The Company periodically grants PSUs to certain members of the Company’s senior management team. PSUs vest subject to the satisfaction of annual and cumulative performance and/or market conditions established by the Company’s Compensation Committee.


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	313,642	$	41.65
Granted	242,492	61.20
Vested	(156,944)	39.89
Performance adjustment	60,792	40.08
Outstanding as of June 30, 2026	459,982	$	52.27

The number of PSUs granted represents the target number of shares of common stock that may be earned. However, the actual number of shares earned may vary based on the satisfaction of performance criteria. The weighted-average grant date fair value of PSUs granted for the six months ended June 30, 2026, and 2025 was $61.20 and $40.28, respectively. The total fair value of PSUs vested (measured on the date of vesting) for the six months ended June 30, 2026 and 2025 was $7,337 and $4,925, respectively.

The Company granted RSUs to employees during the six months ended June 30, 2026. RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service.


	Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025	2,617,325	$	29.57
Granted	931,813	44.19
Vested	(904,928)	28.67
Forfeited	(191,151)	33.32
Outstanding as of June 30, 2026	2,453,059	$	35.17

The weighted-average grant date fair value per share of RSUs granted for the six months ended June 30, 2026 and 2025 was $44.19 and $30.19, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the six months ended June 30, 2026 and 2025 was $40,748 and $27,042, respectively.

The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination.

A summary of the Company’s stock option activity for the six months ended June 30, 2026 and related information is as follows:


	Shares	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	559,161	$	22.29	3.9	$	13,425
Exercised	(46,332)	18.88
Outstanding as of June 30, 2026	512,829	$	22.60	3.5	$	6,975
Exercisable as of June 30, 2026	431,364	$	20.93	2.6	$	6,585

The Company’s 2015 Employee Stock Purchase Plan allows employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on: (i) the first day of the purchase period; or (ii) the last day of the purchase period. During the six months ended June 30, 2026, 36,064 shares of common stock were purchased for total proceeds of $947. The expense for the three months ended June 30, 2026 and 2025 was $159 and $149, respectively. The expense for the six months ended June 30, 2026 and 2025 was $318 and $285, respectively.

The Company’s stock-based compensation expense for the three months ended June 30, 2026 and 2025 was $14,484 and $10,818, respectively, and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations. The Company’s stock-based compensation expense for the six months ended June 30, 2026 and 2025 was $25,364 and $22,342, respectively, and was recorded as a component of selling, general and administrative expense within the Condensed Consolidated Statements of Operations.

As of June 30, 2026, there was approximately $77,684 of unrecognized compensation expense related to unvested options, restricted stock units, and performance stock units, which is expected to be recognized as expense over a weighted average period of approximately 2.1 years.