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STOCK-BASED INCENTIVE COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED INCENTIVE COMPENSATION STOCK-BASED INCENTIVE COMPENSATION
Equity Incentive Plans — Under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”), approved at the annual meeting by stockholders on May 3, 2018 and amended and restated on May 19, 2021 and May 15, 2024, the Company may issue, among other things, incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and performance units to key employees and directors. The 2018 Plan is administered by the Company’s Compensation Committee, a standing committee of the Company’s Board of Directors. As of May 2021, a total of 9,101,734 shares of common stock were authorized for issuance under the 2018 Plan. In May 2024, an additional 4,000,000 shares were authorized for issuance under the 2018 Plan, resulting in a total of 13,101,734 shares of common stock authorized for issuance as of December 31, 2025 and 2024. During the years ended December 31, 2025, 2024, and 2023, the Company recognized total compensation expense related to the 2018 Plan of $40.0 million, $36.1 million, and $30.5 million, respectively.
Stock Options — Options granted under the 2018 Plan typically vest over a three- or four-year period and, in certain instances, may fully vest upon a change in control of the Company. The options also typically have an exercise price that may not be less than 100% of its fair market value on the date of grant and are exercisable seven to ten years after the date of grant, subject to earlier termination in certain circumstances.
Compensation expense from stock options is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation expense related to stock options of $4.6 million, $5.9 million, and $6.5 million, respectively.
There were no options granted during the years ended December 31, 2025 and 2024. The weighted average grant-date fair value of options granted during the year ended December 31, 2023 was $15.72. The fair value of stock options granted was estimated on the date of grant using a Black-Scholes pricing model. The assumptions used to compute the fair value of options for the year ended December 31, 2023 are as follows:
Year Ended December 31,
2023
Expected volatility51.43 %
Risk-free interest rate4.16 %
Expected life of options6.2 years
Dividend rate— 
A summary of stock option activity for the year ended December 31, 2025 is as follows:
OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (thousands)Weighted Average Remaining Contractual Life
Balance at December 31, 20241,483,233 $25.79 $1,590 
Granted— $— $— 
Exercised(96,034)$23.75 $868 
Forfeited and expired(15,773)$26.32 $87 
Balance at December 31, 20251,371,426 $25.93 $8,130 6.4 years
Exercisable at December 31, 2025678,166 $23.30 $5,805 5.7 years
During the years ended December 31, 2025, 2024, and 2023, an immaterial number of shares were surrendered to satisfy tax withholding obligations on the exercise of stock options. No cash was received from stock option exercises under share-based payment arrangements for the years ended December 31, 2025, 2024, and 2023.
The maximum term of stock options under these plans is ten years. Options outstanding as of December 31, 2025 expire on various dates ranging from February 2027 through July 2033. The following table outlines the outstanding and exercisable stock options as of December 31, 2025:
Options OutstandingOptions Exercisable
Range of Option Exercise PriceOutstanding OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeOptions ExercisableWeighted Average Exercise Price
$0.00 - $8.24
9,901 $6.52 1.1 years9,901 $6.52 
$8.24 - $16.52
55,275 $12.39 3.6 years55,275 $12.39 
$16.52 - $24.76
327,926 $21.54 5.7 years278,540 $21.13 
$24.76 - $33.00
978,324 $28.37 6.9 years334,450 $27.40 
All options1,371,426 678,166 
As of December 31, 2025, there was $1.2 million of unrecognized compensation expense related to unvested option grants that is expected to be recognized over a weighted-average period of 0.2 years.
Restricted Stock — Restricted stock grants subject solely to an employee’s continued service with the Company generally will become fully vested within one to four years from the grant date and, in certain instances, may fully vest upon a change in control of the Company. Restricted stock grants subject solely to a Director’s continued service with the Company generally will become fully vested on a pro-rata basis over three years from the date of grant.
Compensation expense from restricted stock is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation expense related to restricted stock awards of $24.4 million, $21.4 million, and $16.6 million, respectively.
The grant-date fair value of restricted stock is valued as the closing price of the Company’s common stock on the date of the grant.
A summary of restricted stock award activity for the year ended December 31, 2025 is as follows:
Restricted StockWeighted Average Grant Date Fair Value
Balance at December 31, 20241,665,412 $29.41 
Granted 907,633 $31.40 
Vested and issued(581,779)$28.20 
Forfeited and expired(140,959)$30.66 
Balance at December 31, 20251,850,307 $30.70 
During the years ended December 31, 2025, 2024, and 2023, shares were surrendered to satisfy tax withholding obligations on the vesting of restricted stock awards with a cost basis of $6.1 million, $7.1 million, and $4.4 million, respectively.
As of December 31, 2025, there was $28.8 million in unrecognized compensation expense related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 0.9 years. The total fair value of restricted stock awards vested during the years ended December 31, 2025, 2024, and 2023 was $16.4 million, $19.4 million, and $9.9 million, respectively.
Performance Stock Units — Performance-based stock units (“PSU”) are generally earned based on the attainment of specified goals achieved over a designated performance period. During the years ended December 31, 2025, 2024, and 2023, the Company’s Compensation Committee approved PSU awards to certain senior executives of the Company with grant dates in 2025, 2024, and 2023, respectively. All PSU awards offer a three-year-cliff vesting schedule. Each PSU award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. PSU awards may be earned upon the completion of a two-year-average or three-year-average performance period.
Whether PSU awards are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving a target growth for adjusted EBITDA and revenue combined in addition to a target growth for cash flows from operations (2023 and 2024 PSUs) or a target growth for adjusted diluted earnings per share (2025 PSUs) over the performance period. Depending on the results achieved during the performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted. Each period begins with 100% of the Target Shares and true-up or true-down adjustments are considered every quarter-end based on the forecasted performance period results.
The fair value of the Target Shares and PSU awards are based on the fair value of the underlying shares as of market close on the grant date. Compensation expense for PSU awards is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation expense related to the PSU awards of $11.0 million, $8.8 million, and $7.5 million, respectively. During the years ended December 31, 2025 and 2024, shares were surrendered to satisfy tax withholding obligations on the performance-based stock units with a cost basis of $4.3 million and $4.9 million, respectively. During the year ended December 31, 2023, no shares were surrendered to satisfy tax withholding obligations on the PSU awards. As of December 31, 2025, there was $14.2 million in unrecognized compensation expense related to unvested PSU awards that are expected to be recognized over a weighted-average period of 1.2 years.