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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity

The following table presents our total stock-based compensation expense:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Employee stock-based compensation expense

 

 

 

 

 

 

 

 

Pre-tax (1)

$

3,798

 

 

$

2,097

 

 

$

1,082

 

Post-tax (2)

 

3,000

 

 

 

1,657

 

 

 

855

 

Director stock-based compensation expense

 

 

 

 

 

 

 

 

Pre-tax (1)

 

501

 

 

 

448

 

 

 

174

 

Post-tax (2)

 

396

 

 

 

354

 

 

 

137

 

(1) This table does not include withholding of vested shares for tax liabilities, which totaled $1,855,000, $1,359,000 and $24,000 in 2025, 2024, and 2023, respectively.

(2) The after-tax amounts are determined using the 21% corporate federal tax rate.
Schedule of Nonvested Share Activity

The following table presents certain information related to the activity of our non-vested common stock grants:

 

 

Number of
Restricted
Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding as of December 31, 2022

 

714,239

 

 

$

2.73

 

Granted

 

45,000

 

 

 

5.25

 

Less: Forfeited

 

132,259

 

 

 

3.16

 

Less: Vested

 

181,334

 

 

 

3.25

 

Outstanding as of December 31, 2023

 

445,646

 

 

$

2.64

 

Granted (1)

 

598,713

 

 

 

7.41

 

Less: Forfeited

 

1,476

 

 

 

4.56

 

Less: Vested

 

436,472

 

 

 

3.36

 

Outstanding as of December 31, 2024

 

606,411

 

 

$

6.23

 

Granted

 

466,672

 

 

 

11.48

 

Less: Forfeited

 

1,509

 

 

 

11.51

 

Less: Vested

 

494,793

 

 

 

5.29

 

Outstanding as of December 31, 2025

 

576,781

 

 

$

10.12

 

(1) Contingent shares granted during 2023 have been included in the calculation of 2024’s granted values.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following weighted-average assumptions were used to value the stock options granted:

 

 

2025

 

 

2024

 

Expected annual dividend yield

 

—

%

 

 

—

%

Expected volatility

 

88.51

%

 

 

86.92

%

Risk-free interest rate

 

3.87

%

 

 

4.37

%

Expected term

6 years

 

 

6 years

 
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity

The following table presents certain information related to the activity of our non-vested stock option grants:

 

 

Number of
Stock Options

 

 

Weighted
Average
Exercise Prices

 

 

Weighted Average Remaining Contractual Term (years)

 

 

Aggregate
Intrinsic
Value (1)

 

Outstanding as of December 31, 2022

 

1,250,685

 

 

$

3.71

 

 

 

7.66

 

 

$

—

 

Granted

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Forfeited

 

40,000

 

 

 

3.46

 

 

 

—

 

 

 

—

 

Less: Expired

 

161,925

 

 

 

3.05

 

 

 

—

 

 

 

—

 

Less: Exercised

 

20,000

 

 

 

3.46

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2023

 

1,028,760

 

 

$

3.83

 

 

 

7.80

 

 

$

6,151,000

 

 

 

 

 

 

 

 

 

 

 

 

Vested and Exercisable as of December 31, 2023

 

580,568

 

 

$

4.78

 

 

 

7.56

 

 

$

3,071,000

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

1,028,760

 

 

$

3.83

 

 

 

7.80

 

 

$

6,151,000

 

Granted (2)

 

196,275

 

 

 

4.82

 

 

 

—

 

 

 

—

 

Less: Forfeited

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Expired

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Exercised

 

95,000

 

 

 

2.35

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2024

 

1,130,035

 

 

$

4.12

 

 

 

7.21

 

 

$

10,202,000

 

 

 

 

 

 

 

 

 

 

 

 

Vested and Exercisable as of December 31, 2024

 

840,768

 

 

$

4.30

 

 

 

6.79

 

 

$

7,501,000

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

1,130,035

 

 

$

4.12

 

 

 

7.21

 

 

$

10,202,000

 

Granted

 

76,141

 

 

 

11.63

 

 

 

—

 

 

 

—

 

Less: Forfeited

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Expired

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Exercised

 

240,446

 

 

 

3.17

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2025

 

965,730

 

 

$

4.95

 

 

 

6.50

 

 

$

6,949,000

 

 

 

 

 

 

 

 

 

 

 

 

Vested and Exercisable as of December 31, 2025

 

799,869

 

 

$

4.24

 

 

 

6.02

 

 

$

6,368,000

 

(1) Presented in ones.

(2) Contingent shares granted as of December 31, 2023 have been included in the calculation of granted values as of December 31, 2024.