v3.26.1
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Stock Option Activity

Stock option activity during 2025 and 2026 was as follows:

 

 

 

Number
of
Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Options outstanding at January 1, 2025

 

 

695,021

 

 

$

57.45

 

 

 

 

 

 

 

Options granted

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(185,610

)

 

 

55.00

 

 

 

 

 

 

 

Options outstanding at December 31, 2025

 

 

509,411

 

 

 

58.34

 

 

 

 

 

 

 

Options granted

 

 

1,125,000

 

 

 

11.68

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(42,605

)

 

 

63.21

 

 

 

 

 

 

 

Options outstanding at June 30, 2026

 

 

1,591,806

 

 

$

25.23

 

 

 

8.28

 

 

$

20,120

 

Options exercisable at June 30, 2026

 

 

672,467

 

 

$

39.34

 

 

 

6.71

 

 

$

4,501

 

Restricted Stock Awards Activity

Restricted stock awards activity during 2025 and 2026 was as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2025

 

 

1,145,418

 

 

$

71.31

 

Granted

 

 

1,556,470

 

 

 

26.86

 

Cancelled

 

 

(482,196

)

 

 

46.15

 

Vested

 

 

(457,275

)

 

 

68.13

 

Unvested at December 31, 2025

 

 

1,762,417

 

 

$

39.76

 

Granted

 

 

1,393,679

 

 

 

25.01

 

Cancelled

 

 

(416,530

)

 

 

31.23

 

Vested

 

 

(524,416

)

 

 

46.51

 

Unvested at June 30, 2026

 

 

2,215,150

 

 

$

30.49

 

Performance Stock Unit Activity

Performance stock unit activity during 2025 and 2026 was as follows:

 

 

 

Number of
Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2025

 

 

291,518

 

 

$

71.47

 

Granted

 

 

228,923

 

 

 

22.81

 

Performance adjustment

 

 

(57,710

)

 

 

70.33

 

Cancelled

 

 

(146,303

)

 

 

47.61

 

Vested

 

 

(66,676

)

 

 

73.96

 

Unvested at December 31, 2025

 

 

249,752

 

 

$

40.44

 

Granted

 

 

96,309

 

 

 

27.20

 

Performance adjustment

 

 

 

 

 

 

Cancelled

 

 

(186,026

)

 

 

28.11

 

Vested

 

 

(56,425

)

 

 

69.61

 

Unvested at June 30, 2026

 

 

103,610

 

 

$

34.39

 

CEO Award [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Grant-Date Fair Value of CEO Award and Assumptions The following table summarizes the grant-date fair value of the CEO Award and the assumptions used to develop the fair value estimates:

 

Weighted average grant-date fair value of options granted under the CEO Award

 

$

7.50

 

Strike price

 

$

11.68

 

Expected volatility

 

 

42.0

%

Dividend yield

 

 

0.0

%

Expected life (in years)

 

1.8 - 5.4

 

Risk free interest rate

 

4.4% - 4.7%