v3.25.4
Stock Incentive Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plan Stock Incentive Plan
Stock Incentive Plan

For stock options, restricted shares and performance shares, the Company recorded share-based compensation expense as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31, 2025December 31, 2024December 31, 2023
Salaries, wages and employee benefits - continuing operations$11,605 $9,120 $10,090 
Salaries, wages and employee benefits - discontinued operation— — 504 
Share-based compensation expense$11,605 $9,120 $10,594 

The Company adopted the 2025 Omnibus Incentive Compensation Plan (the “2025 Plan”) in June 2025 for the issuance of up to 1,300 common shares. As of December 31, 2025, approximately 1,362 shares remain available for grant under the 2025 Plan after considering the return of forfeited shares to the 2025 Plan.
Stock Options

Certain executives are eligible to receive grants of stock options. Employees may exercise the stock options at anytime after the grant is vested but no later than seven years after the date of grant. Stock options vest over a three-year period from the date of grant. For stock option awards, the exercise price is equal to the price of the Company’s common stock on the date of grant. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. The Company estimated the fair value of the grants using the Black-Scholes option-pricing model.         

The weighted average grant-date fair value of the stock option awards granted and the weighted average assumptions under the Black-Scholes option-pricing model were as follows for the years ended December 31, 2025, 2024 and 2023.
December 31, 2025December 31, 2024December 31, 2023
Weighted average grant-date fair value$— $— $39.75 
Weighted average assumptions under Black-Scholes option model:
Expected dividend yield— %— %0.8 %
Expected stock price volatility— %— %32.5 %
Risk-free interest rate— %— %3.8 %
Expected life of awards (years)0.00.05.6

Stock option transactions during the year ended December 31, 2025 were as follows:
Number of Shares Weighted Average Exercise Price
Outstanding as of January 1280 $77.08 
Granted— — 
Exercised— — 
Forfeited or Canceled(249)72.93 
Outstanding as of December 3131 $110.26 

As of December 31, 2025, the weighted average remaining contractual life of stock options outstanding was approximately one year and exercisable was approximately one year. The total fair value of stock options vested during 2025, 2024, 2023 was $0, for all years. As of December 31, 2025, the total share-based compensation expense related to unvested stock options not yet recognized was $9, and the weighted average period over which it is expected to be recognized is approximately less than one year.
    
The following table sets forth the exercise price range, number of shares, weighted average exercise price and remaining contractual lives by groups of similar price as of December 31, 2025:

Stock Options OutstandingStock Options Exercisable
Range of Exercise PricesNumber of SharesWeighted Average Remaining Contractual Life (in years)Weighted Average Exercise PriceExercisable as of December 31, 2025Weighted Average Exercise Price
$100.93 -$115.42 31 3.6$110.26 29 $109.85 

The total intrinsic value of both outstanding and exercisable stock options was $0. No stock options were exercised during 2025, 2024 and 2023.
Restricted Shares
 
The Company’s primary long-term incentive plan is a restricted share award plan that entitles employees to receive a share of the Company’s common stock subject to vesting requirements based on continued employment. Shares granted under the restricted share award plan are restricted from sale or transfer until vesting, and the restrictions lapse in three equal annual installments beginning one year after the date of grant. As of December 31, 2025, there were no dividends paid on a current basis throughout the vesting period. Share-based compensation expense associated with these awards is amortized ratably over the requisite service period. All forfeitures are recognized as incurred.

Restricted share transactions for the year ended December 31, 2025 were as follows:
Number of Shares Weighted Average Grant Date Fair Value
Outstanding as of January 1382 $38.76 
Granted420 30.41 
Vested(162)42.93 
Forfeited(130)34.09 
Outstanding as of December 31510 $31.96 

The weighted average grant-date fair value of the restricted shares granted during the years ended December 31, 2025, 2024 and 2023 were $30.41, $30.66 and $114.46, respectively. The total fair value of restricted shares that vested during 2025, 2024 and 2023 was $4,337, $4,088, and $7,833, respectively. As of December 31, 2025, the total share-based compensation expense related to restricted shares not yet recognized was $9,821, and the weighted average period over which it is expected to be recognized is approximately two and a half years.

