
	Six Months Ended June 30,
	2026		2025
	(in thousands)
Stock options	$	599	$	1,934
Restricted stock units and deferred stock units	3,757		3,548
Performance stock units	1,050		713
Employee Stock Purchase Plan	179		84
Total share-based compensation expense	$	5,585	$	6,279

At June 30, 2026, the unrecognized compensation cost related to unvested stock options and awards was $25.9 million. The weighted average period over which these awards will vest was approximately 2.8 years.

The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income/(Loss) for the six months ended June 30, 2026 and 2025:

On May 26, 2020, the Company adopted the 2020 Omnibus Incentive Plan (the “2020 Plan”). On May 30, 2023, the Company increased the authorized shares under the 2020 Omnibus Incentive Plan (as amended, the “Amended 2020 Plan”) by 2.5 million shares. On May 26, 2026, the Company adopted a further amendment to the 2020 Omnibus Incentive Plan (as amended, the “Amended Plan”), pursuant to which the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), authorized for issuance thereunder were increased by an additional 2.5 million shares. The Amended Plan provides that current or prospective officers, employees, non-employee directors and advisors can receive share-based awards such as stock options, PSUs, RSUs, and other stock awards. The Amended Plan seeks to encourage profitability and growth of the Company through short-term and long-term incentives consistent with the Company’s operating objectives.

As of June 30, 2026, 8.0 million shares of common stock were reserved for issuance under the Amended Plan, of which 3.8 million are available for future grant. The amount of shares available for issuance under the Amended Plan will increase when outstanding awards under the Company’s Second Amended and Restated 2012 Equity Incentive Plan (the “2012 Plan”) are subsequently forfeited, terminated, lapsed or satisfied thereunder in cash or property other than common stock. No stock award will have a term in excess of 10 years. The Nominating, Compensation and Stock Option Committee (the “NCSO”) of the Board of Directors is responsible for determining the terms of the grants in accordance with the Amended Plan.


	Stock Options Outstanding
	Number of Shares	Weighted Average Exercise Price
	(in thousands)
December 31, 2025	2,486	$	25.99
Granted	—	$	—
Exercised	(72)	$	15.97
Forfeited	—	$	—
Expired	(301)	$	34.24
June 30, 2026	2,113	$	25.38

There were no stock options granted during the six months ended June 30, 2026. The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2025 was $6.08 per common share. The total intrinsic value of stock options exercised during the six months ended June 30, 2026 was $0.4 million. No stock options were exercised during the six months ended June 30, 2025.

The fair value of stock option awards granted during the six months ended June 30, 2025 was estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions:


	June 30, 2026
	(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value	$	11,308
Weighted average remaining contractual life	4.6 years
Exercisable:
Number of options	1,571
Weighted average exercise price	$	29.85
Aggregate intrinsic value	$	4,728
Weighted average remaining contractual life	3.6 years

The fair values of outstanding RSUs and DSUs were determined based on the market price of the shares on the date of grant. During the six months ended June 30, 2026, the Company granted 0.5 million RSUs and DSUs with a weighted average grant-date fair value of $18.17 per unit. During the six months ended June 30, 2025, the Company granted 0.7 million RSUs and DSUs to its employees with a weighted average grant-date fair value of $11.89 per unit.


	Restricted Stock Units & Deferred Stock Units
	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2025	1,791	$	12.68
Granted	490	$	18.17
Vested	(498)	$	14.29
Forfeited	(24)	$	13.88
June 30, 2026	1,759	$	13.74

The Company grants DSUs to non-employee directors. Once the DSU is vested, the director is entitled to receive shares equal to the total number of DSUs issued to such director upon the first to occur of (i) the five year anniversary of the date of grant, (ii) the director’s death, disability or separation of service from the Board, or (iii) a change of control (as defined by the Amended 2020 Plan). Non-employee directors can also elect to receive their Board of Directors retainer in the form of DSUs in lieu of cash. DSUs issued as part of compensation issued in lieu of cash for retainers vest immediately while other DSUs issued otherwise vest on the first anniversary of the grant date. The number of DSUs granted to these directors is determined based on the stock price on the award date and approximates the cash value the directors would otherwise receive for their retainer. Three non-employee directors elected to receive DSUs in lieu of cash for their 2026 Board of Directors retainer.

On May 26, 2026, the NCSO granted 18,000 DSUs to the Company’s non-employee directors with a one year vesting period. The unrecognized share-based compensation cost of outstanding DSU awards at June 30, 2026 is $0.3 million and is expected to be recognized over a weighted-average period of 0.9 years.

The fair value of outstanding PSUs granted in 2026 are contingent upon the achievement of certain total shareholder return (“TSR”) targets as compared to the TSR of the Russell 2000 Index and the participant’s continued employment with the Company for the three year period ending December 31, 2028, the date at which such awards vest. The unrecognized share-based compensation cost of the TSR-based PSU awards at June 30, 2026 is $3.9 million and is expected to be recognized over a weighted-average period of 1.3 years.


	Performance Stock Units
	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2025	304	$	14.00
Granted	186	$	21.12
Vested	(108)	$	16.20
Forfeited	—	$	—
June 30, 2026	382	$	16.84

The Company’s Employee Stock Purchase Plan (“ESPP”) is currently available through 2031 to all eligible employees. All full-time and part-time employees who work an average of 20 hours per week and have completed two years of continuous service with the Company are eligible to participate. Annual offerings commence and terminate on the respective year’s first and last calendar day. The Company’s obligation to provide shares to employees from the ESPP are recorded as a liability within “other accrued expenses and current liabilities” until such point that the shares are granted to employees. On July 21, 2026, the Company adopted an amendment to the ESPP (the “Fifth Amendment”) which extends the ESPP through 2031 and provides for up to 75,000 shares per year to be issued under the ESPP.

Under the ESPP, the Company is authorized to issue up to 4.1 million shares of its common stock to its employees. Pursuant to such authorization, there are 1.6 million shares available for future grant at June 30, 2026. Under the terms of the ESPP, participants may contribute through payroll deductions up to $21,250 (85% of IRS limitation) of their compensation toward the purchase of the Company’s common stock. No employee may purchase common stock which exceeds $25,000 in fair market value (determined on the option date) for each calendar year. The per share option price is equal to the lower of 85% of the fair market price on the first day of the offering period, or 85% of the fair market price on the last day of the offering period.

The expense associated with the options granted under the ESPP during the six months ended June 30, 2026 and 2025 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

The Company offers a Supplemental Executive Retirement Plan (“SERP”) for executives and certain key employees. The SERP is not qualified under Section 401 of the Internal Revenue Code. The SERP allows participants to defer up to 25% of their earned income on a pre-tax basis and as of the last day of each plan year, each participant will be credited with a 25% match on the first 15% of earnings deferred in the form of the Company’s common stock based on the then-current market value. SERP participants fully vest in the Company’s matching contribution three years from the first day of the initial year of participation. The income deferred and the matching contributions are unsecured and subject to the claims of the Company’s general creditors.

Under the SERP, the Company is authorized to issue 1.0 million shares of its common stock to its employees. Pursuant to such authorization, the Company has 0.1 million shares available for future grant at June 30, 2026. At the time of issuance, such shares are accounted for at cost as treasury stock.