STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

NOTE 7 - STOCK-BASED COMPENSATION

2015 Incentive Plan

The Company is authorized to grant shares of restricted stock, restricted stock units (“RSUs”), stock appreciation rights, cash incentive awards and options to purchase shares of common stock to employees and non-employee directors pursuant to its 2015 Incentive Plan (the “2015 Plan”). The 2015 Plan also designates measures that may be used for performance awards and market-based awards. The vesting period for awards granted under the 2015 Plan is generally determined by the Board of Directors at the date of the grant. Generally, the awards vest one third each year, over 3 years.

During the three months ended June 30, 2025, the Company granted 810 thousand performance-based RSUs to employees with a weighted-average grant date fair value of $0.47 per share. The restricted stock awards vest one third each year, over 3 years. The awards include a market condition that is met based on annualized stock price growth goals. During the three months ended June 30, 2025, the Company granted 1,014 thousand shares of restricted stock to employees with a weighted-average grant date fair value of $2.02 per share. The restricted stock awards generally vest ratably over 3 years.

Stock-Based Compensation Activity and Expense

The following table shows the stock-based compensation expense recognized:


	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Stock-based compensation (benefit) expense	$	(3,561)	$	5,421	$	607	$	13,673

During the three months ended June 30, 2025, the Company recognized a reversal of $6.6 million in previously recognized compensations expense, primarily due to the forfeiture of awards that did not meet performance conditions and the cancellation of annual incentive compensation.

Stock-based compensation expense recognized for the three and six months ended June 30, 2024 includes $0.7 million and $2.3 million, respectively, of accrued expense pertaining to annual incentive compensation expected to be settled in shares of common stock.

As of June 30, 2025, there was $12.9 million of unrecognized stock-based compensation expense related to all unvested share-based payment awards that the Company expects to recognize over a weighted-average period of 2 years.

dp polar Earnout

On October 4, 2022 the Company acquired dp polar. The acquisition agreement included an earnout arrangement for $2.2 million incremental to the acquisition purchase price, which would be settled via the issuance of 250 thousand shares of the Company's common stock. During the three months ended June 30, 2025, the dp polar earnout was settled through the issuance of 250 thousand shares of the Company's common stock. There was no stock-based compensation expense related to the dp polar earnout arrangement for the three and six months ended June 30, 2025, respectively, and $0.7 million and $1.0 million, for the three and six months ended June 30, 2024, respectively.