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| Shareholders' Equity | Shareholders' Equity Dividends For the three months ended June 30, 2026, and 2025, the Company declared quarterly dividends on our common stock totaling approximately $8.7 million and $8.4 million, respectively. For the six months ended June 30, 2026, and 2025, the Company declared quarterly dividends on its common stock totaling approximately $17.3 million and $16.5 million, respectively. Stock-Based Compensation In May 2026, at the Company's annual meeting of stockholders, the Company's stockholders approved the Second Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") which increased the total number of authorized shares available for issuance by 2,800,000. As of June 30, 2026, the A&R LTIP had 2,463,326 shares remaining that are available for future awards. In March 2025, the Company introduced performance-based restricted stock awards to further align the compensation of the Company's executive officers with the long-term growth of the Company and the interests of its shareholders. Performance stock awards may be earned based on the Company’s achievement of total shareholder return ("TSR") relative to its peer group during the applicable three-year calendar year performance period. Performance stock awards granted in 2026 also included a modifier based on the Company's absolute TSR. Payouts for the executive officers can range from 0% to 200% of the target and have cliff-vesting after three years, with dividends paid on the number of shares that vest. As a result, the Company has reduced the remaining shares available to be granted as awards under the A&R LTIP by 168,406 shares for the 2025 awards and 245,642 shares for the 2026 awards (the full 200%), which assumes the highest percentage payout for the performance stock awards. The number of unvested shares of performance restricted stock used to calculate our fully diluted shares based on the Company's relative TSR ranking and absolute TSR as of June 30, 2026, and relative TSR ranking as of December 31, 2025, was 406,470 and 149,039, respectively. The following table presents the assumptions related to performance shares granted:
2021 Long-Term Incentive Plan The following table presents the Company's restricted stock activity during the six months ended June 30, 2026, under the A&R LTIP:
For the three months ended June 30, 2026, and 2025, stock-based compensation expense was $3.9 million and $2.7 million, respectively. For the six months ended June 30, 2026, and 2025, stock-based compensation expense was $6.2 million and $4.1 million, respectively. Stock-based compensation expense is included in general and administrative costs in the Company's accompanying condensed consolidated statements of operations for the restricted stock awards granted under the A&R LTIP. The following table presents unrecognized stock-based compensation expense expected to be recognized and the related weighted average recognition period associated with unvested shares as of June 30, 2026:
Share Repurchases In December 2025, our Board of Directors approved a stock repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $100 million of our common stock from time to time over a period of 24 months, including through open market purchases, through block trades, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The Repurchase Program does not obligate us to purchase any common stock and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Under the Repurchase Program, 25,000 and 177,408 shares were purchased and subsequently retired during the three and six months ended June 30, 2026, respectively. The remaining repurchase authority under the Repurchase Program at June 30, 2026, was $95 million.
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