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SHARE-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Stock Options The Company has granted non-qualified and incentive stock options to employees and non-employee directors under the Amended and Restated 2012 Share Incentive Program (the “2012 Plan”). The fair value of these options was estimated on the date of grant using the Black-Scholes option pricing model, which required estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of March 31, 2026 generally vested over a period of 3 years and expire 10 years from the date of grant. The exercise price of these options is $66.68. Due to the Company’s lack of option exercise history on the date of grant, the expected term was calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponded to the expected term of the option. The expected volatility was based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. The dividend yield was computed as the annualized dividend rate at the grant date divided by the strike price of the stock option. For the three months ended March 31, 2026 and 2025, the Company did not grant stock options. The following table is a summary of our stock option activity (in thousands, except per share data):
| Three months ended March 31,
| 2026 |  | 2025
| Awards |  | Weighted-Average Exercise Price |  | Awards |  | Weighted-Average Exercise Price
Outstanding at beginning of period | 22 |  |  | $ | 66.68 |  |  | 22 |  |  | $ | 66.68 |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Outstanding at end of the period | 22 |  |  | $ | 66.68 |  |  | 22 |  |  | $ | 66.68 |
Exercisable at end of the period | 22 |  |  | $ | 66.68 |  |  | 22 |  |  | $ | 66.68 |
As of March 31, 2026, the weighted-average remaining contractual life for both the outstanding stock options and exercisable stock options was 1.9 years with an aggregate intrinsic value of $0. There was no unrecognized compensation on the awards for the period ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company received no cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised was $0 for the three months ended March 31, 2026 and 2025. Restricted Stock The Company has issued restricted stock under the 2012 Plan to employees and non-employee directors generally with vesting terms up to 3 years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes our restricted stock activity (in thousands, except per share data):
| Three months ended March 31,
| 2026 |  | 2025
| Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of period | 677 |  |  | $ | 24.76 |  |  | 279 |  |  | $ | 57.21 |
Granted | 406 |  |  | 9.59 |  |  | 451 |  |  | 13.86 |
Vested | (195) |  |  | 26.85 |  |  | (80) |  |  | 67.24 |
Forfeited | (22) |  |  | 19.10 |  |  | (1) |  |  | 54.78 |
Outstanding at end of the period | 866 |  |  | $ | 17.32 |  |  | 649 |  |  | $ | 25.87 |
The Company withheld approximately 76 thousand shares and 27 thousand shares of the Company’s common stock to cover minimum tax liability withholding obligations upon the vesting of shares of restricted stock for the three months ended March 31, 2026 and 2025, respectively. The total fair value of restricted stock awards vested during the three months ended March 31, 2026 and 2025 was $1.9 million and $1.1 million, respectively. Market and Performance-based Share Awards The Company has granted market and performance-based share awards in 2023 and 2025, and performance-based share awards in 2024 and 2026 under the 2012 Plan to certain key executives who were granted deferred shares and may earn between 0% and 210% of the target number depending upon both the Company’s total stockholder return (“TSR”), for those with market conditions, and the Company’s performance against predetermined performance goals over a three-year performance period after the date of grant. Market and performance-based share awards that are tied to the Company’s TSR are valued using the Monte Carlo method and are recognized ratably as expense over the award’s performance period. The fair value of the performance-based share awards is equal to the market price of the Company’s common stock on the date of grant adjusted by expected level of achievement over the performance period. Expense for performance-based share awards is amortized ratably over the performance period. In the event that management determines that the Company will not reach the lower threshold of the predetermined performance goals established in the grant agreement, any previously recognized expense is reversed in the period in which such a determination is made. The total fair value of market and performance-based share awards issued during the three months ended March 31, 2026 was $0.2 million. The Company withheld approximately 8 thousand shares for the quarter ended March 31, 2026 to cover minimum tax liability withholding obligations upon the issuance of shares of market and performance-based share awards. No market and performance-based share awards were issued during the three months ended March 31, 2025, as a result of the market and performance-based share awards granted in March of 2022 not reaching the lower threshold of the predetermined performance goals. Share-based compensation expense is recorded in selling, general, and administrative expense in the accompanying Condensed Consolidated Statements of Income. The total expense during the three months ended March 31, 2026 and 2025 are as follows (in thousands):
| Three months ended March 31,
| 2026 |  | 2025
| Shares |  | Share-Based Compensation Expense |  | Shares |  | Share-Based Compensation Expense
Options and restricted stock | 888 |  |  | $ | 1,364 |  |  | 671 |  |  | $ | 1,353 |
Performance-based share awards granted in 2026 | 197 |  |  | 13 |  |  | — |  |  | — |
Market and performance-based share awards granted in 2025 | 295 |  |  | 405 |  |  | 319 |  |  | 34 |
Performance-based share awards granted in 2024 | 37 |  |  | 114 |  |  | 117 |  |  | 367 |
Market and performance-based share awards granted in 2023 | — |  |  | — |  |  | 47 |  |  | 176 |
Total share-based compensation | 1,417 |  |  | $ | 1,896 |  |  | 1,154 |  |  | $ | 1,930 |
The total income tax expense recognized in the accompanying Unaudited Condensed Consolidated Statements of Operations for restricted stock awards was $0.5 million for the three months ended March 31, 2026 and $0.4 million for the three months ended March 31, 2025. There was $9.1 million of total unrecognized compensation cost related to restricted stock awards as of March 31, 2026, which is expected to be recognized over a weighted-average period of 2.19 years. There was $5.0 million of unrecognized compensation costs related to the 234 thousand performance-based shares and 295 thousand market and performance-based shares presented in the table above as of March 31, 2026, which is expected to be recognized over a weighted-average period of 2.19 years.

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