v3.26.1
Capital Stock and Equity Awards
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Capital Stock and Equity Awards Capital Stock and Equity Awards
Common Shares
Total common shares outstanding increased from 45,968,584 at December 31, 2025 to 46,236,856 at March 31, 2026, reflecting 268,272 common shares issued in the three months ended March 31, 2026 related to vesting of RSUs.
Dividends
The Company declared the following dividends on common shares during the first three months of 2026 and 2025:
Date of Declaration Dividend per Common SharePayable to Shareholders of Record onPayment DateTotal Amount
2026
February 20, 2026$0.01 March 13, 2026March 31, 2026$484,837 
2025
February 20, 2025$0.01 March 10, 2025March 31, 2025$477,412 
Included in the total dividends for the three months ended March 31, 2026 and 2025 are $22,000 and $18,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $90,000 at March 31, 2026 and $127,000 at December 31, 2025.
Equity Incentive Plans
The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors.
Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The 2014 LTIP was amended on October 23, 2025, increasing the number of shares available for issuance under the 2014 LTIP by 1,650,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 LTIP is 7,157,650, and at March 31, 2026, 1,328,128 shares are available for grant.
On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs).
Each PRSU represents a contingent right to receive one Company share of common stock based upon the level of achievement of certain performance metrics during specified three-year fiscal performance periods, with payout for achievement of threshold, target and maximum performance levels set at 50%, 100% and 200% of the target number of PRSUs, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the relevant performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest.
Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The 2014 Director Plan was amended on October 23, 2025, increasing the number of shares available for issuance under the 2014 LTIP by 225,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 Director Plan is 475,000, and at March 31, 2026, 176,273 shares are available for grant.
Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans).
RSUs
The following table summarizes RSU activity:
Three Months Ended March 31,
20262025
 SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
  
Unvested, beginning of period1,299,644 $6.61 885,173 $15.30 
Granted1,316,294 $6.94 1,321,733 $3.68 
Vested(367,456)$10.38 (358,399)$17.96 
Forfeited(621)$24.83 — $— 
PRSU performance adjustment(1,101)$24.83 — $— 
Unvested, end of period2,246,760 $6.17 1,848,507 $6.48 
Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors generally have a one year vesting period. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is generally based on the market price of the underlying shares at the date of grant. The RSUs granted in 2026 and 2025 include 372,873 and 620,108 PRSU awards, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest.
Compensation Expense
Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:
 Three Months Ended
March 31,
 20262025
 (in thousands)
Share based compensation expense$1,464 $2,660 
U.S. tax benefit on share based compensation expense307 516 
At March 31, 2026, the Company had $11.4 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.5 years.