Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2025 is included in the Company’s 2024 Annual Report on Form 10-K.

During the three months ended March 31, 2025, the Company modified certain 2023 and 2024 restricted stock units and performance share units to settle them in cash in lieu of stock. The performance conditions, if applicable, and vesting schedules remain unchanged for these awards.

Total stock-based compensation expense, including cash-settled liability awards, was $2.6 million for the three months ended March 31, 2025 and $3.7 million for the three months ended March 31, 2024. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to the retirement, death, or disability provisions of the 2013 Omnibus Incentive Plan.

The Company granted no restricted stock units and performance share units to employees or non-employee directors during the three months ended March 31, 2025.