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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2025
EMPLOYEE BENEFIT PLANS |
EMPLOYEE BENEFIT PLANS | NOTE 11: EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan — The Company operated a non-qualified SERP that permitted certain highly compensated employees to defer a portion of their compensation. In the fourth quarter of 2025, the Company completed the dissolution of its SERP and distributed participant balances in full. As part of the dissolution, the Company dissolved the Rabbi Trust and liquidated all the Company-Owned Life Insurance Policies (“COLI”) and other securities held in the Trust. Termination of the SERP was approved by the Board of Directors in the fourth quarter of 2024. Pursuant to the Internal Revenue Service rules, participant balances are required to be distributed between 12 and 24 months after termination. Retirement Plan assets and liabilities were classified as long-term on the Consolidated Balance Sheet as of December 31, 2024, and were reclassed to short-term as of June 30, 2025, when the decision to liquidate the assets and distribute participant balances in the fourth quarter of 2025 was made. The liquidation of COLI assets resulted in a taxable gain of $4.7 million that has been included in the income tax provision for the year ended December 31, 2025. The gain resulted from the excess of cash surrender value over the cost basis of the variable life insurance policies held inside the COLI. See footnote titled “Income taxes” for a discussion of the tax impact attributable to the dissolution. Prior to their liquidation, the COLI policies were recorded at their net cash surrender values, which approximated fair value. Proceeds of $20.7 million from dissolution of the assets held inside the Rabbi Trust and participant distributions of $23.9 million are disclosed as Proceeds from benefit plan financing arrangement and Distribution from financing plan arrangement on the Consolidated Statements of Cashflow for the year ended December 31, 2025. Prior to their dissolution, the SERP assets were classified as trading securities and changes in the fair value of these assets, and normal insurance expenses were recorded in the Consolidated Statements of Operations as compensation cost within selling, general and administrative expenses. Trading gains related to the SERP assets totaled $2.2 million in 2025, $3.1 million in 2024, and $1.5 million in 2023. Any change in the fair value of participant balances were recorded as compensation cost within selling, general and administrative expenses in the Consolidated Statements of Operations, and totaled $2.3 million in 2025, $3.4 million in 2024, and $1.8 million in 2023. 401(k) Plan — Marine Products participates in a defined contribution 401(k) plan sponsored by RPC that is available to substantially all full-time employees with more than 90 days of service. Effective January 1, 2019, the Company began matching 100% of employee contributions for each dollar of a participant’s contribution to the 401(k) Plan for the first three percent of his or her annual compensation, and 50% for each dollar of a participant’s contribution to the 401(k) Plan for the next three percent of his or her annual compensation. Employees vest in the Company’s contributions after two years of service. The charges to expense for Marine Products’ contributions to the 401(k) plan were $1.1 million in 2025, $1.0 million in 2024 and $1.2 million in 2023. Stock Incentive Plan — The Company has issued various forms of stock compensation, including incentive and non-qualified stock options, time-lapse restricted shares and performance share unit awards under its stock incentive plans to officers, selected employees and non-employee directors. In April 2024 the Company reserved 3,000,000 shares of common stock under the 2024 Stock Incentive Plan (“SIP”) with a term of 10 years expiring in April 2034. As of December 31, 2025, there were 2,553,618 shares available for grant under the SIP. The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards will be based on their fair value at grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Pre-tax stock-based employee compensation expense was approximately $5.2 million ($4.1 million after tax) for 2025, $4.2 million ($3.3 million after tax) for 2024, and $3.7 million ($2.9 million after tax) for 2023. We have not issued any stock options since 2003 and have no immediate plans to issue additional stock options. Restricted Stock — Marine Products grants selected employees and non-employee directors time lapse restricted stock that vest after a certain stipulated number of years from the grant date in the case of employees and that vest immediately for non-employee directors, depending on the terms of the issue. Time-lapse restricted shares granted to employees in 2024 vest ratably over a period of three years; the shares granted to employees in 2023 vest ratably over a period of four years; and the shares granted in 2022 vest ratably over a period of five years. Prior to 2022, the time-lapse restricted shares vested one-fifth per year beginning on the second anniversary of the grant date. Grantees receive dividends declared and retain voting rights for the granted shares. The agreement under which the restricted stock is issued provides that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have lapsed. Upon termination of employment from the Company, with the exception of death (fully vests) or normal retirement/disability (partially vests based on pre-approved formula), shares with restrictions are forfeited in accordance with the SIP. In addition to time-lapse restricted stock, officers and selected employees are granted Performance Share Unit (“PSU”) awards that vest at different levels based on pre-established financial performance targets with a modifier for stock performance based on total shareholder return. The Company periodically evaluates the portion of performance share unit awards that are probable to vest and updates compensation expense accruals accordingly. The PSUs typically cliff-vest at the end of a three year performance period. Upon termination of employment (other than due to death or disability as defined in the agreements), the unvested PSUs will be forfeited. In the event of death or disability as defined in the agreements, all unvested PSUs shall vest immediately at 100% of target levels, without regard to the actual EBITDA performance, and with no adjustment for the Total Shareholder Return modifier. PSU awards also include the right to dividend equivalents with respect to the underlying shares which are accrued over the performance period, based upon target payout level and paid out in cash upon vesting of the PSUs. To the extent the awards fail to vest or are forfeited, or the performance goals are not met but no such dividend equivalents will be payable. PSUs confer no voting rights with respect to the underlying shares prior to vesting and payout. The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant-Date Fair
​ | ​ ​ ​ | Shares | ​ ​ ​ | Value
Non-vested shares at January 1, 2025 |  | 870,448 | ​ | $ | 12.90
Granted |  | 414,598 | ​ |  | 9.16
Vested |  | (361,685) | ​ |  | 12.62
Forfeited |  | (8,684) | ​ |  | 11.49
Non-vested shares at December 31, 2025 |  | 914,677 | ​ | $ | 11.33
​ ​ The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant-Date Fair
​ | ​ ​ ​ | Shares | ​ ​ ​ | Value
Non-vested shares at January 1, 2024 |  | 839,050 | ​ | $ | 13.81
Granted |  | 336,451 | ​ |  | 11.35
Vested |  | (297,303) | ​ |  | 13.70
Forfeited |  | (7,750) | ​ |  | 12.81
Non-vested shares at December 31, 2024 |  | 870,448 | ​ | $ | 12.90
​ ​ The fair value of restricted stock awards is based on the market price of the Company’s stock on the date of grant and is amortized to compensation expense on a straight-line basis over the requisite service period. The weighted average grant date fair value of these restricted stock awards was $9.16 in 2025, $11.35 in 2024 and $13.25 in 2023. The total fair value of shares vested was approximately $3.2 million in 2025, $3.1 million in 2024 and $3.2 million in 2023. The above table does not include any activity related to PSUs since they are not currently granted or vested. For the year ending December 31, 2025, approximately $168 thousand of net tax deficits for stock-based compensation awards were recorded as a discrete tax adjustment and classified within operating activities in the Consolidated Statements of Cash Flows compared to approximately $47 thousand of excess tax benefits for the year ending December 31, 2024. Other Information — As of December 31, 2025, total unrecognized compensation cost related to non-vested restricted shares was approximately $5.8 million which is expected to be recognized over a weighted-average period of 1.5 years.

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