v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company’s uses equity awards as a long-term retention program that is intended to attract, retain and provide incentives for employees, officers, and directors and to more closely align stockholder and employee interests. The Company recognizes compensation expense for all our share-based stock awards based on their fair values.
Stock Options
The Company’s stock options generally vest over one to five years and the related expense is amortized on a straight-line basis over the vesting period. There were no stock options granted during the years ended December 31, 2025 and 2024. The Company recorded no stock-based compensation expense related to stock options in the years ended December 31, 2025 and 2024 and there was no unrecognized compensation expense related to unvested stock option awards.
There were 9,816 options outstanding as of December 31, 2025 and 2024. The options outstanding as of December 31, 2025 and 2024 had no intrinsic value, a weighted-average remaining contractual life of 3 years, and a weighted-average exercise price of $111.90.

Restricted Stock Units
Restricted stock units (“RSUs”) may be granted to employees and members of the Company’s Board of Directors (“Directors”) as part of their compensation. Awards have a vesting period of one to three years; however, the Directors may defer the release of the RSU until their departure from the board. Compensation expense is recognized over the vesting period
on a straight-line basis. The fair value of RSUs is the market close price of the Company’s common stock on the date of the grant. A summary of restricted stock units’ activity is presented in the table below:
Time-Based Restricted Stock Units
Number of Shares Weighted Average Grant-Date Fair Value
Non-vested shares as of January 1, 20243,000 $8.80 
    Granted5,420 27.68 
    Vested 1
(3,000)8.80 
Non-vested shares as of December 31, 20245,420 $27.68 
 Granted131,443 26.00 
   Forfeited/Cancelled(7,802)26.16 
    Vested 2
(6,122)27.51 
Non-vested shares as of December 31, 2025122,939 $25.98 
1 Weighted average price per share was $26.65 on the vesting date with a total fair value of $80 thousand.
2 Weighted average price per share was $24.84 on the vesting date with a total fair value of $152 thousand.
Performance-Based Restricted Stock Units
Vesting of performance-based stock units (“PSUs”) is dependent upon attainment of various levels of performance that equal or exceed targeted levels and generally vest in their entirety one to three years from the date of the grant. Compensation expense for performance-based restricted stock units is recognized over the performance period and is based on the probability of achievement of the performance condition. Expense is recognized net of actual forfeitures. A summary of performance-based restricted stock units’ activity is presented in the table below:
Number of Shares Weighted Average Grant-Date Fair Value
Non-vested shares as of December 31, 2024— $— 
   Granted110,548 26.16 
   Forfeited/Cancelled(8,504)26.16 
Non-vested shares as of December 31, 2025102,044 $26.16 

Restricted Stock Awards
Restricted stock awards (“RSAs”) entitle the holder to receive shares of the Company’s common stock as the awards vest. RSAs are considered outstanding at the time of grant since the holders thereof are entitled to dividends, upon vesting, and voting rights. Grants of restricted stock awards are classified as time-based, performance-based, or market-based, depending on the vesting criteria of the award.
Time-Based Restricted Stock Awards
Time-based RSAs generally vest over three to five years unless the award is subject to certain accelerated vesting requirements. The fair value of time-based RSAs is based on the closing price of the Company’s common stock on the date of
grant. Compensation expense for time-based RSAs is recognized over the vesting period on a straight-line basis, net of actual forfeitures. A summary of time-based restricted stock awards’ activity is presented in the table below:

Number of Shares Weighted Average Grant-Date Fair Value
Non-vested shares as of January 1, 2024108,571 $19.26 
    Granted173,950 28.72 
    Forfeited/Cancelled(9,791)25.96 
    Vested 1
(75,959)23.13 
Non-vested shares as of December 31, 2024196,771 $25.79 
   Forfeited/Cancelled(17,676)26.24 
   Vested 2
(86,384)25.05 
Non-vested shares as of December 31, 202592,711 $26.39 
1 Weighted average price per share was $27.94 on the vesting date with a total fair value of $2.1 million.
2 Weighted average price per share was $22.89 on the vesting date with a total fair value of $2.0 million.
Performance-Based Restricted Stock Awards
Vesting of performance-based stock awards (“PSAs”) is dependent upon attainment of various levels of performance based on Adjusted Return on Equity that equal or exceed targeted levels and generally vest in their entirety one to three years from the date of the grant. Compensation expense for performance-based restricted stock awards is recognized over the performance period and is based on the probability of achievement of the performance condition. Expense is recognized net of actual forfeitures. A summary of performance-based restricted stock awards’ activity is presented in the table below:

Number of Shares Weighted Average Grant-Date Fair Value
Non-vested shares as of January 1, 2024149,219 $13.86 
    Granted160,395 28.80 
Forfeited/Cancelled(22,082)$19.56 
Non-vested shares as of December 31, 2024287,532 $26.37 
    Forfeited/Cancelled(86,616)25.00 
Non-vested shares as of December 31, 2025200,916 $25.86 

Market-Based Restricted Stock Awards
Market-based restricted stock awards become eligible for vesting upon the achievement of specific market-based conditions based on the per share price of the Company’s common stock.
The Company grants certain employees market-based restricted stock awards generally with either three or four tranches that vest if the Company’s stock price closes at or above an established threshold for each tranche for a specified number of consecutive trading days within five years of the date of the grant. Compensation expense related to market-based restricted stock awards is recognized over the requisite service period on a straight-line basis. The requisite service period is a measure of the expected time to reach the respective vesting threshold and was estimated by utilizing a Monte Carlo simulation, considering only those stock price-paths in which the threshold was exceeded. During 2024, the Company granted 55,000 market-based restricted stock awards which vest in four tranches based on the 90-day volume weighted average price of SNDA common stock based on a grant date market condition. The grant date fair value of such awards was $14.27, the risk-free interest rate was 4.5%, the expected volatility was 50.3%, the expected dividends was $0, and the weighted average derived service period was 1.56 years.
A summary of market-based restricted stock awards’ activity is presented in the table below:
Number of Shares Weighted Average Grant-Date Fair Value
Non-vested shares as of January 1, 2024464,950 $15.07 
   Granted55,000 14.27 
Forfeited/Cancelled(45,000)19.80 
Non-vested shares as of December 31, 2024474,950 $14.75 
Forfeited/Cancelled(90,700)16.38 
Non-vested shares as of December 31, 2025384,250 $14.09 
Stock-Based Compensation Expense
The Company recognized stock-based compensation expense related to the PSUs, RSUs, PSAs and RSAs described above of $5.0 million and $4.4 million during fiscal years 2025 and 2024, respectively, that is primarily associated with employees whose corresponding salaries and wages are included in general and administrative expenses within the Company’s Consolidated Statements of Operations. Unrecognized stock-based compensation expense is $7.7 million as of December 31, 2025. If all awards granted are earned, the Company expects this expense to be recognized over one to three-year periods for RSUs, a five-year period for market-based RSAs, and a three-year period for time-based and performance-based RSAs.