
	Three Months Ended March 31,
	2026		2025
	(in thousands)
Stock options	$	295	$	1,568
Restricted stock units and deferred stock units	1,869		1,765
Performance stock units	514		352
Employee Stock Purchase Plan	86		53
Total share-based compensation expense	$	2,764	$	3,738

At March 31, 2026, the unrecognized compensation cost related to unvested stock options and awards was $28.4 million. The weighted average period over which these awards will vest was approximately 3.2 years.

The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Selling, general and administrative expense	$	2,742	$	3,724
Costs of services provided	22		14
Total share-based compensation expense	$	2,764	$	3,738

On May 26, 2020, the Company adopted the 2020 Omnibus Incentive Plan (the “2020 Plan). On May 30, 2023, the Company increased the authorized shares under the 2020 Omnibus Incentive Plan (as amended, the “Amended 2020 Plan”) by 2.5 million shares. The Amended 2020 Plan provides that current or prospective officers, employees, non-employee directors and advisors can receive share-based awards such as stock options, PSUs, RSUs, and other stock awards. The Amended 2020 Plan seeks to encourage profitability and growth of the Company through short-term and long-term incentives consistent with the Company’s operating objectives.

As of March 31, 2026, 5.6 million shares of common stock were reserved for issuance under the Amended 2020 Plan, of which 1.3 million are available for future grant. The amount of shares available for issuance under the Amended 2020 Plan will increase when outstanding awards under the Company’s Second Amended and Restated 2012 Equity Incentive Plan (the “2012 Plan”) are subsequently forfeited, terminated, lapsed or satisfied thereunder in cash or property other than common stock. No stock award will have a term in excess of 10 years. The Nominating, Compensation and Stock Option Committee (the “NCSO”) of the Board of Directors is responsible for determining the terms of the grants in accordance with the Amended 2020 Plan.


	Stock Options Outstanding
	Number of Shares	Weighted Average Exercise Price
	(in thousands)
December 31, 2025	2,486	$	25.99
Granted	—	$	—
Exercised	(91)	$	15.91
Forfeited	—	$	—
Expired	(299)	$	34.21
March 31, 2026	2,096	$	25.25

There were no stock options granted during the three months ended March 31, 2026. The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025 was $6.08 per common share. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 was 0.1 million. No stock options were exercised during the three months ended March 31, 2025.

There were no stock option awards granted during the three months ended March 31, 2026. The fair value of stock option awards granted during the three months ended March 31, 2025 was estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:


	March 31, 2026
	(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value	$	5,121
Weighted average remaining contractual life	4.9 years
Exercisable:
Number of options	1,555
Weighted average exercise price	$	29.73
Aggregate intrinsic value	$	1,803
Weighted average remaining contractual life	3.9 years

The fair value of outstanding RSUs and DSUs was determined based on the market price of the shares on the date of grant. During the three months ended March 31, 2026, the Company granted 0.5 million RSUs and DSUs with a weighted average grant-date fair value of $18.08 per unit. During the three months ended March 31, 2025, the Company granted 0.7 million RSUs and DSUs to its employees with a weighted average grant-date fair value of $11.75 per unit.


	Restricted Stock Units & Deferred Stock Units
	Number	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2025	1,791	$	12.68
Granted	474	$	18.08
Vested	(471)	$	14.03
Forfeited	(16)	$	13.41
March 31, 2026	1,778	$	13.75

The Company grants DSUs to non-employee directors. Once vested, the recipient is entitled to receive a lump sum payment of a number of shares equal to the total number of DSUs issued to such recipient upon the first to occur of (i) the five year anniversary of the date of grant, (ii) the recipient’s death, disability or separation of service from the Board, or (iii) a change of control (as defined by the Amended 2020 Plan). Non-employee directors can also elect to receive their Board of Directors retainer in the form of DSUs in lieu of cash. DSUs issued in lieu of cash for retainers vest immediately. The number of DSUs granted to these directors is determined based on the stock price on the award date and approximates the cash value the directors would otherwise receive for their retainer. Three non-employee directors elected to receive DSUs in lieu of cash for their 2026 Board of Directors retainer.

On May 27, 2025, the NCSO granted an aggregate of 25,000 DSUs to the Company’s non-employee directors. Each DSU award grant vests in one year. The unrecognized share-based compensation cost of outstanding DSU awards at March 31, 2026 is $0.1 million and is expected to be recognized over a weighted-average period of 0.2 years.

On January 5, 2026, the NCSO granted 0.2 million PSUs to the Company’s executive officers. Such PSUs are contingent upon the achievement of certain total shareholder return (“TSR”) targets as compared to the TSR of the Russell 2000 Index and the participant’s continued employment with the Company for the three year period ending December 31, 2028, the date at which such awards vest. The unrecognized share-based compensation cost of the TSR-based PSU awards at March 31, 2026 is $4.5 million and is expected to be recognized over a weighted-average period of 1.6 years.


	Performance Stock Units
	Number	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2025	304	$	14.00
Granted	186	$	21.12
Vested	(108)	$	16.20
Forfeited	—	$	—
March 31, 2026	382	$	16.84

The Company’s Employee Stock Purchase Plan (“ESPP”) is currently available through 2026 to all eligible employees. All full-time and part-time employees who work an average of 20 hours per week and have completed two years of continuous service with the Company are eligible to participate. Annual offerings commence and terminate on the respective year’s first and last calendar day. The Company’s obligation to provide shares to employees from the ESPP are recorded as a liability within other accrued expenses and current liabilities until such point that the shares are granted to employees.

Under the ESPP, the Company is authorized to issue up to 4.1 million shares of its common stock to its employees. Pursuant to such authorization, there are 1.6 million shares available for future grant at March 31, 2026. Under the terms of the ESPP, participants may contribute through payroll deductions up to $21,250 (85% of IRS limitation) of their compensation toward the purchase of the Company’s common stock. No employee may purchase common stock which exceeds $25,000 in fair market value (determined on the option date) for each calendar year. The per share option price is equal to the lower of 85% of the fair market price on the first day of the offering period, or 85% of the fair market price on the last day of the offering period

The expense associated with the options granted under the ESPP during the three months ended March 31, 2026 and 2025 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

The Company offers a Supplemental Executive Retirement Plan (“SERP”) for executives and certain key employees. The SERP is not qualified under Section 401 of the Internal Revenue Code. The SERP allows participants to defer up to 25% of their earned income on a pre-tax basis and as of the last day of each plan year, each participant will be credited with a 25% match on the first 15% of earnings deferred in the form of the Company’s common stock based on the then-current market value. SERP participants fully vest in the Company’s matching contribution three years from the first day of the initial year of participation. The income deferred and the matching contributions are unsecured and subject to the claims of the Company’s general creditors.

Under the SERP, the Company is authorized to issue 1.0 million shares of its common stock to its employees. Pursuant to such authorization, the Company has 0.1 million shares available for future grant at March 31, 2026. At the time of issuance, such shares are accounted for at cost as treasury stock.