Stockholders' Equity |
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| Stockholders' Equity | 9. Stockholders’ Equity Stock-based Compensation As of September 30, 2026, we maintained the Amended and Restated 2012 Incentive Award Plan (the “OSI Plan”) as a stock-based employee compensation plan. We recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
As of September 30, 2026, total unrecognized compensation cost related to stock-based compensation grants under the OSI Plan was estimated at $0.8 million for stock options and $18.1 million for restricted stock units (“RSUs”). We expect to recognize these costs over a weighted-average period of 1.7 years with respect to the stock options and 2.4 years for grants of RSUs. The following summarizes stock option activity during the three months ended September 30, 2026:
The following summarizes RSU award activity during the three months ended September 30, 2026:
As of September 30, 2026, there were approximately 1.4 million shares available for grant under the OSI Plan. Under the terms of the OSI Plan, RSUs and restricted stock granted from the pool of shares available for grant reduce the pool by 1.87 shares for each award granted. RSUs and restricted stock forfeited and returned to the pool of shares available for grant increase the pool by 1.87 shares for each award forfeited. We granted 48,185 and 34,962 performance-based awards during the three months ended September 30, 2025 and 2026, respectively. These performance-based RSU awards are contingent on the achievement of certain performance metrics. The payout related to these awards can range from zero to 280% of the original number of shares or units awarded. Compensation costs associated with these performance-based RSUs are recognized based on the estimated number of shares that we ultimately expect will vest. If the estimated number of shares to vest is revised in the future, then stock-based compensation expense will be adjusted accordingly. Stock Repurchase Program In August 2026, our Board of Directors approved an additional one million shares for repurchase under our stock repurchase program. This program does not expire unless our Board of Directors acts to terminate the program. The timing and actual numbers of shares to be purchased under this program depend on a variety of factors, including stock price, general business and market conditions and other investment opportunities. Repurchases may be made from time to time under the program through open-market purchases or privately-negotiated transactions at our discretion. Upon repurchase, the shares are restored to the status of authorized but unissued shares, and we record them in our consolidated financial statements as a reduction in the number of shares of common stock issued and outstanding. During the three months ended September 30, 2026, we repurchased 305,559 shares of common stock under our current program. As of September 30, 2026, there were 773,172 shares remaining available for repurchase under the authorized repurchase program. Dividends We have not paid any dividends since the consummation of our initial public offering in 1997 and we do not currently intend to pay any dividends in the foreseeable future. Our Board of Directors will determine the payment of future dividends, if any. Certain of our current bank credit facilities restrict the payment of dividends and future borrowings may contain similar restrictions. |
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