |  |  |  |
|  | Number of Options |  |  | Exercise Price per Option |  |  | Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  | (thousands) |  |  |  |  |  | (years) |  |  | (millions) |
Outstanding at December 31, 2024 |  |  | 17,624 |  |  | $ | 5.94 |  |  |  | 6.1 |  |  | $ | 6.9 |
Granted |  |  | 943 |  |  |  | 4.14 |  |  |  |  |  |  |
Exercised |  |  | (18 | ) |  |  | 3.80 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (365 | ) |  |  | 7.54 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 18,184 |  |  | $ | 5.81 |  |  |  | 6.2 |  |  | $ | 0.9 |
Exercisable at March 31, 2025 |  |  | 11,232 |  |  | $ | 6.59 |  |  |  | 5.2 |  |  | $ | 0.3 |
There was a total of $8.0 million unrecognized stock-based compensation expense at March 31, 2025 related to unvested stock options expected to be recognized over a weighted-average period of 1.84 years. Restricted Stock Units (“RSUs”) The Company grants RSUs that contain service conditions to certain executives and employees. The Company recognizes cumulative stock-based compensation expense for the portion of the awards for which the service period is probable of being satisfied. Stock-based compensation expense relating to RSU activity recognized in the three months ended March 31, 2025 and 2024 was $0.9 million and $0.4 million, respectively. There was a total of $12.0 million of unrecognized stock-based compensation expense at March 31, 2025 related to unvested RSUs expected to be recognized over a weighted-average period of 2.8 years. RSU activity for the three months ended March 31, 2025, was as follows:
(share data in thousands, except per share data) |  | Number of RSUs (share data in thousands) |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested balance, December 31, 2024 |  |  | 268 |  |  | $ | 5.71 |
Granted |  |  | 3,035 |  |  |  | 4.13 |
Vested |  |  | (180 | ) |  |  | 5.93 |
Unvested balance, March 31, 2025 |  |  | 3,123 |  |  | $ | 4.16 |
Market-based Share Awards In January 2020, the Company granted performance-based market condition share awards to one senior executive under the 2017 Omnibus Equity Plan, which entitle this employee the right to receive shares of common stock equal to a maximum value of $4.9 million in the aggregate, upon achievement of specified targeted share prices measured over sixty days within a ninety-day trading period. As of March 31, 2025, all outstanding performance-based market condition share awards remain unvested with an estimated weighted average conversion threshold of $21.09 per share, which would result in an estimated 45,718 shares of common stock to be issued upon vesting. Each of the estimated 45,718 shares of common stock have a weighted-average grant date fair value of $24.53 per share. As of March 31, 2025 and December 31, 2024, the liability for these awards was $0.5 million and is reported on the condensed consolidated balance sheets in other noncurrent liabilities. The fair value of performance-based market condition share awards is estimated on the grant date using a risk-neutral Monte Carlo simulation model. The Company recognized stock-based compensation expense relating to performance-based market condition share awards of zero for each of the three months ended March 31, 2025 and 2024. The assumptions used in determining the fair value for the performance-based market condition share awards outstanding at March 31, 2025 were as follows:
|  | March 31, 2025
Expected volatility |  | 69.8%
Dividend yield |  | 1.2%
Risk-free interest rate |  | 3.6%
Weighted-average expected term (in years) |  | 3.9
The weighted-average expected term of the Company’s performance-based market condition share awards is the weighted-average of the derived service periods for the share awards.

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