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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 16. Stock-Based Compensation Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2025 is included in the Company’s 2024 Annual Report on Form 10-K. The Company's 2025 Omnibus Incentive Plan (the "2025 Omnibus Plan") was approved by shareholders on May 6, 2025 at the Company's 2025 annual meeting. The 2025 Omnibus Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, restricted stock units, and performance share awards. The total number of shares of the company's common stock originally available for awards under the 2025 Omnibus Plan is 1.8 million shares and is subject to adjustments for stock splits, stock dividends, and certain other transactions or events in the future. The Company grants certain share-based payment awards that are classified as liabilities in accordance with ASC 718, "Compensation—Stock Compensation". These awards include cash-settled restricted stock units which vest in three annual increments over a three-year period and cash-settled performance share units which vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. Liability-classified awards are measured at fair value at each reporting date until settlement. The fair value of these awards is determined using the closing stock price at the end of the reporting period, and is remeasured at each balance sheet date. Changes in fair value are recognized as compensation expense in engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations over the requisite service period. During the six months ended June 30, 2025, the Company modified certain 2023 and 2024 restricted stock units and performance share units to settle them in cash in lieu of stock. The performance conditions, if applicable, and vesting schedules remain unchanged for these awards. As of June 30, 2025, the Company had outstanding cash-settled awards of 256,745 shares. The liability on these awards was $1.2 million as of June 30, 2025, and is in cluded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets. Stock-based compensation expense, including cash-settled liability awards, was $3.4 million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively. Stock-based compensation expense, including cash-settled liability awards, was $6.0 million and $5.6 million for the six months ended June 30, 2025 and 2024, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 or 2025 Omnibus Incentive Plans, as applicable. The Company granted 628,499 and 15,919 restricted stock units during the three months ended June 30, 2025 and 2024, respectively. The Company granted 628,499 and 458,938 restricted stock units, inclusive of 130,207 and 78,894 director awards, during the six months ended June 30, 2025 and 2024, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date. The Company issued 437,969 performance shares to employees during the three months ended June 30, 2025 and no performance shares were issued during the three months ended June 30, 2024. A total of 437,969 and 365,174 performance shares units were issued by the Company to employees during the six months ended June 30, 2025 and 2024, respectively. Performance share units vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance share units granted in 2025 are weighted 60% on the 3-year average of the Company’s adjusted return on invested capital ("Adjusted ROIC") percentage from 2025 to 2027 and 40% on cumulative non-new machine sales from January 1, 2025 through December 31, 2027. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The performance goals for the performance share units granted in 2024 are weighted 60% on the 3-year average of Company's Adjusted ROIC percentage from 2024 to 2026 and 40% on cumulative non-new machine sales from January 1, 2024 through December 31, 2026. The 2024 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

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