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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Note 11. Share-Based Compensation On May 16, 2024, the stockholders of the Company approved the 2024 Plan. As of March 31, 2026, 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 March 31, 2026, there were 0.5 million shares available for grant under the 2024 Plan. For the three months ended March 31, 2026 and 2025, the Company recorded share-based compensation expense of $1.9 million and $3.5 million, respectively. As of March 31, 2026, unrecognized share-based compensation expense to be recognized over future periods approximated $8.9 million. This amount will be recognized as expense over a weighted-average period of 1.5 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. For both the three months ended March 31, 2026 and 2025, share-based compensation of $0.1 million was capitalized as software. The following are the amounts of the awards issued under the Company’s share-based incentive programs: Nonqualified stock options: The following table summarizes the stock option activity for the three months ended March 31, 2026:
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 |  |  | 378 |  |  | $ | 24.20 |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (14 | ) |  |  | 15.53 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Expired |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options outstanding at end of period |  |  | 364 |  |  | $ | 24.53 |  |  |  | 3.7 |  |  | $ | 2,815 |
Options exercisable at end of period |  |  | 364 |  |  | $ | 24.53 |  |  |  | 3.7 |  |  | $ | 2,815 |
The following table provides additional stock option information for the periods indicated:
|  | Three Months Ended March 31, |
Dollars in thousands, except per share amounts |  | 2026 |  |  | 2025 |
Weighted-average grant date fair value per share |  | $ | — |  |  | $ | — |
Intrinsic value of options exercised |  | $ | 241 |  |  | $ | 401 |
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:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Expected volatility |  |  | — |  |  |  | 42.0 | %
Risk-free rate |  |  | — |  |  |  | 4.0 | %
Discount for post-vesting restrictions |  |  | — |  |  |  | 11.8 | %
The following table summarizes PRSU activity for the three months ended March 31, 2026:
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 |  |  | 379 |  |  | $ | 27.86 |
Granted |  |  | — |  |  |  | — |
Performance adjustment |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
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 March 31, |
Dollars in thousands, except per unit amounts |  | 2026 |  |  | 2025 |
Weighted-average grant date fair value per unit |  | $ | — |  |  | $ | 25.90 |
Fair value of PRSUs that vested |  | $ | — |  |  | $ | 2,237 |
Performance-contingent restricted stock units: There was no performance-contingent RSU balance or activity for the three months ended March 31, 2026 and 2025, respectively. Restricted stock units: The following table summarizes service-based RSU activity for the three months ended March 31, 2026:
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 |  |  | 51 |  |  | $ | 29.21 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Non-vested units at end of period |  |  | 51 |  |  | $ | 29.21 |
The following table provides additional service-based RSU information for the periods indicated:
|  | Three Months Ended March 31, |
Dollars in thousands, except per unit amounts |  | 2026 |  |  | 2025 |
Weighted-average grant date fair value per unit |  | $ | — |  |  | $ | 29.74 |
Fair value of RSUs that vested |  | $ | — |  |  | $ | — |
Restricted stock awards: The following table summarizes RSA activity for the three months ended March 31, 2026:
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 |  |  | 329 |  |  | $ | 29.22 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (6 | ) |  |  | 29.15 |
Forfeited |  |  | (13 | ) |  |  | 29.31 |
Non-vested shares at end of period |  |  | 310 |  |  | $ | 29.22 |
The following table provides additional RSA information for the periods indicated:
|  | Three Months Ended March 31, |
Dollars in thousands, except per share amounts |  | 2026 |  |  | 2025 |
Weighted-average grant date fair value per share |  | $ | — |  |  | $ | 29.74 |
Fair value of RSAs that vested |  | $ | 224 |  |  | $ | 18 |

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