Treasury Stock

12 Months Ended

Dec. 31, 2025

From time to time, our Board of Directors (the "Board") authorizes management to repurchase shares of our issued and outstanding common stock. On October 26, 2023, our Board approved a share repurchase program with an effective date of November 7, 2023 (the "Share Repurchase Program"). Pursuant to the Share Repurchase Program, we are authorized to repurchase up to 1,000,000 shares of our common stock and to date, we have repurchased 986,444 shares of our common stock. On March 11, 2026, the Board authorized an amendment to the Share Repurchase Program to repurchase up to an additional 1,000,000 shares, or a total of 1,013,556 shares (including the 13,556 shares remaining available under the prior Board authorization for repurchase under the Share Repurchase Program). This authorization will remain in effect until such time as the Board terminates the authorization or the Share Repurchase Program is executed in full. We may utilize various methods to effect the repurchases, including in privately negotiated and/or open-market transactions, and pursuant to plans complying with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934. Neither this authorization nor the Share Repurchase Program obligates us to repurchase any shares of our common stock, and any repurchase of shares will be subject to market and other conditions and may be discontinued at any time. We also repurchase shares of our issued and outstanding common stock to satisfy income tax withholding obligations relating to the stock-based compensation of our employees and directors and/or the cost of stock option exercises.

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Open market shares repurchased	250		121		100
Stock-based compensation related shares repurchased	107		85		65
Privately negotiated repurchase	515		—		—
Total shares repurchased	872		206		165

Cost of open market shares repurchased	$	781	$	1,109	$	864
Cost of stock-based compensation related shares repurchased	781		848		915
Cost of privately negotiated repurchase	1,524		$	—	$	—
Total cost of shares repurchased	$	3,086	$	1,957	$	1,779

Repurchased shares are recorded as shares held in treasury at cost. We hold these shares for future use as management and the Board deem appropriate.