13 – STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

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Stock Options

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The following table summarizes the stock option activity for the three months ended March 31, 2026:

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The following table summarizes certain information about the options outstanding as of March 31, 2026:

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As of March 31, 2026 and December 31, 2025, a total of 69,284 and 71,462 stock options were outstanding, respectively.

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There was no remaining unamortized stock-based compensation as of March 31, 2026.

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For the three months ended March 31, 2026 and 2025, the Company did not record any amortization expense of the fair value of its stock options.

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Restricted Stock Units

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The Company has granted restricted stock units (“RSUs”) under the Company’s 2015 Equity Incentive Plan, as amended (the “2015 Plan”), to certain members of the Board of Directors and certain executives and employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. As of March 31, 2026 and December 31, 2025, 1,588,359 and 1,330,383 shares of the Company’s common stock were outstanding in respect of

the RSUs, respectively. Such shares will only be issued in respect to vested RSUs issued to directors when the director’s service with the Company as a director terminates. Such shares of common stock will only be issued to executives and employees when their RSUs vest under the terms of their grant agreements and the 2015 Plan.

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The RSUs that have been issued to certain members of the Board of Directors generally vest on the date of the annual shareholders meeting of the Company following the date of the grant. In lieu of cash dividends issued for vested and nonvested shares held by certain members of the Board of Directors, the Company will grant additional vested and nonvested RSUs, respectively, which are calculated by dividing the amount of the dividend by the 30-trading day trailing volume-weighted average price per share of the Company’s common stock on the dividend payment date and will have the same terms as other RSUs issued to members of the Board of Directors.  The RSUs that have been issued to other individuals vest in equal installments on each of the anniversaries of the determined vesting date, over the three or five year vesting periods, as applicable.

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The table below summarizes the Company’s unvested RSUs for the three months ended March 31, 2026:

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The total fair value of the RSUs that vested during the three months ended March 31, 2026 and 2025 was $6,231 and $2,855, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

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The following table summarizes certain information of the RSUs unvested and vested outstanding as of March 31, 2026:

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The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2026, unrecognized compensation cost of $6,578 related to RSUs will be recognized over a weighted-average period of 1.42 years.

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For the three months ended March 31, 2026 and 2025, the Company recognized nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses as follows:

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Performance-Based Restricted Stock Units

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The Company has granted performance-based restricted stock units (“PRSUs”) under the 2015 Plan to certain employees of the Company, some of which are contingent upon the Company’s relative total shareholder return (“TSR”) and some of which are contingent upon the Company’s return on invested capital (“ROIC”) for a three-year performance period. As of March 31, 2026 and December 31, 2025, 74,645 and 0 shares of the Company’s common stock were outstanding in respect of the PRSUs, respectively.

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The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 20 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards, which are subject to market conditions, is being amortized over the service period.

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The grant date fair value of the ROIC awards was estimated using the closing share price of the Company’s stock on the date of grant. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual ROIC performance during the performance period. As such, ROIC awards are subject to performance conditions and compensation cost is recognized over the service period based on the amount of awards that the Company believes is probable that will vest. To the extent the Company’s estimate changes, the Company will recognize a cumulative catch up in subsequent reporting periods.

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The table below summarizes the Company’s unvested PRSUs for the three months ended March 31, 2026:

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There were no PRSUs that vested during the three months ended March 31, 2026 and 2025.

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The PRSUs, if earned, will ordinarily be settled in shares of common stock issued during the first quarter after the three-year performance period and the recipient will receive a share of common stock for each earned PRSU. If 100% of the target metric is achieved, the recipient will earn 100% of the target amount of the PRSUs originally granted. However, based on actual performance, the number of PRSUs earned will change based on the ranges described above.

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As of March 31, 2026, unrecognized compensation cost of $4,976 related to PRSUs will be recognized over a weighted-average period of 1.81 years.

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The weighted-average assumptions used in the estimation of the fair value of these awards granted during the three months ended March 31, 2026 and 2025 are as follows:

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For the three months ended March 31, 2026 and 2025, the Company recognized nonvested stock amortization expense for the PRSUs, which is included in General and administrative expenses as follows:

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