Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity, Attributable to Parent [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY Common Stock Issuance Pursuant to a sales agreement with its agents, the Company sold through ATM offerings an aggregate of 278,114 shares of its Class A Common Stock at the market price in both the three and six months ended June 30, 2026 for a total of $55.0 million. After expenses and commissions paid to the agents, the Company’s proceeds totaled $54.2 million in both the three and six months ended June 30, 2026. Additionally, the Company recorded direct costs of $0.1 million in both the three and six months ended June 30, 2026, related to the issuance. Pursuant to a sales agreement with its agents, the Company sold through ATM offerings an aggregate of 1,157,727 and 1,415,924 shares of its Class A Common Stock at the market price in the three and six months ended June 30, 2025, respectively, for a total of $117.1 million and $143.2 million, respectively. After expenses and commissions paid to the agents, the Company’s proceeds totaled $114.7 million and $140.1 million in the three and six months ended June 30, 2025, respectively. Additionally, the Company recorded direct costs of $0.5 million and $0.6 million in the three and six months ended June 30, 2025, respectively, related to the issuance. As of June 30, 2025, the ATM offering was completed. The shares of Class A Common Stock were issued pursuant to the Company’s automatic shelf registration statement on Form S-3 (File No. 333-291305), which was filed with the SEC on November 6, 2025 and became effective on November 6, 2025, and a prospectus supplement with the SEC on November 6, 2025 and the Company’s 2023 shelf registration statement on Form S-3 (File No. 333-272984), which was filed with the SEC on June 28, 2023 and became effective on July 10, 2023. This filing was supplemented by prospectus supplements dated February 9, 2024 and May 9, 2025, respectively. Unless otherwise specified in any prospectus supplement, the Company has used and/or intends to use the net proceeds from the sale of its securities offered under these prospectuses for working capital and general corporate purposes including, but not limited to, capital expenditures, working capital, investment in technology development and deployment, repayment of indebtedness, potential acquisitions and other business opportunities. Pending any specific application, the Company may initially invest funds in short-term marketable securities or apply them to the reduction of indebtedness. For further discussion, refer to Part II, Item 1A Risk Factors, of this Quarterly Report on Form 10-Q. Awards under Equity Incentive Plan Under the Company’s 2014 Equity Incentive Plan, as amended, participating employees are eligible to receive grants of equity awards such as restricted stock, restricted stock units (“RSUs”), notional stock units and SARs, and other stock-based awards. In March 2022, 2023, and 2024 and in February 2025 and June 2026, RSUs were granted to participating employees with a vesting period ending in March 2025, 2026, 2027, 2028, and 2029, respectively. The RSU awards are a combination of performance based units and time based units. The RSUs are and payable in shares of the Company’s Class A Common Stock. The RSUs are subject to the Company achieving defined performance goals over the respective vesting period. The grant-date fair value is included in Excess of Capital Over Par Value as the value is amortized over the vesting period. The Class A Common Stock issued for the 2022-2024 performance period were issued in March 2025. The Class A Common Stock issued for the 2023-2025 performance period were issued in March 2026. Under the terms of the incentive plan, the Company withheld $0.3 million of shares for the shares issued in both March 2025 and March 2026 to fund the tax withholding obligations of the share recipients. The Company has also issued stock and time-based RSUs periodically in connection with onboarding new executive officers. Board Restricted Stock Units In the three months ended June 30, 2026 and June 30, 2025, the Compensation, Nominating and Governance Committee of the Board approved the withholding of shares related to 2025 and 2024 RSU grants to members of the Board to fund the grantees’ income tax liabilities beyond the Company’s legal requirement. As a result of this history of withholding shares to fund the Board members’ income tax liabilities, these awards no longer meet the requirements to be classified as equity. The grants noted above, as well as the outstanding vested but unsettled awards granted from 2014 to 2021, were reclassified from equity to liability, which resulted in an increase in Selling, General, and Administrative expenses of $17.2 million and $3.6 million in the three months ended June 30, 2026 and June 30, 2025, respectively. The Company also made cash payments of $0.2 million and $2.2 million related to the grantees’ income tax liabilities in the three months ended June 30, 2026 and June 30, 2025, respectively. Rights Agreement On June 18, 2026, the Company entered into a Seventh Amendment to the Section 382 Rights Agreement (the “Rights Agreement”), which amended the Rights Agreement, dated as of April 6, 2016, by and among the Company, and Computershare Trust Company, N.A. and Computershare Inc., as rights agent, as previously amended. The Seventh Amendment was approved by the Board on March 10, 2026, and approved by the Company’s stockholders at the Company’s annual meeting of the stockholders held on June 18, 2026. The Seventh Amendment (a) extended the Final Expiration Date (as defined in the Rights Agreement) from June 30, 2026 to June 30, 2029 and (b) increased the purchase price for each one one-thousandth (1/1000th) of a share of the Company’s Series A Participating Cumulative Preferred Stock, par value $1.00 per share, from $160.38 to $1,143.95 in light of the increase in the trading price of the Company’s Class A common stock since the purchase price was last amended. The Seventh Amendment was not adopted as a result of, or in response to, any effort to acquire control of the Company. The Seventh Amendment has been adopted in order to preserve for the Company’s stockholders the long-term value of the Company’s net operating loss carry-forwards for United States federal income tax purposes and other tax benefits.
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