Stock Awards

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Awards

6. Stock Awards

During the second quarter of 2022, we amended the 2019 Equity Incentive Plan (the “Equity Incentive Plan”), which authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units, and awards of interests in our Operating Partnership. Our Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors, and we have reserved 28.9 million shares of common stock for awards, of which 9.0 million shares remain available for future stock awards as of June 30, 2025. Share-based compensation expense totaled $18.5 million and $16.2 million for the six months ended June 30, 2025 and 2024, respectively. Of this expense, $4.4 million and $2.0 million for the six months ended June 30, 2025 and 2024, respectively, are from the 2024 and 2025 performance award grants that contain cash-settlement features and are marked to fair value quarterly. None of the 2024 or 2025 performance awards have been earned or vested at June 30, 2025, and will not begin to earn/vest until, for 20 consecutive days, our stock price reaches $7.00 for the 2024 performance award and our total shareholder return reaches 20% (based on the April 15, 2025 grant date) for our 2025 performance award.