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Share-Based Payments
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 12 — Share-Based Payments

 

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to executive officers and certain key employees of restricted stock units, with vesting contingent upon the completion of specified service periods ranging from one to four years and/or (b) meeting certain financial performance and/or market-based metrics. Shares for the restricted stock units are not issued until they vest.

 

The following table summarizes the total share-based compensation expense recognized for the three months ended March 31, 2026 and 2025 (in thousands):

 

   Three Months Ended 
   March 31, 
   2026   2025 
Share-based compensation expense  $3,081   $2,552 

 

Restricted Stock Units

 

The following table summarizes the RSU award activity for awards with service conditions for the three months ended March 31, 2026:

 

   2026 
   Number of
Shares		   Weighted
Average
Grant Date Fair
Value		 
Outstanding, December 31, 2025   1,117,068   $21.03 
Granted   263,556    16.88 
Vested   (176,082)   24.86 
Forfeited   —    — 
Outstanding, March 31, 2026   1,204,542    19.56 

 

The following table summarizes the RSU award activity for awards with market conditions for the three months ended March 31, 2026:

 

   2026 
   Number of
Shares		   Weighted
Average
Grant Date Fair
Value		 
Outstanding, December 31, 2025   112,500   $20.79 
Granted   —    — 
Vested   —    — 
Forfeited   —    — 
Outstanding, March 31, 2026   112,500    20.79 

 

As of March 31, 2026, there was $19.8 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.0 years.

 

As of March 31, 2026, the fair market value of non-vested restricted stock units was $26.2 million.