STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7.    STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the three months ended March 31, 2026, 89,647 shares of unvested restricted stock were awarded at a weighted average market value of $62.06. Of the restricted shares granted, 37,912 shares have performance-based vesting conditions. Stock-based compensation expense for awards with performance-based vesting conditions are reassessed each reporting period and recognized as expense based upon the probability that performance will be achieved. The value of the remaining shares awarded expected to vest is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the three months ended March 31, 2026:

	Number of
	shares
Outstanding at beginning of period	234,370
Awarded	89,647
Vested	(2,760)
Forfeited	(8,473)
Outstanding at end of period	312,784

Stock-based compensation expense, net of forfeitures, of $848 and $920 was recorded for the three months ended March 31, 2026 and 2025, respectively.