v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Fair Value of MRI EICP Options and Valuation Assumptions The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected):

 

 

 

 

 

 

April 2023 Awards

 

Options awarded

 

 

2,100,000

 

Risk-free interest rate

 

3.71%-3.97%

 

Expected volatility

 

78%-80%

 

Expected option life (in years)

 

3.5-5.5

 

Grant-date fair value

 

$

4.25

 

 

 

 

 

 

 

January 2021 Awards

 

Options awarded

 

 

950,214

 

Risk-free interest rate

 

0.5%

 

Expected volatility

 

32%

 

Expected option life (in years)

 

 

5.5

 

Grant-date fair value

 

$

3.44

 

 
Summary of Outstanding Activity of Options, Restricted Stock and Restricted Stock Units under MRI EICP

The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Shares

 

 

Restricted Stock Units

 

 

Options

 

 

 

Number of
shares

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Number of
shares

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Number of
shares

 

 

Weighted
Average
Exercise
Price

 

End of period - December 31, 2023

 

 

1,638,678

 

 

$

11.91

 

 

 

150,000

 

 

$

10.09

 

 

 

2,325,000

 

 

$

7.04

 

Beginning of period - January 1, 2024

 

 

1,638,678

 

 

$

11.91

 

 

 

150,000

 

 

$

10.09

 

 

 

2,325,000

 

 

$

7.04

 

Granted

 

 

—

 

 

 

—

 

 

 

80,000

 

 

 

4.41

 

 

 

—

 

 

 

—

 

Vested

 

 

(1,012,570

)

 

 

11.89

 

 

 

(60,000

)

 

 

9.49

 

 

 

—

 

 

 

—

 

End of period - Balance at December 31, 2024

 

 

626,108

 

 

$

11.93

 

 

 

170,000

 

 

$

7.63

 

 

 

2,325,000

 

 

$

7.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period - December 31, 2024

 

 

626,108

 

 

$

11.93

 

 

 

170,000

 

 

$

7.63

 

 

 

2,325,000

 

 

$

7.04

 

Beginning of period - January 1, 2025

 

 

626,108

 

 

$

11.93

 

 

 

170,000

 

 

$

7.63

 

 

 

2,325,000

 

 

$

7.04

 

Granted

 

 

—

 

 

—

 

 

 

80,000

 

 

 

1.77

 

 

 

—

 

 

 

—

 

Vested

 

 

(626,108

)

 

 

11.93

 

 

 

(120,000

)

 

 

6.60

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(225,000

)

 

 

9.57

 

End of period - December 31, 2025

 

 

—

 

 

$

—

 

 

 

130,000

 

 

$

4.97

 

 

 

2,100,000

 

 

$

6.77