v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Stock-Based Compensation Expense and Equity-Based Compensation Expense The Company recognized stock-based compensation expense as follows:

 

Three Months Ended March 31,

 

(in thousands)

2026

 

 

2025

 

Restricted stock-based unit awards

$

1,135

 

 

$

3,646

 

Other share-based awards

 

865

 

 

 

2,839

 

Total stock-based compensation before tax

 

2,000

 

 

 

6,485

 

Tax benefit

 

(296

)

 

 

(1,009

)

Total stock-based compensation expense included in net loss

$

1,704

 

 

$

5,476

 

 

 

 

 

 

 
Summary of Performance Stock Units The following table presents the number of PSUs that would potentially be issued upon achievement of performance criteria at threshold, target and maximum. The maximum potential expense below assumes the maximum and threshold achievement level for periods not yet approved by the HCC. Recognition of expense associated with performance-based stock is not permitted until achievement of the performance targets are probable of occurring.

Year Granted

 

Number of
Shares
Threshold

 

 

Number of
Shares
Target

 

 

Number of
Shares
Maximum

 

 

Weighted Average Grant Date Fair Value Per Share

 

 

Maximum Remaining Unrecognized Compensation Expense

 

 

Weighted-average remaining requisite service periods

 

2025

 

 

45,549

 

 

 

136,648

 

 

 

182,197

 

 

$

32.64

 

 

$

1,699,010

 

 

 

2.0 years

 

2024

 

 

18,392

 

 

 

30,946

 

 

 

33,865

 

 

$

108.29

 

 

$

893,544

 

 

 

1.1 years

 

2023

 

 

28,707

 

 

 

28,707

 

 

 

28,707

 

 

$

56.95

 

 

$

148,117

 

 

 

0.4 years

 
Employee Stock Option  
Summary of Stock Option Plan Activity

During the three months ended March 31, 2026, the following activities involving nonqualified stock options occurred under the Plan:

 

 

Stock Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value
(in thousands)

 

Outstanding at January 1, 2026

 

 

1,027,639

 

 

$

111.56

 

 

 

 

 

 

 

Granted

 

 

200,000

 

 

$

50.00

 

 

 

 

 

 

 

Forfeited

 

 

(109,624

)

 

$

153.56

 

 

 

 

 

 

 

Cancelled/Expired

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

1,118,015

 

 

$

96.43

 

 

 

5.9 years

 

 

$

—

 

Exercisable at March 31, 2026

 

 

401,258

 

 

$

92.61

 

 

 

5.5 years

 

 

$

—

 
Schedule of Assumption Used to Determine Fair Value

The fair value of the employee stock options was estimated using the following weighted average assumptions using a Black-Scholes option valuation model:

 

 

Period Ended March 31, 2026

 

Exercise Price

 

$

50.00

 

Dividend yield

 

 

0.0

%

Expected volatility

 

 

84.8

%

Risk-free interest rate

 

 

4.0

%

Expected term

 

 

6.5 years

 

 

 

 

 
PSU [Member]  
Summary of Stock Option Plan Activity

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

 

 

Performance Share Units

 

 

Weighted Average Grant
Date Fair Value

 

Outstanding at January 1, 2026

 

 

314,483

 

 

$

49.20

 

Granted

 

 

—

 

 

$

—

 

Distributed

 

 

(43,155

)

 

$

49.36

 

Forfeited

 

 

(22,102

)

 

$

51.09

 

PSU performance adjustment (1)

 

 

(52,925

)

 

$

52.34

 

Outstanding at March 31, 2026 (2)

 

 

196,301

 

 

$

48.12

 

 

 

 

 

(1) Adjusted for final 2023 performance achievement as approved by the HCC at 117.5%.

(2) PSU award activity for each year used in the three year average achievement is presented at target until three year average achievement is approved by the HCC, at which point the awards are adjusted as outstanding awards, subject to additional performance requirements, TSR and service-based vesting conditions.
Restricted Stock Units (RSUs) [Member]  
Summary of Stock Option Plan Activity

During the three months ended March 31, 2026, the following activities involving RSUs occurred under the Plan:

 

 

Number of RSUs

 

 

Weighted Average Grant
Date Fair Value

 

Outstanding at January 1, 2026

 

 

925,673

 

 

$

42.64

 

Granted

 

 

—

 

 

$

—

 

Distributed

 

 

(72,959

)

 

$

50.12

 

Forfeited

 

 

(53,834

)

 

$

41.58

 

Outstanding at March 31, 2026

 

 

798,880

 

 

$

42.02