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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 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 (loss) income. The related deferred tax benefit for stock-based compensation recognized was $0.6 million and $1.1 million for the three and six months ended June 30, 2025, respectively. The related deferred tax benefit for stock-based compensation recognized was $0.3 million and $0.9 million for the three and six months ended June 30, 2024, respectively. Stock Options The Company recognized stock-based compensation expense relating to stock option activity of $0.8 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The Company recognized stock-based compensation expense relating to stock option activity of $1.3 million and $3.3 million for the three and six months ended June 30, 2024, respectively. Stock option activity for the six months ended June 30, 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 |  |  | 942 |  |  |  | 4.14 |  |  |  |  |  |  |
Exercised |  |  | (29 | ) |  |  | 3.79 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (2,228 | ) |  |  | 6.60 |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 16,309 |  |  | $ | 5.75 |  |  |  | 6.6 |  |  | $ | 7.7 |
Exercisable at June 30, 2025 |  |  | 9,447 |  |  | $ | 6.61 |  |  |  | 5.9 |  |  | $ | 2.8 |
There was a total of $7.2 million unrecognized stock-based compensation expense at June 30, 2025 related to unvested stock options expected to be recognized over a weighted-average period of 1.72 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 and six months ended June 30, 2025 was $2.2 million and $3.1 million, respectively. Stock-based compensation expense relating to RSU activity recognized in the three and six months ended June 30, 2024 was not material and $0.6 million, respectively. There was a total of $9.5 million of unrecognized stock-based compensation expense at June 30, 2025 related to unvested RSUs expected to be recognized over a weighted-average period of 2.4 years. RSU activity for the six months ended June 30, 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 |  |  | 3,016 |  |  |  | 4.13 |
Forfeited |  |  | (32 | ) |  |  | 4.13 |
Vested |  |  | (179 | ) |  |  | 5.93 |
Unvested balance, June 30, 2025 |  |  | 3,073 |  |  | $ | 4.17 |
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 June 30, 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 June 30, 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 and six months ended June 30, 2025 and 2024. The assumptions used in determining the fair value for the performance-based market condition share awards outstanding at June 30, 2025 were as follows:
|  | June 30, 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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