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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | SHARE-BASED COMPENSATION The following table summarizes share-based equity compensation activity for the nine months ended September 30, 2025:
| Share-Based Awards (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2025 | 6,403 |  |  | $ | 2.00 |
Granted | 4,404 |  |  | $ | 3.08 |
Forfeited | (1,146) |  |  | $ | 1.16 |
Vested | (789) |  |  | $ | 3.08 |
Nonvested at September 30, 2025 | 8,872 |  |  | $ | 2.54 |
Share-based compensation expense was $2.6 million and $5.5 million for the three and nine months ended September 30, 2025, respectively, and $1.0 million and $2.8 million for the three and nine months ended September 30, 2024, respectively. Share-based compensation expense is included in selling, general, and administrative expenses on the accompanying condensed consolidated statements of operations. The estimated fair value at vesting of share-based awards that vested during the nine months ended September 30, 2025 was $4.2 million. During the nine months ended September 30, 2025 and 2024, the Company reacquired vested restricted Class A common shares for $1.8 million and $0.8 million, respectively, for the purpose of settling tax withholding obligations of employees. The reacquisition cost is based on the fair value of the Company’s Class A common shares on the date the tax obligation is incurred.

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