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Stock Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock Compensation | Stock Compensation Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units (RSUs) may be granted to officers, directors and other key employees. As of June 30, 2026, the company has granted restricted stock and RSUs under these plans. The company recognizes compensation cost, net of a forfeiture rate, in selling, general and administrative expense, and recognizes compensation cost only for those awards expected to vest. The company estimates the forfeiture rate based on its historical experience and its expectations about future forfeitures. During the six months ended June 30, 2026 and 2025, the company recorded $7.2 million and $9.7 million of share-based restricted stock and RSU compensation expense, respectively. Restricted stock and RSU awards may contain time-based units, performance-based units, total shareholder return market-based units, or a combination of these units. Each performance-based and market-based unit will vest into zero to two shares depending on the degree to which the performance or market conditions are met. Compensation expense for performance-based awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. Compensation expense for market-related awards is recognized as expense ratably over the measurement period, regardless of the actual level of achievement, provided the service requirement is met. RSU grants for the company’s directors vest upon award and compensation expense for such awards is recognized upon grant. A summary of restricted stock and RSU activity for the six months ended June 30, 2026 follows (shares in thousands):
|  | Restricted Stock and RSU |  | Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025 |  | 6,470 |  |  | $ | 4.77 |
Granted (i) |  | 5,243 |  |  | 2.43 |
Vested (ii) |  | (3,742) |  |  | 4.19 |
Forfeited and expired |  | (376) |  |  | 4.73 |
Outstanding at June 30, 2026 |  | 7,595 |  |  | 3.61 |
(i) Awards granted during the six months ended June 30, 2026 were time-based conditions awards. (ii) Vested awards include 2023 and 2024 performance-based RSUs awards vested at zero percent payout. The aggregate weighted-average grant-date fair value of restricted stock and RSUs granted during the six months ended June 30, 2026 and 2025 was $12.8 million and $15.9 million, respectively. The fair value of awards with time and performance conditions is determined based on the trading price of the company’s common shares on the date of grant. The fair value of awards with market conditions is estimated using a Monte Carlo simulation. As of June 30, 2026, there was $20.8 million of total unrecognized compensation cost related to outstanding restricted stock and RSUs granted under the company’s plans. That cost is expected to be recognized over a weighted-average period of 2.1 years. The aggregate weighted-average grant-date fair value of restricted stock and RSUs vested during the six months ended June 30, 2026 and 2025 was $9.0 million and $15.3 million, respectively. Common stock issued upon the lapse of restrictions on restricted stock and RSUs are newly issued shares. In light of its tax position, the company is currently not recognizing any tax benefits from the issuance of stock upon lapse of restrictions on restricted stock and RSUs.

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