v3.26.1
Long-term Incentive Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Compensation Related Costs [Abstract]  
Summary of long-term incentive compensation expense the Company recognized long-term incentive compensation expense for all of its awards as shown below (in thousands):

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Stock-based compensation expense

 

$

3,344

 

 

$

3,207

 

 

$

6,628

 

 

$

5,342

 

Summary of stock option activity

The following table summarizes stock option activity for the six months ended June 30, 2026 and provides information for outstanding and exercisable options as of June 30, 2026:

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

(per share)

 

 

(years)

 

 

(in thousands)

 

Outstanding at January 1, 2026

 

 

286,475

 

 

$

24.00

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(31,847

)

 

 

24.00

 

 

 

 

 

 

 

Forfeited or expired

 

 

(4,001

)

 

 

24.00

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

250,627

 

 

 

24.00

 

 

 

5.8

 

 

$

3,506

 

Exercisable at June 30, 2026

 

 

197,243

 

 

 

24.00

 

 

 

5.8

 

 

 

2,759

 

 

Summary of restricted stock activity

The following table summarizes restricted stock unit activity for the six months ended June 30, 2026 and provides information for unvested shares as of June 30, 2026:

 

 

Number of Shares

 

 

Weighted Average Fair Value

 

 

 

 

 

 

(per share)

 

Unvested at January 1, 2026

 

 

649,191

 

 

$

22.31

 

Granted

 

 

253,030

 

 

 

37.95

 

Vested

 

 

(308,123

)

 

 

21.25

 

Forfeited

 

 

(23,699

)

 

 

23.70

 

Unvested at June 30, 2026

 

 

570,399

 

 

 

29.76

 

Summary of assumptions fair value of options granted The Company used estimates of forfeitures to estimate the expected term of the grants. The reversal of any expense due to forfeitures is accounted for as they occur.

The table below describes the assumptions used to value the awards granted in 2026, 2025 and 2024:

 

 

 

 

 

 

 

 

2024

 

 

 

2026

 

 

2025

 

 

March Grant

 

 

November Grant

 

Risk-free interest rate

 

 

3.5

%

 

 

4.0

%

 

 

4.4

%

 

 

4.2

%

Expected volatility

 

 

39.9

%

 

 

46.6

%

 

 

50.6

%

 

 

41.9

%

Expected term

 

2.83 years

 

 

2.82 years

 

 

2.82 years

 

 

2.16 years

 

Summary performance unit activity

The following table summarizes performance unit activity for the six months ended June 30, 2026 and provides information for unvested performance units (reflected at target performance) as of June 30, 2026:

 

 

Number of Units

 

 

Weighted Average Fair Value

 

 

 

 

 

 

(per unit)

 

Unvested at January 1, 2026

 

 

481,163

 

 

$

26.33

 

Granted

 

 

135,898

 

 

 

45.60

 

Vested

 

 

(116,009

)

 

 

29.49

 

Forfeited

 

 

(6,992

)

 

 

26.47

 

Unvested at June 30, 2026

 

 

494,060

 

 

 

25.68