10. SHARE-BASED COMPENSATION

​

Our eligible employees commenced participation in the 2015 LTIP. The 2015 LTIP authorized the Board to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance awards, and dividend equivalents. All grants were made by issuing new shares and no more than 4.0 million shares of common stock may be issued under the 2015 LTIP.

​

On February 18, 2025, the Board of Directors adopted the 2025 LTIP, which replaces and supersedes the 2015 LTIP for all common stock awards made following its effective date of April 28, 2025.  Shares of our common stock remaining available for awards under the previous 2015 LTIP continue to be authorized for future awards under the 2025 LTIP. As of March 31, 2026, we had 1.6 million shares remaining available for issuance under the 2025 LTIP.

​

Share-based compensation expense is included in selling, general, and administrative expense. The income tax effect associated with share-based compensation awards is included in income tax expense.  

​

The following table presents share-based compensation amounts recognized in our condensed consolidated statements of operations, in thousands:

​

​

The following table presents a summary of our share-based compensation activity for the three months ended March 31, 2026, in thousands, except per share amounts:

​

​

Unrecognized compensation expense on unvested RSAs was $38.5 million as of March 31, 2026, with the weighted average remaining compensation expense period of approximately 1.2 years.

​

Our RSAs with performance-based conditions are evaluated on a quarterly basis with adjustments to compensation expense based on the likelihood of the performance target being achieved or exceeded. The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands:

​

​

During the first quarter of 2026, RSAs with performance-based conditions that were granted on February 21, 2023, vested based on cumulative three-year achievement of 200%. Total compensation expense recognized over the three-year performance period, net of forfeitures, was $7.4 million.

​

The fair value of our RSAs with a market-based condition granted under the 2025 and 2015 LTIP was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for awards granted in 2026, 2025 and 2024:

​

​