Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

14.Share-Based Compensation

The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans. In general, the Company’s Long-Term Incentive Plan (“LTIP”) provides for grants of restricted stock and performance-based awards to be issued with a per-share price not less than the fair market value of a share of common stock on the date of grant. The Company accounts for forfeitures of awards as they are incurred.

In May 2024, shareholders approved the Employee Stock Purchase Plan (“ESPP”), which became effective on September 16, 2024. The Company has reserved a total of 1,000,000 shares under the ESPP, all of which are authorized and available for future issuance under the ESPP. During the year ended December 31, 2025, there were 154,006 shares issued under the ESPP.

The table below presents the share-based compensation expense included in the Company’s accompanying condensed consolidated statements of operations:

	Year Ended
	December 31,
	2025		2024		2023
Restricted stock awards	$	4,111	$	2,896	$	1,887
Performance stock units		1,005		1,015		155
Employee share purchase plan		334		98		—
Total share-based compensation expense	$	5,450	$	4,009	$	2,042

Under its approved long-term incentive plan, the Company grants share-based awards to its employees. The following table presents a summary of the Company’s unvested restricted stock awards and performance share units granted under the plan:

	Restricted stock awards			Performance stock units
		Weighted				Weighted
	Number	Average		Number		Average
	of	Fair Value		of		Fair Value
	Shares	Per Share		Shares		Per Share
Nonvested at January 1, 2023	951,885	$	2.91	163,251		$	3.62
Granted	649,934	$	3.50	328,909		$	2.24
Vested	(754,971)	$	2.85	(27,978)		$	2.26
Forfeited shares	(8,977)	$	3.03	(135,273)		$	3.91
Nonvested at December 31, 2023	837,871	$	3.42	328,909		$	2.24
Granted	624,737	$	9.16	205,322		$	11.29
Vested	(432,889)	$	4.25	—		$	—
Forfeited shares	(21,487)	$	6.34	—		$	—
Nonvested at December 31, 2024	1,008,232	$	6.56	534,231		$	5.72
Granted	826,361	$	7.66	293,073		$	7.17
Vested	(584,612)	$	5.81	—		$	—
Forfeited shares	(102,574)	$	7.16	(195,017)		$	5.89
Nonvested at December 31, 2025	1,147,407	$	7.69	632,287	1	$	6.34

(1) A maximum of 1.2 million common shares could be awarded based upon the Company’s achievement of set performance-metrics.

In 2025, the Company granted certain executives a total of 293,073 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 50% of the units to be earned based on the achievement of an absolute adjusted EBITDA target, measured in the final year of a three-year performance period and 50% of the units to be earned based on the achievement of an objective, tiered return on relative total shareholder return, measured over a three-year performance period. The fair value of the grants awarded related to the adjusted EBITDA target was $5.89 per share and

the fair value of the grants awarded related to the relative total shareholder return target was $8.45 per share valued using a Monte Carlo simulation model.

In 2024, the Company granted certain executives a total of 205,322 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 50% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a three-year performance period and 50% of the units to be earned based on the achievement of an objective, tiered return on relative total shareholder return, measured over a three-year performance period. The fair value of the grants awarded related to the return on invested capital was $8.36 per share and the fair value of the grants awarded related to the relative total shareholder return was $14.22 per share, valued using a Monte Carlo simulation.

In 2023, the Company granted certain executives as total of 328,909 performance-based units. The performance based-units will potentially vest 100% if the target is met, with 75% of the units to be earned based on the achievement of an objective, tiered return on invested capital, measured over a three-year performance period and 25% of the units to be earned based on the achievement of an average closing stock price at the end of the three-year performance period. The fair value of the grants awarded related to the return on invested capital was $2.65 per share and the fair value of the grants awarded related to achievement of an average closing stock price at the end of the three-year performance period was $0.99 per share, valued using a Monte Carlo simulation.

The following table presents the assumptions related to the performance share units granted related to the relative total shareholder return, as indicated in the previous summary table:

		2025			2024			2023
Grant-date fair value	$	5.89		$	8.36		$	2.65
Risk-free interest rate		3.86	%		4.34	%		3.83	%
Volatility factor		65.52	%		58.61	%		55.56	%
Contractual term (years)		2.78			2.78			2.76

Stock options

The following table summarizes the stock option activity under the Company’s equity incentive plans:

		Weighted		Weighted
		Average		Average
	Number	Exercise		Contractual	Aggregate
	of	Price		Life	Intrinsic
	Shares	Per Share		(Years)	Value
Outstanding at January 1, 2023	303,329	$	7.29
Forfeited	(70,465)	$	7.74
Outstanding at December 31, 2023	232,864	$	7.15
Exercised	(136,549)	$	6.57
Forfeited	(28,680)	$	11.35
Outstanding at December 31, 2024	67,635	$	6.56
Exercised	(15,000)	$	7.22
Forfeited	(7,310)	$	9.03
Outstanding at December 31, 2025	45,325	$	5.95
Vested and expected to vest at December 31, 2025	45,325	$	5.95	1.10	$	181
Exercisable at December 31, 2025	45,325	$	5.95	1.10	$	181

The following table presents a summary of the unrecognized compensation cost, and the related weighted average recognition period associated with unvested awards and units as of December 31, 2025:

		Restricted stock awards		Performance stock units
Unrecognized compensation cost	$	6,576	$	1,834
Weighted average period for recognition (years)		2.03		1.64

The following table presents a summary of the total intrinsic value of options exercised and the total fair value of shares vested as of the year’s presented:

	2025		2024		2023
Total intrinsic value of options exercised	$	11	$	233	$	—
Total fair value of shares vested	$	4,606	$	3,107	$	2,407