17. Equity Compensation Plans

2017 Equity Incentive Plan

The 2017 Equity Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and other stock-based awards. Directors, officers and other employees and subsidiaries and affiliates, as well as others performing consulting or advisory services for the Company and its subsidiaries, will be eligible for grants under the 2017 Equity Incentive Plan. The aggregate number of shares of Common Stock which may be issued or used for reference purposes under the 2017 Equity Incentive Plan or with respect to which awards may be granted may not exceed 7.9 million shares. As of December 31, 2024, 2.4 million shares remain available for issuance under the 2017 Equity Incentive Plan. During the years ended December 31, 2025, 2024 and 2023, stock-based compensation associated with equity awards issued under the 2017 Equity Incentive Plan totaled $1.7 million, $2.8 million and $4.9 million, respectively, while the related tax benefits recognized on these awards were $0.8 million, $0.9 million and $1.5 million, respectively.

Common Stock Awards

There were no stock awards granted in 2025 or 2024.

Employee Stock Options

There were no employee stock options granted in 2025 or 2024. 

The following table summarizes the Company’s total stock option activity for the years ended December 31, 2025 and 2024:

Outstanding and exercisable stock options as of December 31, 2025 are as follows:

The following table summarizes the Company’s unvested stock option activity for the years ended December 31, 2025 and 2024:

The estimated fair value of Company stock options is amortized over the options vesting period on a straight-line basis. For the years ended December 31, 2025 and 2024, stock-based compensation expense related to stock options was de minimis. As of December 31, 2025, all stock options have been expensed and there is no remaining amount of unrecognized stock compensation expense.

Employee Restricted Stock Units

In 2025 and 2024, the Company granted 1.2 million and 1.8 million, respectively, of restricted stock units under the 2017 Equity Incentive Plan to certain members of the Company’s management team. Of the restricted stock units granted in 2024, 1.2 million, included a market vesting condition. The restricted stock awards granted in 2025, and 2024 that did not have a market vesting condition had weighted average grant date fair values of $1.76 and $1.00 per share, respectively. The estimated fair value of these awards is recognized on a straight-line basis over the vesting period.

The restricted stock awards granted in 2024 that did have a market vesting condition had a weighted average grant date fair value of $1.13 per share. For these awards, the estimated fair value was measured on the grant date and incorporated the probability of vesting occurring. The estimated fair value is recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met. The Company determined the weighted average grant date fair value of these awards using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model with the following weighted average assumptions:

The following table summarizes the Company’s restricted stock unit activity for the years ended December 31, 2025 and 2024:

The Company recorded restricted stock unit expense of $1.7 million, $2.8 million and $3.7 million during the years ended December 31, 2025, 2024 and 2023, respectively.

For restricted stock units outstanding as of December 31, 2025, there was $1.3 million of total unrecognized stock compensation cost with a remaining recognition period of 1.5 years.

Aggregate Non-Cash Stock Compensation

The Company has accounted for all stock-based compensation under the provisions of ASC 718 Compensation—Stock Compensation. This standard requires the Company to record a non-cash expense associated with the fair value of stock-based compensation over the requisite service period. The table below summarizes the aggregate non-cash stock compensation recognized in the statement of operations for stock awards, employee stock options and employee restricted stock units (in thousands).