v3.26.1
Share-based compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based payment arrangement expense
Share-based compensation consisted of the following for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
2026202520262025
Equity-classified awards:
Stock options$1,481 $2,156 $3,140 $4,006 
Performance stock units4,531 472 8,320 982 
Restricted stock units4,458 3,305 8,674 5,569 
Share-based compensation expense: equity-classified awards10,470 5,933 20,134 10,557 
Liability-classified awards:
Virtual share option awards(1)
(199)2,544 (199)2,544 
Share-based compensation expense: liability-settled awards(199)2,544 (199)2,544 
Total share-based compensation expense$10,271 $8,477 $19,935 $13,101 
(1) Includes the cumulative share-based compensation expense recognized for VSOs granted during the second quarter of 2025, for which the requisite service periods retroactively commenced in January 2023. During the three and six months ended June 30, 2026, the Company recorded a benefit of $0.2 million related to a true-up of the liability associated with certain VSOs, which reduced share-based compensation expense during the period.
Schedule of stock option activity
The total intrinsic value of stock options exercised and the total fair value of stock options vested during the six months ended June 30, 2026 and 2025 were as follows:
Six months ended June 30,
20262025
Total intrinsic value of options exercised$8,945 $125 
Total fair value of options vested4,240 3,691 
The Company's stock option activity during the six months ended June 30, 2026 were as follows:
Number of
options		Weighted
average
exercise price		Weighted average remaining contractual life
(years) 		Aggregate intrinsic value
Outstanding at January 1, 202610,618,602 $8.658 
Forfeited(496,948)4.744 
Cancelled under the Option Exchange Program(3,305,683)15.912 
Expired(205,230)26.850 
Exercised(1,298,324)0.988 
Granted199,660 9.365 
Outstanding at June 30, 20265,512,077 $5.814 7.27$32,061 
Options exercisable at June 30, 20262,619,008 $7.275 5.64$13,521 
Schedule of fair value assumptions
Significant assumptions used to estimate the fair value of the Company's stock options granted during the six months ended June 30, 2026 and 2025 were as follows:
Six months ended June 30,
20262025
Expected volatility
  82% — 83%
 72% — 74%
Expected life in years
5.99 — 6.05
       6.16 — 6.24
Expected dividends(1)
— %— %
Risk-free interest rate (based on government bonds)
3.89% — 4.33%
4.14% — 4.21%
(1) The Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.
Schedule of restricted stock units activity
The Company's PSU activity during the six months ended June 30, 2026 were as follows:
Number of PSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 20263,263,478 $3.180 
Forfeited(622,681)2.811 
Vested(1)
(928,215)3.623 
Granted2,025,655 6.788 
Unvested at June 30, 20263,738,237 $5.096 
Inception-to-date PSUs vested at June 30, 20261,180,376 $4.872 
(1) Includes 320,791 SVS, at a weighted-average fair value of $6.855, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of PSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.
The Company's RSU activity during the six months ended June 30, 2026 were as follows:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 20268,848,666 $4.830 
Forfeited(492,321)5.420 
Vested(1)
(2,558,771)4.200 
Granted under the Option Exchange Program3,305,683 6.020 
Granted1,412,118 7.131 
Unvested at June 30, 2026
10,515,375 $5.648 
Inception-to-date RSUs vested at June 30, 20266,451,977 $12.380 
(1) Includes 598,324 SVS, at a weighted-average fair value of $7.080, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of RSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.