The Company previously adopted the 2015 Plan (including re-approval as amended and restated in April 2017 and May 2021). On May 16, 2024, the stockholders of the Company approved the 2024 Plan. As of September 30, 2025, subject to adjustments as provided in the 2024 Plan, the maximum aggregate number of shares of the Company’s common stock that could be issued under the 2024 Plan could not exceed the sum of (i) 381,000 shares plus (ii) any shares remaining available for the grant of awards as of May 16, 2024 under the 2015 Plan, plus (iii) any shares subject to an award granted under the 2015 Plan which award is forfeited, cash-settled, cancelled, terminated, expires, or lapses for any reason after May 16, 2024 without the issuance of shares or pursuant to which such shares are forfeited (subject to adjustment for anti-dilution purposes as provided in the 2024 Plan). Of the amount described in the preceding sentence, no more than 381,000 shares may be issued under the 2024 Plan pursuant to the grant of incentive stock options (subject to adjustment for anti-dilution purposes). As of May 16, 2024, there were 1.0 million shares available for grant under the 2024 Plan, inclusive of shares previously available for grant under the 2015 Plan that were rolled over to the 2024 Plan. No further grants will be made under the 2015 Plan. However, awards that are outstanding under the 2015 Plan will continue in accordance with their respective terms. As of September 30, 2025, there were 0.2 million shares available for grant under the 2024 Plan.

For the three months ended September 30, 2025 and 2024, the Company recorded share-based compensation expense of $2.8 million and $3.7 million, respectively. The Company recorded $9.1 million and $8.8 million in share-based compensation expense for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, unrecognized share-based compensation expense to be recognized over future periods approximated $13.8 million. This amount will be recognized as expense over a weighted-average period of 1.7 years. Share-based compensation expenses are recognized on a straight-line basis over the requisite service period of the agreement. All share-based compensation is classified as equity awards.

The following are the amounts of the awards issued under the Company’s share-based incentive programs:

Non-qualified stock options: The following table summarizes the stock option activity for the nine months ended September 30, 2025:


Dollars and shares in thousands, except per share amounts	Number of Shares			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Options outstanding at beginning of period		444		$	23.65
Granted		—			—
Exercised		(46	)		21.49
Forfeited		—			—
Expired		—			—
Options outstanding at end of period		398		$	23.90		3.9	$	5,989
Options exercisable at end of period		398		$	23.90		3.9	$	5,989

The following table provides additional stock option information for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2025		2024		2025		2024
Weighted-average grant date fair value per share	$	—	$	—	$	—	$	—
Intrinsic value of options exercised	$	353	$	657	$	754	$	657
Fair value of stock options that vested	$	—	$	—	$	—	$	—

Performance restricted stock units: The following are the weighted-average assumptions for the PRSU grants for the periods indicated:


	Nine Months Ended September 30,
	2025			2024
Expected volatility		42.0	%		42.5	%
Risk-free rate		4.0	%		5.2	%
Discount for post-vesting restrictions		11.8	%		9.2	%

The following table summarizes PRSU activity for the nine months ended September 30, 2025:


Dollars and units in thousands, except per unit amounts	Units			Weighted-Average Grant Date Fair Value Per Unit
Non-vested units at beginning of period		311		$	33.93
Granted		135			25.90
Achieved performance adjustment		(24	)		52.07
Vested		(43	)		52.07
Forfeited		—			—
Non-vested units at end of period		379		$	27.86

The following table provides additional PRSU information for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per unit amounts	2025		2024		2025		2024
Weighted-average grant date fair value per unit	$	—	$	—	$	25.90	$	26.21
Fair value of PRSUs that vested	$	—	$	—	$	2,237	$	—

Performance-contingent restricted stock units: There was no performance-contingent RSU balance or activity for the nine months ended September 30, 2025. The following table provides additional performance-contingent RSU information for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per unit amounts	2025		2024		2025		2024
Weighted-average grant date fair value per unit	$	—	$	—	$	—	$	—
Fair value of RSUs that vested	$	—	$	—	$	—	$	1,371

Restricted stock units: The following table summarizes service-based RSU activity for the nine months ended September 30, 2025:


Dollars and units in thousands, except per unit amounts	Units		Weighted-Average Grant Date Fair Value Per Unit
Non-vested units at beginning of period		35	$	28.20
Granted		51		29.74
Vested		—		—
Forfeited		—		—
Non-vested units at end of period		86	$	29.10

The following table provides additional service-based RSU information for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per unit amounts	2025		2024		2025		2024
Weighted-average grant date fair value per unit	$	—	$	—	$	29.74	$	28.20
Fair value of RSUs that vested	$	—	$	—	$	—	$	—

Restricted stock awards: The following table summarizes RSA activity for the nine months ended September 30, 2025:


Dollars and shares in thousands, except per share amounts	Shares			Weighted-Average Grant Date Fair Value Per Share
Non-vested shares at beginning of period		334		$	28.80
Granted		261			29.34
Vested		(42	)		27.45
Forfeited		(18	)		29.09
Non-vested shares at end of period		535		$	29.16

The following table provides additional RSA information for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2025		2024		2025		2024
Weighted-average grant date fair value per share	$	40.29	$	32.02	$	29.34	$	28.52
Fair value of RSAs that vested	$	162	$	118	$	1,161	$	1,108