v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Fair Value of Stock Options Estimated on Grant Date Using Assumptions

The fair value of stock options is estimated on the grant date using the Black-Scholes option pricing model using the following assumptions:

 

 

Year Ended December 31, 2025

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

61.4% to 67.0%

 

 

 

 

Dividend yield

 

1.2% to 1.6%

 

 

 

 

Risk-free interest rate

 

3.7% to 4.2%

 

 

 

 

Expected term (in years)

 

5.5 to 7.5

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

2.41

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

61.4% to 67.0%

 

 

 

 

Dividend yield

 

 

—

 

 

 

 

Risk-free interest rate

 

3.6% to 4.5%

 

 

 

 

Expected term (in years)

 

5.5 to 7.5

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

3.68

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

Range

 

 

Weighted-Average

 

Expected volatility

 

34.7% to 38.6%

 

 

 

 

Dividend yield

 

 

—

 

 

 

 

Risk-free interest rate

 

3.5% to 4.5%

 

 

 

 

Expected term (in years)

 

5.5 to 7.5

 

 

 

 

Weighted-average fair value at grant date

 

 

 

 

$

1.49

 
Schedule of Stock Option Activity

Stock option activity for the year ended December 31, 2025 was as follows:

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

Number of
Options

 

 

Exercise
Price
per Option

 

 

Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

(thousands)

 

 

 

 

 

(years)

 

 

(millions)

 

Outstanding at December 31, 2024

 

 

17,624

 

 

$

5.94

 

 

 

6.1

 

 

$

6.9

 

Granted

 

 

1,198

 

 

 

4.25

 

 

 

 

 

 

 

Exercised

 

 

(108

)

 

 

3.66

 

 

 

 

 

 

 

Forfeited/Expired

 

 

(2,378

)

 

 

6.89

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

16,336

 

 

$

5.69

 

 

 

6.2

 

 

$

4.7

 

Exercisable at December 31, 2025

 

 

9,367

 

 

$

6.54

 

 

 

5.5

 

 

$

1.8

 

 
Schedule of Information Regarding Fully Vested and Expected to Vest Stock Options

Information regarding fully vested and expected to vest stock options as of December 31, 2025 was as follows:

Exercise Price

 

Number of
Options

 

 

Weighted
Average
Remaining
Contractual
Life

 

 

 

(share data in thousands)

 

 

(years)

 

$2.87 - $4.33

 

 

7,490

 

 

 

7.40

 

$4.49 - $6.74

 

 

5,666

 

 

 

5.53

 

$8.00 - $12.00

 

 

2,406

 

 

 

5.14

 

$12.47 - $18.71

 

 

509

 

 

 

2.91

 

$22.08 - $33.12

 

 

265

 

 

 

2.06

 

 

 

 

16,336

 

 

 

 
Schedule of Restricted Stock Units Activity

RSU activity for the year ended December 31, 2025 was as follows:

(share data in thousands, except per share data)

 

Number of
RSUs
(share data in
thousands)

 

 

Weighted Average
Grant Date
Fair Value
per Share

 

Unvested balance, December 31, 2024

 

 

268

 

 

$

5.71

 

Granted

 

 

3,017

 

 

 

4.13

 

Forfeited

 

 

(145

)

 

 

4.13

 

Vested

 

 

(216

)

 

 

5.63

 

Unvested balance, December 31, 2025

 

 

2,924

 

 

$

4.17

 
Schedule of Weighted Average Assumptions Used in Determining Fair Value Performance-based Market Condition Share Awards Outstanding

The weighted average assumptions used in determining the fair value for the performance-based market condition share awards granted in 2020 and 2019 and re-measured at December 31, 2025 were as follows:

 

 

Grant Date

 

 

December 31,
2025

 

Expected volatility

 

 

41.7

%

 

 

69.8

%

Dividend yield

 

 

1.1

%

 

 

1.2

%

Risk-free interest rate

 

 

1.3

%

 

 

3.6

%