Schedule of Employee Stock-Based Compensation Expense

Employee stock-based compensation expense under the Company’s Incentive Plan is as follows (in thousands):


	Year Ended
	December 31,
	2024		2023		2022
Expense from time-based awards ^(a)(b)	$	10,849	$	12,305	$	16,103
Expense from performance-based awards^(a)(b)(c)		2,942		3,718		2,175
Expense from bonus to be settled in shares^(d)		5,064		3,513		3,766
Equity-based compensation expense	$	18,855	$	19,536	$	22,044
Tax benefit from equity-based compensation		(2,776)		(2,834)		(3,238)
Deficit / (excess) tax benefit from equity-based compensation		1,001		965		536
Net compensation cost	$	17,080	$	17,667	$	19,342

(a)

Includes $1.3 million of expense recognized for time-based awards and $0.8 million of expense recognized for performance-based awards, for the twelve months ended December 31, 2024, for inducement awards granted to the Company's CEO, Erik Carlson, in the fourth quarter of 2023. As of December 31, 2024, 774,197 restricted stock units remain outstanding assuming maximum achievement of the performance awards.

(b)

During 2022, the Company recognized $2.2 million of expense upon the acceleration of certain grants issued in connection with the restructuring, as further discussed in Note 2, Summary of Significant Accounting Policies. In addition, during the third quarter of 2022, the Company recognized $1.4 million of expense upon acceleration of certain grants that were issued to two employees and former owners of an acquired company who departed during the third quarter of 2022.

(c)

Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. During the first quarter of 2022, the Company had a significant amount of forfeitures related to performance-based awards issued to the Company’s former CEO which, subsequent to his departure, will no longer vest.

(d)	A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.

Schedule of Restricted Stock Units

The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards:


	Shares	Weighted average grant date fair value per share
Balance, January 1, 2024	1,066,594	$	18.70
Granted ^(a)	1,459,304	$	8.77
Shares vested (including tax withholding) ^(b)	(600,512)	$	20.04
Forfeited	(182,041)	$	14.08
Balance, December 31, 2024	1,743,345	$	10.40

(a)	The weighted average grant date fair value per share for the years ended December 31, 2023 and 2022 were $18.70 and $32.23 respectively.

(b)	Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.

Schedule of Restricted Stock Units

The following table summarizes equity-based compensation activity related to PSUs:


	Shares	Weighted average grant date fair value per share
Balance, January 1, 2024	783,231	$	7.87
Granted ^(a)	473,590	$	8.81
Shares vested (including tax withholding) ^(b)	(105,193)	$	20.57
Forfeited	(125,967)	$	17.58
Balance, December 31, 2024	1,025,661	$	5.81

(a)	The weighted average grant date fair value per share for the years ended December 31, 2023 and 2022 were $7.87 and $33.47, respectively.

(b)	Pursuant to the terms of the Incentive Plans, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.