v3.26.1
Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Black-Scholes Pricing Model to Estimate Grant-date Fair Value of Stock Options Awarded

The following table indicates the assumptions used in the Black-Scholes pricing model to estimate the grant-date fair value of the stock options awarded during the six months ended June 30, 2026 and during the year ended December 31, 2025:

 

 

2026

 

 

2025

 

Risk free interest rate

 

 

3.99

%

 

 

4.07

%

Expected volatility

 

 

42.50

%

 

 

40.00

%

Expected term (in years)

 

6.0 years

 

 

6.0 years

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Summary of Activity for Stock Option Awards

The following is a summary of the activity for stock option awards:

 

 

Stock Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (years)

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at December 31, 2025

 

 

1,143,122

 

 

$

19.50

 

 

7.39

 

$

10,497

 

Granted

 

 

1,334,257

 

 

$

27.29

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(10,488

)

 

$

26.20

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

2,466,891

 

 

$

23.68

 

 

8.48

 

$

15,360

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options Exercisable at June 30, 2026

 

 

275,624

 

 

$

22.75

 

 

7.67

 

$

1,972

 

 

 

 

Stock Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (years)

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at December 31, 2024

 

 

463,194

 

 

$

10.51

 

 

5.75

 

$

6,600

 

Granted

 

 

737,354

 

 

$

25.62

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(9,692

)

 

$

25.62

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

1,190,856

 

 

$

19.74

 

 

8.03

 

$

14,179

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options Exercisable at June 30, 2025

 

 

50,347

 

 

$

9.93

 

 

4.23

 

$

1,094

 

Summary of Restricted Stock Awards (RSA) Activity and Restricted Stock Unit (RSU) Activity

The following is a summary of the activity for RSUs:

 

 

Shares

 

 

Weighted Average Grant Date Fair Value per Share

 

Nonvested at December 31, 2025

 

 

670,143

 

 

$

27.10

 

Granted

 

 

791,439

 

 

$

27.32

 

Vested

 

 

(183,519

)

 

$

26.63

 

Forfeited

 

 

(26,467

)

 

$

26.29

 

Nonvested at June 30, 2026

 

 

1,251,596

 

 

$

27.32

 

 

 

 

Shares

 

 

Weighted Average Grant Date Fair Value per Share

 

Nonvested at December 31, 2024

 

 

238,540

 

 

$

29.81

 

Granted

 

 

533,918

 

 

$

25.97

 

Vested

 

 

(8,634

)

 

$

32.02

 

Forfeited

 

 

(8,713

)

 

$

25.62

 

Nonvested at June 30, 2025

 

 

755,111

 

 

$

27.12

 

 

The following is a summary of the activity for RSAs:

 

 

Shares

 

 

Weighted Average Grant Date Fair Value per Share

 

Nonvested at December 31, 2025

 

 

5,840,568

 

 

$

4.96

 

Granted

 

 

 

 

 

 

Vested

 

 

(5,903

)

 

$

3.98

 

Forfeited

 

 

(11,111

)

 

$

5.72

 

Nonvested at June 30, 2026

 

 

5,823,554

 

 

$

4.96

 

As of June 30, 2026,