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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity

The following table presents the Company's total stock-based compensation expense:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Employee stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

$

1,036

 

 

$

926

 

 

$

3,648

 

 

$

2,872

 

Post-tax (1)

 

818

 

 

 

732

 

 

 

2,882

 

 

 

2,269

 

Director stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

Pre-tax

 

122

 

 

 

121

 

 

 

352

 

 

 

379

 

Post-tax (1)

 

96

 

 

 

96

 

 

 

278

 

 

 

300

 

(1) 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 the Company's non-vested restricted common stock grants:

 

 

Number of
Restricted
Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding as of December 31, 2025

 

576,781

 

 

$

10.12

 

Granted

 

490,512

 

 

 

10.94

 

Less: Forfeited

 

6,436

 

 

 

11.28

 

Less: Vested

 

466,431

 

 

 

9.41

 

Outstanding as of September 30, 2026

 

594,426

 

 

$

10.92

 

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The following weighted-average assumptions were used to value the stock options granted during 2026 and 2025 as of the balance sheet dates, September 30, 2026 and December 31, 2025:

 

 

2026

 

 

2025

 

Expected annual dividend yield

 

—

%

 

 

—

%

Expected volatility

 

87.19

%

 

 

88.51

%

Risk-free interest rate

 

4.12

%

 

 

3.87

%

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 the Company's 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, 2025

 

965,730

 

 

$

4.95

 

 

 

6.50

 

 

$

6,949,000

 

Granted

 

100,685

 

 

 

10.59

 

 

 

—

 

 

 

—

 

Less: Forfeited

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Expired

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Less: Exercised

 

19,672

 

 

 

4.33

 

 

 

—

 

 

 

—

 

Outstanding as of September 30, 2026

 

1,046,743

 

 

$

5.64

 

 

 

5.99

 

 

$

3,554,000

 

 

 

 

 

 

 

 

 

 

 

 

Vested and Exercisable as of September 30, 2026

 

871,010

 

 

$

4.67

 

 

 

5.38

 

 

$

3,809,000

 

(1) Presented in ones.