v3.26.1
Equity-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation
NOTE 12 — Equity-Based Compensation
Restricted Stock Units
RSU activity was as follows:
(in thousands, except per share amounts)Restricted Stock UnitsWeighted-average grant date fair value per share
Balance, December 31, 2025842 $46.55 
New grants651 53.58 
Vested(369)38.70 
Forfeitures(72)52.41 
Balance, June 30, 20261,052 $52.32 
PSU activity was as follows:
(in thousands, except per share amounts)Performance - Based Stock UnitsWeighted-average grant date fair value per share
Balance, December 31, 202555 $132.96 
New grants134 78.80 
Forfeitures(14)105.08 
Balance, June 30, 2026175 $93.77 
Total release date fair value of vested equity awards for six months ended June 30, 2026 and 2025 are presented below:
Six Months Ended June 30,
(in thousands, except per share amounts)20262025
Awards/unitsW/A vest date fair valueAwards/unitsW/A vest date fair value
RSUs17,812 $48.29 34,823 $78.86 
Equity-Based Compensation
Equity-based compensation expense is recognized on a straight-line basis and is included in our condensed consolidated statements of operations as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Cost of sales$900 $575 $1,559 $975 
Selling, general, and administrative expenses5,979 4,096 10,598 7,890 
Total stock-based compensation expense
$6,879 $4,671 $12,157 $8,865 
As of June 30, 2026, total unrecognized stock-based compensation related to unvested RSUs and PSUs was $58.6 million, which will be recognized as follows:
(in thousands)
Remainder of 2026$14,662 
202724,308 
202816,673 
20292,997 
Total unrecognized stock-based compensation$58,640