Note 7. Employee Benefit Plans

401(k) Plan:

The Company provides a deferred salary reduction plan (“Plan”) under Section 401(k) of the Internal Revenue Code covering substantially all employees. After 90 days of service, the Company matches 100% of employee contributions up to 3% of compensation and 50% of employee contributions on the next 2% of compensation. The Company’s contribution to the Plan for the three and six month periods ending June 30, 2026, was $525 thousand and $1.1 million, respectively.  The Company’s contribution to the Plan for the three and six months ended June 30, 2025, was $467 thousand and $1.0 million, respectively.

Equity Incentive Plans:

The Human Resources and Compensation Committee of the Company’s Board of Directors may grant or award eligible participants stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards or any combination of awards (collectively referred to herein as "Rights"). At June 30, 2026, the Company had one active equity incentive plan available for future grants, the Omnibus Incentive Plan, which has 1,601,746 Rights available for future grants or awards.

Stock Options:

At June 30, 2026, there were no outstanding stock options, all were exercised during 2025.

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The Company did not recognize any stock option-based compensation expense during the three or six months ended June 30, 2025, as all stock options issued as of June 30, 2025, were fully vested, and no future compensation cost was recognized related to nonvested stock-based compensation arrangements granted under the Plan.

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No stock options were exercised during the three months ended June 30, 2025.  Stock options of 4,203 shares were exercised during the six month period ended June 30, 2025.  The income tax benefit recognized for the exercise of options during the six months ended June 30, 2025, was $3 thousand.

The intrinsic value of options exercised during the six months ended June 30, 2025, was $77 thousand.

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Restricted Stock Awards:

A summary of the activity of the Company’s unvested restricted stock awards for the six-month period ended June 30, 2026, is presented below:

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The Company measures the fair value of restricted stock awards based on the price of the Company’s common stock on the grant date, and compensation expense is recorded over the vesting period.  The compensation expense for restricted stock awards during the three and six months ended June 30, 2026, was $557 thousand and $1.3 million, respectively, and was $473 thousand and $1.2 million, during the three and six months ended June 30, 2025, respectively.  As of June 30, 2026, there was $5.4 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan.  The cost is expected to be recognized over a weighted average period of 2.50 years.  The grant-date fair value of restricted stock awards vested was $1.1 million for the six months ended June 30, 2026.