v3.26.3
Equity-Based Compensation
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Stock Options
The following table summarizes information about stock options activities for the nine months ended September 30, 2026 and 2025:
Stock OptionsWeighted Average Exercise Price
Outstanding as of January 1, 2026
868,439 $28.20 
Forfeited(21,894)30.80 
Outstanding as of September 30, 2026
846,545 $28.11 
Vested and exercisable as of September 30, 2026
268,415 $28.10 
Outstanding as of January 1, 2025
542,441 $44.10 
Granted463,702 20.51 
Forfeited(233,894)33.54 
Outstanding as of September 30, 2025
772,249 $33.07 
Vested and exercisable as of September 30, 2025
162,489 $44.01 
The total unrecognized equity compensation expense related to stock options to be recognized was $2,887 and $6,672, respectively, over a weighted average period of approximately one year and two years, as of September 30, 2026 and 2025, respectively.
Restricted Stock Units
The following table summarizes information about the restricted stock units ("RSUs") under the 2022 Omnibus Incentive Plan (the "Omnibus Plan") for the nine months ended September 30, 2026 and 2025:
RSUsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 2026
462,976 $22.30 
Granted508,397 8.91 
Forfeited(55,100)14.65 
Vested(221,033)23.33 
Outstanding as of September 30, 2026
695,240 $12.77 
Outstanding as of January 1, 2025
223,295 $45.10 
Granted424,263 19.39 
Forfeited(114,817)29.25 
Vested(120,323)42.93 
Outstanding as of September 30, 2025
412,418 $23.71 
The total unrecognized equity compensation expense related to RSUs to be recognized was $6,367 and $7,632, respectively, over a weighted average period of approximately two years, as of September 30, 2026 and 2025.
Performance-Based Restricted Stock Units
In addition to the performance-based restricted stock units ("PSUs") granted to a key employee in 2022, beginning in the first quarter of 2026, we granted PSUs to employees under the Omnibus Plan. These grants vest three years from the grant date, to the extent that the performance metric is achieved during the predetermined performance period. The performance metric utilized for these grants is based on our total shareholder return, as defined in the respective grant agreement, relative to the total shareholder return of the members of the peer group defined in the respective grant agreement. The actual number of shares that may be earned ranges from 0% to 200% of the target award, depending on the level of achievement of the relative total shareholder return.
The grant date estimated fair values of PSUs issued in 2026 were based upon a Monte Carlo Simulation as of the grant date, which considered our stock price as of the grant date and utilized the following assumptions:
Expected dividend$—
Expected volatility73.77%
Risk-free interest rate3.49%
The following table summarizes information about the PSUs granted in 2026 under the Omnibus Plan for the nine months ended September 30, 2026:
PSUs
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2026
— $— 
Granted241,037 12.53 
Forfeited(11,340)12.20 
Outstanding as of September 30, 2026
229,697 $12.55 
Additionally, there were 846,241 PSUs outstanding related to the key employee grant as of both September 30, 2026 and 2025, with a weighted average grant date fair value of $4.60. The total unrecognized equity-based compensation expense related to all PSUs to be recognized was $2,391 and $505, respectively, over a weighted average period of approximately one year and two years, as of September 30, 2026 and 2025, respectively.
Employee Stock Purchase Plan
On March 8, 2026, we issued 8,278 shares for a total of $55 during the six-month offering period from September 9, 2025 through March 8, 2026.
On September 8, 2026, we issued 6,561 shares for a total of $50 during the six-month offering period from March 9, 2026 through September 8, 2026.