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Equity Awards
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Awards Equity Awards
Equity Incentive Plans
The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors.
Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The 2014 LTIP was amended on October 23, 2025, increasing the number of shares available for issuance under the 2014 LTIP by 1,650,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 LTIP is 7,157,650, and at December 31, 2025, 2,530,314 shares are available for grant.
On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs).
Each PRSU represents a contingent right to receive one Company share of common stock based upon the level of achievement of certain performance metrics during specified three-year fiscal performance periods, with payout for achievement of threshold, target and maximum performance levels set at 50%, 100% and 200% of the target number of PRSUs, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the relevant performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest.
Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The 2014 Director Plan was amended on October 23, 2025, increasing the number of shares available for issuance under the 2014 LTIP by 225,000 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 Director Plan is 475,000, and at December 31, 2025, 269,931 shares are available for grant.
Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans).
Options
There were no options granted in 2025, 2024, or 2023. The following table summarizes the option activity:
Year Ended December 31,
202520242023
SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Exercise
Price		SharesWeighted-
Average
Exercise
Price
Outstanding:
Beginning of year— $— 74,390 $42.17 287,974 $35.26 
Granted— $— — $— — $— 
Exercised— $— — $— — $— 
Lapsed— $— (74,390)$42.17 (164,548)$32.07 
Forfeited— $— — $— (49,036)$35.50 
End of year— $— — $— 74,390 $42.17 
Exercisable, end of year— $— — $— 74,390 $42.17 
The value of the options granted prior to 2023 was estimated at the date of grant using the Black-Scholes-Merton option pricing model. The options outstanding at December 31, 2023 lapsed in the year ended December 31, 2024. At December 31, 2025 and 2024, no options remain outstanding. The options outstanding at December 31, 2023 were fully vested (vesting period of three years from date of grant) and had a contractual life of seven years from the original date of grant. All options had an exercise price equal to the fair value of the underlying shares at the date of grant.
The intrinsic value of each option was determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. No options were exercised during 2025, 2024 or 2023. The aggregate intrinsic value of options outstanding and options exercisable was $0 at December 31, 2023. The fair value used for calculating intrinsic value was $9.24 at December 31, 2023.
RSUs
The following table summarizes RSU activity:
Year Ended December 31,
202520242023
SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
Unvested, beginning of year885,173 $15.30 751,254 $23.48 665,458 $25.98 
Granted1,370,167 $3.76 541,520 $9.75 388,517 $24.13 
Vested(471,091)$15.91 (276,428)$24.80 (250,793)$30.99 
Forfeited(444,943)$5.29 (101,494)$17.55 (51,928)$24.08 
PRSU performance adjustment(39,662)$6.49 (29,679)$24.83 — $— 
Unvested, end of year1,299,644 $6.61 885,173 $15.30 751,254 $23.48 
Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors generally have a one year vesting period. The total fair value of shares vested in 2025, 2024 and 2023 was $2.4 million, $2.7 million and $5.6 million, respectively. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant. The RSUs granted in 2025, 2024 and 2023 include 620,108, 231,492 and 91,818 PRSU awards, respectively. In 2025 and 2024, performance adjustments were made to the outstanding PRSUs granted in 2024 and 2023.
Compensation Expense
Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:
Year Ended December 31,
202520242023
(in thousands)
Share based compensation expense$5,045 $6,631 $9,116 
U.S. tax benefit on share based compensation expense$891 $1,214 $1,690 
Compensation cost for PRSUs is based upon the probable outcome of performance conditions. In 2025 and 2024, the Company adjusted the probable outcome of performance conditions for the 2024 and 2023 PRSUs which resulted in net cumulative adjustments to reduce the compensation expense recognized on the awards of $104,000 and $451,000, respectively.
At December 31, 2025, the Company had $3.8 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.8 years.