Note 7. Employee Benefit Plans

401(k) Plan:

The Company provides a deferred salary reduction plan (“Plan”) under Section 401(k) of the Internal Revenue Code covering substantially all employees. After 90 days of service, the Company matches 100% of employee contributions up to 3% of compensation and 50% of employee contributions on the next 2% of compensation. The Company’s contribution to the Plan for the three months ending March 31, 2026, and 2025, was $574 thousand and $561 thousand, respectively.    

Equity Incentive Plans:

The Human Resources and Compensation Committee of the Company’s Board of Directors may grant or award eligible participants stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards or any combination of awards (collectively referred to herein as "Rights"). At March 31, 2026, the Company had one active equity incentive plan available for future grants, the Omnibus Incentive Plan, which was has 1,601,746 Rights available for future grants or awards.

Stock Options:

At March 31, 2026, there are no outstanding stock options, all were exercised during 2025.

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The Company did not recognize any stock option-based compensation expense during the three months ended March 31, 2025, as all stock options issued as of March 31, 2025, were fully vested, and no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plan.

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Stock options of 4,203 were exercised during the three-month periods ended March 31, 2025.  The income tax benefit recognized for the exercise of options during the three months ended March 31, 2025, was $3 thousand.

The intrinsic value of options exercised during the three months ended March 31, 2025, was $77 thousand.

Restricted Stock Awards:

A summary of the activity of the Company’s unvested restricted stock awards for the period ended March 31, 2026, is presented below:

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The Company measures the fair value of restricted stock awards based on the price of the Company’s common stock on the grant date, and compensation expense is recorded over the vesting period. The compensation expense for restricted stock awards during the three months ended March 31, 2026, and 2025, was $714 thousand and $761 thousand, respectively. As of March 31, 2026, there was $6.0 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan. The cost is expected to be recognized over a weighted average period of 2.75 years. The grant-date fair value of restricted stock awards vested was $1.1 million for the three months ended March 31, 2026.