| Equity-Based Compensation |
10. Equity-Based Compensation Equity-based compensation expense under the Holdings 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) as well as the Holdings 2023 Omnibus Incentive Plan (the “2023 Incentive Plan” and, together with the 2013 Incentive Plan, the “Incentive Plans”), is as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Expense from time-based awards | | $ | 2,439 | | $ | 2,129 | | $ | 5,318 | | $ | 6,050 | Expense from performance-based awards (a) | | | 572 | | | 620 | | | 1,774 | | | 2,035 | Expense from bonus to be settled in shares (b) | | | 951 | | | 219 | | | 2,186 | | | 1,229 | Equity-based compensation expense | | $ | 3,962 | | $ | 2,968 | | $ | 9,278 | | $ | 9,314 |
| (a) | Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. |
| (b) | A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued. |
Time-based Restricted Stock The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards: | | | | | | | | Shares | | Weighted average
grant date fair
value per share | Balance, January 1, 2026 | | 2,003,863 | | $ | 8.96 | Granted | | 2,068,970 | | $ | 6.39 | Shares vested (including tax withholding) (a) | | (950,474) | | $ | 9.18 | Forfeited | | (153,030) | | $ | 8.11 | Balance, June 30, 2026 | | 2,969,329 | | $ | 7.15 |
| (a) | Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of an employee's tax withholding when shares vest are added back to the available pool of shares for future awards. |
As of June 30, 2026, there was $16.0 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.2 years. Performance-based Restricted Stock The following table summarizes equity-based compensation activity related to performance-based restricted stock units: | | | | | | | | Shares | | Weighted average
grant date fair
value per share | Balance, January 1, 2026 | | 1,195,204 | | $ | 6.13 | Granted (a) | | 911,862 | | $ | 6.61 | Shares vested (including tax withholding) (b) | | (19,693) | | $ | 8.57 | Forfeited | | (240,594) | | $ | 9.10 | Balance, June 30, 2026 | | 1,846,779 | | $ | 5.96 |
| (a) | Represents the total participant target award. |
| (b) | Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of an employee's tax withholding when shares vest are added back to the available pool of shares for future awards. |
As of June 30, 2026, there was $3.1 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.7 years.
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