Share-Based Compensation Plan

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

The Company's accounting policies for share-based compensation are described in Note 7, 'Share-Based Compensation,' of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these policies during the three and six months ended June 30, 2026. The disclosures below should be read in conjunction with that note.

Stock Options

During the three and six months ended June 30, 2026, the Company did not grant stock option awards and no stock option awards were forfeited. As of June 30, 2026, no unrecognized compensation remains for Time-Based and Performance Based stock options as they are fully vested.

A summary of stock option activity during the three and six months ended June 30, 2026, is presented below:


	Time Based					Performance Based
	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value		Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	4,351,430	5.80	8.2	$	101,658	4,426,955	5.79	8.3	$	103,445
Granted	0	0.00				0	0.00
Exercised	(91,500)	5.53				(97,981)	5.52
Forfeited	0	0.00				0	0.00
Expired	0	0.00				0	0.00
Outstanding as of March 31, 2026	4,259,930	5.80	7.8	$	75,087	4,328,974	5.80	7.8	$	76,326
Exercisable as of March 31, 2026	4,259,930	5.80	7.8	$	75,087	4,328,974	5.80	7.8	$	76,326
Granted	0	0.00				0	0.00
Exercised	(86,278)	5.50				(57,603)	5.50
Forfeited	0	0.00				0	0.00
Expired	0	0.00				0	0.00
Outstanding as of June 30, 2026	4,173,652	5.81	7.5	$	102,964	4,271,371	5.80	7.5	$	105,406
Exercisable as of June 30, 2026	4,173,652	5.81	7.5	$	102,964	4,271,371	5.80	7.5	$	105,406

Restricted Stock Units (“RSUs”)

During the three and six months ended June 30, 2026, 1,104 RSUs were forfeited. No RSU grants or vesting occurred during the three and six months ended June 30, 2026. As of June 30, 2026, there were 4,176,384 RSUs outstanding with a weighted-average grant-date fair value of 20.04 per unit and a weighted-average remaining service period of 2.25 years. No RSUs were issued during the three and six months ended June 30, 2026.

During the three and six months ended June 30, 2026, the Company recognized $6,947 and $13,824 of share-based compensation expense related to RSUs, which is included in employee compensation and benefits expense in the condensed consolidated statements of income. As of June 30, 2026, unrecognized compensation cost related to unvested RSUs was $62,900, which is expected to be recognized over a weighted-average period of 2.25 years.