Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity [Abstract] |
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| Summary of Restricted Stock and Restricted Stock Units Activity |
The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2023:
| | | | | | | | | | | | | | | | | Number
of Shares | | Weighted
Average Grant
Price and Fair Value | Non vested, December 31, 2022 | | 669,673 | | | $ | 22.00 | | | Shares granted | | 831,746 | | | 11.83 | | | Vested shares | | (319,225) | | | 22.03 | | | Shares forfeited | | (130,030) | | | 17.53 | | Non vested, December 31, 2023 | | 1,052,164 | | | $ | 14.74 | |
The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2024:
| | | | | | | | | | | | | | | | | Number
of Shares | | Weighted
Average Grant
Price and Fair Value | Non vested, December 31, 2023 | | 1,052,164 | | | $ | 14.74 | | | Shares granted | | 595,976 | | | 10.71 | | | Vested shares | | (475,116) | | | 14.89 | | | Shares forfeited | | (66,768) | | | 14.60 | | Non vested, December 31, 2024 | | 1,106,256 | | | $ | 12.63 | |
The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2025: | | | | | | | | | | | | | | | | | Number
of Shares | | Weighted
Average Grant
Price and Fair Value | Non vested, December 31, 2024 | | 1,106,256 | | | $ | 12.63 | | | Shares granted | | 548,171 | | | 22.91 | | | Vested shares | | (517,471) | | | 13.50 | | | Shares forfeited | | (210,194) | | | 16.64 | | Non vested, December 31, 2025 | | 926,762 | | | $ | 17.01 | |
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| Summary of Status of Stock Incentive Plans and Changes During Periods |
The table below sets forth stock option activity for the year ended December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number
of Options | | Weighted
Average Exercise
Price | | Weighted
Average
Contractual
Life (years) | | Aggregate
Intrinsic
Value | | | | | | | | | | (in thousands) | Outstanding, December 31, 2022 | | 133,588 | | | $ | 21.04 | | | 8.09 | | $ | 37 | | | Options granted | | 33,762 | | | 6.71 | | | 10 | | $ | — | | | Awards exercised | | — | | | — | | | | | | | Options forfeited | | (3,968) | | | 26.20 | | | | | | Outstanding, December 31, 2023 | | 163,382 | | | $ | 17.95 | | | 7.73 | | $ | 119 | | Exercisable, December 31, 2023 | | 83,644 | | | $ | 23.16 | | | 6.78 | | $ | — | |
The table below sets forth stock option activity for the year ended December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number
of Options | | Weighted
Average Exercise
Price | | Weighted
Average
Contractual
Life (years) | | Aggregate
Intrinsic
Value | | | | | | | | | | (in thousands) | Outstanding, December 31, 2023 | | 163,382 | | | $ | 17.95 | | | 7.73 | | $ | 119 | | | Options granted | | — | | | — | | | — | | | $ | — | | | Awards exercised | | (5,796) | | | 11.60 | | | | | | | Options forfeited | | (4,616) | | | 5.36 | | | | | | Outstanding, December 31, 2024 | | 152,970 | | | $ | 18.57 | | | 6.64 | | $ | 799 | | Exercisable, December 31, 2024 | | 116,332 | | | $ | 21.10 | | | 6.25 | | $ | 397 | |
The table below sets forth stock option activity for the year ended December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number
of Options | | Weighted
Average Exercise
Price | | Weighted
Average
Contractual
Life (years) | | Aggregate
Intrinsic
Value | | | | | | | | | | (in thousands) | Outstanding, December 31, 2024 | | 152,970 | | | $ | 18.57 | | | 6.64 | | $ | 799 | | | Options granted | | — | | | — | | | — | | | $ | — | | | Awards exercised | | (75,715) | | | 18.81 | | | | | | | Options forfeited | | (1,600) | | | 32.33 | | | | | | | | | | | | | | | Outstanding, December 31, 2025 | | 75,655 | | | $ | 18.04 | | | 5.07 | | $ | 1,495 | | Exercisable, December 31, 2025 | | 66,710 | | | $ | 19.52 | | | 4.78 | | $ | 1,220 | |
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| Summary of Fair Value at the Date of Grant |
| | | | | | | Year Ended December 31, | | | 2023 | | Expected volatility | 53.50 | % | | Expected dividends | — | % | | Expected term, in years | 10 | | Risk-free interest rate | 3.49 | % | | Weighted-average fair value of options granted during the year | $ | 4.44 | |
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| Summary of Stock-Based Compensation |
For the years ended December 31, 2023, 2024, and 2025, the Company recognized stock-based compensation expense as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | Instructional costs and services | | $ | 895 | | | $ | 808 | | | $ | 770 | | | Selling and promotional | | 490 | | | 562 | | | 759 | | | General and administrative | | 6,355 | | | 6,298 | | | 6,823 | | | Total stock-based compensation expense | | $ | 7,740 | | | $ | 7,668 | | | $ | 8,352 | |
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