v3.25.4

Shareholders' Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Shareholders' Equity | Note 14. Shareholders’ Equity Dividends The Company’s board of directors declared quarterly dividends during the years ended December 31, 2025 and 2024 as follows:
Date Declared |  | Dividend Per Common Share |  |  | Amount |
February 20, 2025 |  | $ | 0.075 |  |  | $ | 5,015 |
May 1, 2025 |  |  | 0.075 |  |  |  | 5,024 |
|  | $ | 0.150 |  |  | $ | 10,039 |
Date Declared |  | Dividend Per Common Share |  |  | Amount |
February 15, 2024 |  | $ | 0.075 |  |  | $ | 5,014 |
May 9, 2024 |  |  | 0.075 |  |  |  | 5,015 |
August 8, 2024 |  |  | 0.075 |  |  |  | 5,015 |
October 31, 2024 |  |  | 0.075 |  |  |  | 5,016 |
|  | $ | 0.300 |  |  | $ | 20,060 |
Share Capital Preferred Shares The Company has authorized 50,000,000 preferred shares (2024 – 50,000,000) with $1 par value issuable in series, of which 2,000,000 shares have been designated as Series A. The preferred shares may be issued in one or more series. Designations and preferences for each series shall be stated in the resolutions providing for the designation and issuance of each such series adopted by the Company’s board of directors. The board of directors is authorized by the Company’s articles of incorporation to determine the voting, dividend, redemption and liquidation preferences pertaining to each such series. As of December 31, 2025, no preferred shares had been issued by the Company. Stock-Based Compensation The Company has a stock incentive plan which provides for stock options, RSUs, DSUs, restricted shares, performance shares, PSUs, and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the year ended December 31, 2025, there were no issued and outstanding stock options, performance shares or stock appreciation rights. As of December 31, 2025, after factoring in all allocated shares, there remain approximately 3.1 million common shares available for grant. As of December 31, 2025, the total compensation cost related to non-vested PSUs, restricted shares, RSUs and DSUs not recognized was approximately $4,288 which will be recognized over a weighted average period of approximately two years. The following table summarizes non-vested PSU activity during the year ended December 31, 2025:
|  |  |  | Number of PSUs |  |  | Weighted Average Grant Date Fair Value Per Unit |
Balance as of January 1, 2025 |  |  |  |  | 4,379,461 |  |  | $ | 10.22 |
Granted |  |  |  |  | 2,316,304 |  |  |  | 6.38 |
Forfeited |  |  |  |  | (2,302,073 | ) |  |  | 10.13 |
Balance as of December 31, 2025 |  |  |  |  | 4,393,692 |  |  | $ | 8.25 |
The weighted-average grant date fair value per unit of all PSUs granted in 2024 and 2023 was $7.71 and $11.36, respectively. The total fair value of PSUs vested and issued in 2025, 2024 and 2023 was $nil, $2,609 and $2,943, respectively. The following table summarizes non-vested restricted share and DSU activity during the year ended December 31, 2025:
|  | Equity Based Awards |  |  | Liability Based Awards |
|  | Number of Restricted Shares |  |  | Number of Equity DSUs |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Cash Only DSUs |
Balance as of January 1, 2025 |  |  | 21,054 |  |  |  | 50,397 |  |  | $ | 9.43 |  |  |  | 31,581 |
Granted |  |  | 111,732 |  |  |  | 101,956 |  |  |  | 3.58 |  |  |  | 55,866 |
Vested |  |  | (21,054 | ) |  |  | (50,397 | ) |  |  | 9.43 |  |  |  | (31,581 | )
Balance as of December 31, 2025 |  |  | 111,732 |  |  |  | 101,956 |  |  | $ | 3.58 |  |  |  | 55,866 |
The weighted-average grant date fair value per share of all restricted shares and Equity DSUs granted in 2024 and 2023 was $9.43 and $8.83, respectively. The total fair value of restricted shares and Equity DSUs vested and issued in 2025, 2024 and 2023 was $262, $787 and $920, respectively. For the year ended December 31, 2025, the Company granted 273,501 RSUs with a weighted-average grant date fair value of $6.50 per unit. There were 50,397 Equity DSUs granted to directors that were vested but not settled as of December 31, 2025.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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