The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 was $19.2 million, $12.0 million and $11.4 million, respectively. At December 31, 2025, there was $17.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vests in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote and to receive any dividends declared on the shares.


	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value




























Outstanding at December 31, 2022	2,784,610	$	5.05
Granted	3,251,765	2.94
Vested	(1,381,246)	5.09
Canceled/Forfeited	(680,710)	3.66
Outstanding at December 31, 2023	3,974,419	$	3.54
Granted	3,129,255	2.66
Vested	(1,576,652)	4.11
Canceled/Forfeited	(308,396)	2.82
Outstanding at December 31, 2024	5,218,626	$	2.89
Granted	1,857,034	7.42
Vested	(2,506,676)	3.03
Canceled/Forfeited	(71,826)	4.09
Outstanding at December 31, 2025	4,497,158	$	4.66

At December 31, 2025, there was $7.7 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years.

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model.

Performance shares granted prior to 2025 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics.

Performance shares granted during 2025 vest at the end of a three-year service period if relative stockholder return and internal performance metrics, including a market condition, are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. On the other hand, the existence of a performance condition requires recognition of compensation cost for the performance share awards based on the performance achieved ranging from 0%-200%.


	Performance Shares
	Number of Shares	Weighted Average Grant Date Fair Value



























Outstanding at December 31, 2022	2,574,537	$	5.26
Granted (1)	1,816,429	3.16
Vested	(566,891)	4.00
Canceled/Forfeited (1)	(664,165)	4.32
Outstanding at December 31, 2023	3,159,910	$	4.52
Granted (2)	2,076,818	2.85
Vested	(379,402)	8.30
Canceled/Forfeited (2)	(215,814)	8.55
Outstanding at December 31, 2024	4,641,512	$	3.24
Granted (3)	1,191,381	9.79
Vested	(580,360)	4.38
Canceled/Forfeited (3)	(490,093)	4.26
Outstanding at December 31, 2025	4,762,440	$	4.63

(1) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(2) Includes 22,351 additional shares granted and 187,809 shares cancelled in connection with the vesting of the 2021 award in 2024 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(3) Includes 77,826 additional shares granted and 490,093 shares cancelled in connection with the vesting of the 2022 award in 2025 due to above-target and below target performance, respectively, in accordance with the terms of the award.

At December 31, 2025, there was $9.4 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.9 years.

Stock options granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:


	2025			2024			2023
Weighted average fair value of stock options granted	$	2.02		$	—		$	—
Volatility	66.2		%	—		%	—		%
Expected life in years	1.5			—			—
Risk-free interest rate	4.2		%	—		%	—		%
Dividend yield	—		%	—		%	—		%


	Stock Options
	Shares	Weighted Average Exercise Price




























Outstanding at December 31, 2022	93,988	$	14.41
Canceled/forfeited	—	—
Expired	(39,658)	23.90
Outstanding at December 31, 2023	54,330	$	7.49
Canceled/forfeited	(10,908)	9.31
Exercised	(14,292)	5.57
Outstanding at December 31, 2024	29,130	$	7.75
Granted	3,488,137	4.03
Canceled/forfeited	(5,261)	3.48
Expired	(43,259)	5.37
Exercised/released	(3,304,104)	4.07
Outstanding at December 31, 2025	164,643	$	3.52



Range of Exercise Price	Number Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00	164,643	$	3.52	2.51	$	2,356
Outstanding	164,643	$	3.52	2.51	$	2,356
Vested and expected to vest	81,436	$	3.78	1.91	$	1,144
Exercisable	148,485	$	3.47	2.61	$	2,132

The total intrinsic value of options exercised for the year ended December 31, 2025 was $9.3 million. Cash received from options exercised for the year ended December 31, 2025 was $13.4 million and there was no related tax benefit.