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 fair values of these options were estimated on the grant dates 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 June 30, 2025, 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 six months ended June 30, 2025 and 2024, the Company did not grant stock options.


	Six months ended June 30,
	2025			2024
	Awards	Weighted-Average Exercise Price		Awards	Weighted-Average Exercise Price

Outstanding at beginning of period	22	$	66.68	26	$	62.20
Exercised	—	—		(1)	27.18
Forfeited	—	—		(2)	26.52
Outstanding at end of the period	22	$	66.68	23	$	66.68
Exercisable at end of the period	22	$	66.68	23	$	66.68

As of June 30, 2025, the weighted-average remaining contractual life for both the outstanding stock options and exercisable stock options was 2.6 years with an aggregate intrinsic value of $0. There was no unrecognized compensation on the awards for the period ended June 30, 2025. There were no stock options exercised for the six months ended June 30, 2025. For the six months ended June 30, 2024, the Company received $36 thousand in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the six months ended June 30, 2024 was $15 thousand.

The Company has granted restricted stock under the Amended and Restated 2012 Share Incentive 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.


	Six months ended June 30,
	2025			2024
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value

Outstanding at beginning of period	279	$	57.21	114	$	127.87
Granted	533	13.75		210	32.23
Vested	(80)	67.29		(34)	138.80
Forfeited	(10)	19.42		(4)	52.06
Outstanding at end of the period	722	$	24.53	286	$	57.21

The Company withheld approximately 27 thousand shares and 11 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 six months ended June 30, 2025 and 2024, respectively. The total fair value of restricted stock awards vested during the six months ended June 30, 2025 and 2024 was $1.1 million and $1.3 million, respectively.

The Company has granted market and performance-based share awards in 2022, 2023, and 2025, and performance-based share awards in 2021 and 2024 under the Amended and Restated 2012 Share Incentive Plan to certain key executives who were granted deferred shares and may earn between 0% and 229% 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.

No market and performance-based share awards were issued during the six months ended June 30, 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. The total fair value of market and performance-based share awards issued during the six months ended June 30, 2024 was $1.3 million. The Company withheld 0 thousand and approximately 8 thousand shares for the quarters ended June 30, 2025 and 2024, respectively to cover minimum tax liability withholding obligations upon the vesting of shares of market and performance-based share awards.


	Three months ended June 30,
	2025			2024
	Shares	Share-Based Compensation Expense		Shares	Share-Based Compensation Expense
Options and restricted stock	744	$	1,644	309	$	1,717
Market and performance-based share awards granted in 2025	319	434		—	—
Performance-based share awards granted in 2024	117	371		117	371
Market and performance-based share awards granted in 2023	47	178		47	482
Market and performance-based share awards granted in 2022	—	—		24	—
Performance-based share awards granted in 2021	—	—		1	(116)
Total share-based compensation	1,227	$	2,627	498	$	2,454


	Six months ended June 30,
	2025			2024
	Shares	Share-Based Compensation Expense		Shares	Share-Based Compensation Expense
Options and restricted stock	744	$	2,998	309	$	3,317
Market and performance-based share awards granted in 2025	319	$	468	—	$	—
Performance-based share awards granted in 2024	117	737		117	448
Market and performance-based share awards granted in 2023	47	354		47	964
Market and performance-based share awards granted in 2022	—	—		24	—
Performance-based share awards granted in 2021	—	—		1	(104)
Total share-based compensation	1,227	$	4,557	498	$	4,625

The total income tax benefit recognized in the accompanying Condensed Consolidated Statements of Operations for restricted stock awards was $0.3 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and the income tax expense of $0.1 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

There was $11.1 million of total unrecognized compensation expense related to restricted stock awards as of June 30, 2025, which is expected to be recognized over a weighted-average period of 2.0 years. There was $7.0 million of unrecognized compensation expense related to the 366 thousand market and performance-based shares and 117 thousand performance-based shares presented in the table above as of June 30, 2025, which is expected to be recognized over a weighted-average period of 2.0 years.