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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation The Company has nonqualified stock options, restricted stock units (“RSUs”), and performance restricted stock units (“PSUs”). Stock-based compensation expense is recognized based on the fair value at the grant date over the requisite service period. The Company recognized stock-based compensation expense as follows:
| Three Months Ended March 31, |
(in thousands) | 2026 |  |  | 2025 |
Restricted stock-based unit awards | $ | 1,135 |  |  | $ | 3,646 |
Other share-based awards |  | 865 |  |  |  | 2,839 |
Total stock-based compensation before tax |  | 2,000 |  |  |  | 6,485 |
Tax benefit |  | (296 | ) |  |  | (1,009 | )
Total stock-based compensation expense included in net loss | $ | 1,704 |  |  | $ | 5,476 |
Performance Restricted Stock Units PSUs granted in fiscal years 2025 and 2024 cliff-vest after three years at a rate ranging from 0% to 200% of target subject to achievement of certain financial performance criteria over three years based on measurements of the Company’s Adjusted EBITDA margin and cash earnings, both terms as defined in the award agreement, and the recipient's continued service to the Company. Financial performance is measured at the conclusion of each fiscal year of the vesting period by the Human Capital Committee (“HCC”). The number of PSUs that ultimately vest is further modified based on the Company’s total shareholder return (“TSR”) relative to a defined peer group over the same performance period (which adjustment imposes a floor or a cap on the total number of PSUs that are eligible to vest based on the Company’s relative total shareholder return ranking). Following completion of the performance period and determination of achievement levels, the HCC approves the final number of PSUs vested and settled in shares of the Company’s Class A common stock. During the first quarter of 2026, the HCC determined the achievement percentage for the fiscal year 2025 performance period to be zero for PSUs granted in fiscal year 2025 and 2024. PSUs granted in fiscal year 2023 vest over a three year period at a rate ranging from 0% to 150% subject to achievement of certain financial performance criteria based on the Company’s revenues and Adjusted EBITDA targets, both terms as defined in the award agreement, over the 2023 fiscal year, and the recipient’s continued service to the Company. During the first quarter of 2026, the HCC determined the achievement percentage for these PSUs for the three year performance period ending December 31, 2025 was 117.5%. The fair value of PSU grants was equal to the closing price of the Company’s stock on the date of the applicable grant. The following table present s the number of PSUs that would potentially be issued upon achievement of performance criteria at threshold, target and maximum. The maximum potential expense below assumes the maximum and threshold achievement level for periods not yet approved by the HCC. Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring.
Year Granted |  | Number of Shares Threshold |  |  | Number of Shares Target |  |  | Number of Shares Maximum |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Maximum Remaining Unrecognized Compensation Expense |  |  | Weighted-average remaining requisite service periods |
2025 |  |  | 45,549 |  |  |  | 136,648 |  |  |  | 182,197 |  |  | $ | 32.64 |  |  | $ | 1,699,010 |  |  |  | 2.0 years |
2024 |  |  | 18,392 |  |  |  | 30,946 |  |  |  | 33,865 |  |  | $ | 108.29 |  |  | $ | 893,544 |  |  |  | 1.1 years |
2023 |  |  | 28,707 |  |  |  | 28,707 |  |  |  | 28,707 |  |  | $ | 56.95 |  |  | $ | 148,117 |  |  |  | 0.4 years |
The following table summarizes the PSU activity for the three months ended March 31, 2026:
|  | Performance Share Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at January 1, 2026 |  |  | 314,483 |  |  | $ | 49.20 |
Granted |  |  | — |  |  | $ | — |
Distributed |  |  | (43,155 | ) |  | $ | 49.36 |
Forfeited |  |  | (22,102 | ) |  | $ | 51.09 |
PSU performance adjustment (1) |  |  | (52,925 | ) |  | $ | 52.34 |
Outstanding at March 31, 2026 (2) |  |  | 196,301 |  |  | $ | 48.12 |
(1) Adjusted for final 2023 performance achievement as approved by the HCC at 117.5%. (2) PSU award activity for each year used in the three year average achievement is presented at target until three year average achievement is approved by the HCC, at which point the awards are adjusted as outstanding awards, subject to additional performance requirements, TSR and service-based vesting conditions. Restricted Stock Units RSUs are subject to the recipient’s continued service to the Company. RSUs are generally scheduled to vest over three years and are subject to the provisions of the agreement under the Plan. During the three months ended March 31, 2026, the following activities involving RSUs occurred under the Plan:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding at January 1, 2026 |  |  | 925,673 |  |  | $ | 42.64 |
Granted |  |  | — |  |  | $ | — |
Distributed |  |  | (72,959 | ) |  | $ | 50.12 |
Forfeited |  |  | (53,834 | ) |  | $ | 41.58 |
Outstanding at March 31, 2026 |  |  | 798,880 |  |  | $ | 42.02 |
As of March 31, 2026, the total remaining unrecognized compensation cost related to RSUs amounted to $10.7 million, which is expected to be amortized over the weighted-average remaining requisite service periods of 1.8 years. Stock Options During the three months ended March 31, 2026, the following activities involving nonqualified stock options occurred under the Plan:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2026 |  |  | 1,027,639 |  |  | $ | 111.56 |  |  |  |  |  |  |
Granted |  |  | 200,000 |  |  | $ | 50.00 |  |  |  |  |  |  |
Forfeited |  |  | (109,624 | ) |  | $ | 153.56 |  |  |  |  |  |  |
Cancelled/Expired |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 1,118,015 |  |  | $ | 96.43 |  |  |  | 5.9 years |  |  | $ | — |
Exercisable at March 31, 2026 |  |  | 401,258 |  |  | $ | 92.61 |  |  |  | 5.5 years |  |  | $ | — |
The fair value of the employee stock options was estimated using the following weighted average assumptions using a Black-Scholes option valuation model:
|  | Period Ended March 31, 2026 |
Exercise Price |  | $ | 50.00 |
Dividend yield |  |  | 0.0 | %
Expected volatility |  |  | 84.8 | %
Risk-free interest rate |  |  | 4.0 | %
Expected term |  |  | 6.5 years |
As of March 31, 2026, the Company had approximately $5.5 million of total unrecognized compensation expense related to stock options, which the Company expects to recognize over a weighted-average period of approximately 3.0 years. There were no options exercised during the three months ended March 31, 2026 and 2025.

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