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STOCK-BASED COMPENSATION PLANS
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity and Share-Based Payments
The Company operates the 2014 Omnibus Incentive Plan (the 2014 Plan), the 2018 Omnibus Incentive Plan (the 2018 Plan) and the 2023 Omnibus Incentive Plan (the 2023 Plan), all of which were approved by its shareholders. The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of the Company and linking their personal interests with those of the Company’s shareholders. Under these plans, the Company currently has outstanding awards of restricted stock shares and restricted stock units.

The Company reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the settlement of awards. As of June 30, 2026, 580,576 restricted stock units have been granted under the 2014 Plan of which 44,084 were unvested. No further awards will be granted under the 2014 Plan.

The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the settlement of awards. As of June 30, 2026, 892,720 restricted stock units have been granted under the 2018 Plan of which 121,239 were unvested.

The Company reserved 625,000 shares of common stock for issuance under the 2023 Plan in connection with the settlement of awards. As of June 30, 2026, 13,743 restricted stock shares and 317,948 restricted stock units have been granted under the 2023 Plan of which 6,023 shares and 266,305 units were unvested, respectively.

The expense associated with all restricted stock grants (including restricted stock awards and restricted stock units) was $3.0 million and $5.7 million for the three and six months ended June 30, 2026, and $2.7 million and $4.9 million for the three and six months ended June 30, 2025, respectively. Unrecognized compensation expense for these awards as of June 30, 2026, was $20.3 million and is expected to be recognized over a weighted average period of 13 months.