Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company follows the provisions of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires all share-based payments to employees to be recognized in the income statement based on their grant date fair values. Compensation expense for awards with service conditions only that are subject to graded vesting is recognized on a straight-line basis over the term of the vesting period.

A summary of activity for the year ended December 31, 2025 is as follows:

	Time-Based
	Number of Shares	Weighted Average Grant Date Fair Value
	(in whole shares)
Outstanding — beginning of year	675,727	$	21.07
Granted(a)	288,260	17.84
Vested	(292,855)	19.55
Cancelled or expired	(21,520)	19.12
Outstanding — end of year	649,612	$	20.39

(a) Included in the granted amount are 2,422 restricted share units.

The Company recognized compensation expense of $5.5 million, $5.6 million and $6.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to stock-based awards.

The total fair value of restricted shares and share units that vested during the years ended December 31, 2025, 2024 and 2023 was $5.7 million, $5.9 million and $6.9 million, respectively.

As of December 31, 2025, the Company had unrecognized compensation expense of $7.3 million related to restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 1.9 years.