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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | NOTE 10 — Share-Based Compensation The following table presents the aggregate share-based compensation expense, net of forfeitures, for the following periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
$ in thousands |  | 2025 |  | 2024 |  | 2025 |  | 2024
Share-based compensation expense |  | $ | 13,907 |  |  | $ | 8,531 |  |  | $ | 24,103 |  |  | $ | 14,800 |
Performance Stock Units As of June 30, 2025, there was $1.1 million of unrecognized share-based compensation expense related to unvested performance stock units (“PSUs”). During the second quarter of 2025, there were 524,000 PSUs awarded to certain executives for which the vesting occurs upon the achievement of specific market-based conditions related to the Company’s financial performance over a three-year period, modified based on the Company’s Relative Total Shareholder Return (“TSR”) and subject to final vesting based on the participant’s continued employment through the end of the requisite service period. The amount of awards that will ultimately vest for the PSU can range from 0% to 200% based on the TSR calculated over a three-year period. The fair value of the PSUs was determined using the Monte Carlo Simulation model and is being expensed over the three-year vesting period. The assumptions used to calculate the fair value of these awards were:
Weighted average expected life |  | 3 years
Risk-free interest rates |  | 3.9 | %
Expected volatility |  | 80.0 | %
The following table p resents a summary of PSU activity as of June 30, 2025 and the changes during the six months ended June 30, 2025:
In thousands, except per share data |  | Quantity |  | Weighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period |  | 128 |  | $ | 16.24 |
Granted |  | 524 |  | 2.89 |
Forfeited |  | (330) |  | 5.03 |
Unvested, end of period |  | 322 |  | $ | 6.00 |
Stock Options As of June 30, 2025, there was $4.5 million of unrecognized share-based compensation expense related to stock options. The stock options granted to employees during the second quarter of 2025 vest on the one-year anniversary of the date of grant. The Company will recognize compensation expense from the grant date through the expected vesting date. The fair value of the Company’s stock option grants was estimated utilizing the following assumptions using the Black-Scholes Merton model:
Weighted average expected life |  | 3 years
Risk-free interest rates |  | 3.87 | %
Expected volatility |  | 86.0 | %
The following table presents a summary of stock option activity during the six months ended June 30, 2025:
In thousands, except per share data |  | Quantity |  | Weighted-Average Exercise Price Per Share
Unvested, beginning of period |  | 2,460 |  |  |  | $ | 11.30 |  |  |
Granted |  | 4,076 |  |  |  | 2.13 |  |  |
Forfeited |  | (30) |  |  |  | 2.13 |  |  |
Unvested, end of period |  | 6,506 |  |  |  | $ | 5.60 |  |  |
Restricted Stock Units As of June 30, 2025, there was $7.4 million of unrecognized share-based compensation expense related to unvested restricted stock units (“RSUs”), which the Company expects to recognize over a weighted average period of three years. Generally, RSUs granted to employees and the majority of executives either cliff-vest on the three-year anniversary of the date of grant or vest ratably on each anniversary of the date of grant over a three-year period. Annual awards granted to independent directors cliff-vest on the first anniversary of each award’s grant date. The following table presents a summary of RSU activity during the six months ended June 30, 2025:
In thousands, except per share data |  | Quantity |  | Weighted-Average Grant Date Fair Value Per Share
Unvested, beginning of period |  | 2,132 |  | $ | 11.54 |
Granted |  | 2,114 |  | 2.58 |
Vested |  | (379) |  | 8.03 |
Forfeited |  | (337) |  | 3.61 |
Unvested, end of period |  | 3,530 |  | $ | 7.29 |
Refer to Note 13 — Related Party Transactions for information related to the BHES JDA.

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