Performance Shares

Certain executives and key employees are eligible to receive grants of performance awards. The performance share agreement provides for awards based on achieving certain financial targets, such as targets for earnings before interest, taxes, depreciation and amortization, and the Company’s total shareholder return as compared to the total shareholder return of a selected peer group, as determined by the Board. Performance targets are set at the beginning of each three-year measurement period. The share awards are earned over the vesting period, and the number of shares earned is determined based on the cumulative results for the measurement period. The performance agreement provides for employees to earn 0% to 200% of the target awards depending on the actual performance achieved, with no shares earned if performance is below the established minimum target. Performance shares do not receive dividends until the shares are vested. Awards earned are paid in shares of common stock of the Company at the end of the vesting period. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. Depending on the financial target, share-based compensation expense is determined based on the projected assessment of the level of performance that will be achieved. All forfeitures are recognized as incurred.
The grant-date fair value of performance shares granted with a financial target based on the Company’s total shareholder return was estimated using a Monte Carlo simulation model. The weighted average grant-date fair value of performance awards granted and the weighted average assumptions under the Monte Carlo simulation model were as follows for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31, 2025December 31, 2024December 31, 2023
Weighted average grant-date fair value$35.56 $11.87 $120.27 
Weighted average assumptions under the Monte Carlo simulation model:
Expected stock price volatility55.7 %42.8 %37.8 %
Weighted average risk-free interest rate4.3 %4.7 %4.2 %
    
Performance award transactions for the year ended December 31, 2025 were as follows assuming target levels of performance:
Number of Shares Weighted Average Grant Date Fair Value
Outstanding as of January 1339 $15.88 
Granted208 35.56 
Forfeited or unearned (57)24.60 
Outstanding as of December 31490 $23.22 

As of December 31, 2025, the total share-based compensation expense related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance will be achieved, was $5,237, and the weighted average period over which it is expected to be recognized is approximately 2 years.
Total tax shortfall realized for tax deductions in the United States related to the exercise of stock options, vesting of restricted stock and vesting of performance awards was $2,476, $4,660, and $2,518 for the years ended December 31, 2025, 2024 and 2023, respectively.

Employee Stock Purchase Plan

Under the 2005 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to a remaining 225 shares of common stock to employees. These shares may be issued at a price equal to 90% of the lesser of the market value on the first day or the last day of each six-month purchase period. Common stock purchases are paid for through periodic payroll deductions and/or up to two lump sum contributions.

Employee stock purchase plan activity and related information was as follows:
Year Ended
December 31, 2025December 31, 2024December 31, 2023
Shares purchased by participants under the ESPP34 44 10 
Average purchase price$22.20 $17.16 $69.81 
Weighted average fair value of each purchase under the ESPP granted1
$2.47 $1.91 $7.76 
Share-based compensation expense for ESPP$89 $84 $76 
1 Equal to the discount from the market value of the common stock at the end of each six month purchase period.
    
Director Restricted Shares
 
Under the 2025 Non-Employee Director Plan approved June 13, 2025, up to 400 common shares may be issued. As of December 31, 2025, approximately 312 shares remain available for grant under the plan.

Under the plan, each non-employee director receives an annual grant of restricted shares of the Company’s common stock. The restricted shares vest on the earlier of (a) the day immediately prior to the first annual shareholder meeting that occurs after the grant date or (b) one year after the grant date. Each director may elect to defer receipt of the common shares until the director departs from the Board. If a director elects to defer receipt, the Company will issue deferred stock units in which the director does not have voting rights or other incidents of ownership until the shares are issued. Each deferred stock unit is eligible for a dividend equivalent in the form of additional restricted stock units for each cash dividend paid by the Company.

    

Director restricted share transactions for the year ended December 31, 2025 were as follows:
Number of Shares Weighted Average Grant Date Fair Value
Outstanding as of January 118 $18.67 
Granted100 20.41 
Vested(80)20.11 
Forfeited(6)20.21 
Outstanding as of December 3132 $20.21 

Year Ended
December 31,
2025		December 31,
2024		December 31,
2023
Share-based compensation expense for director restricted shares$1,824 $984 $1,329 

The total fair value of restricted shares that vested during 2025, 2024 and 2023 was $1,597, $488, and $1,424, respectively. As of December 31, 2025, the total share-based compensation expense related to the restricted shares not yet recognized was $292, and the weighted average period over which it is expected to be recognized is less than one year.