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Stock-based compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
Service-based vesting stock options
The following is a summary of service-based vesting stock option activity for the three months ended March 31, 2026, and the status of service-based vesting stock options outstanding as of March 31, 2026:
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Options
Wtd. Avg. Exercise Price
Options
Wtd. Avg. Exercise Price
Outstanding as of beginning of period117,000 $2.22 127,000 $2.19 
Exercised(100,000)1.90 — — 
Outstanding as of March 31, 202617,000 $4.08 127,000 $2.19 
Stock options exercisable as of March 31, 202617,000 $4.08 127,000 $2.19 
As of March 31, 2026, there was $0.3 million of aggregate intrinsic value of outstanding and exercisable service-based vesting stock options. Intrinsic value is the total pretax intrinsic value for all “in-the-money” options (i.e., the difference between the Company’s closing stock price on the last trading day of the reporting period and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on March 31, 2026 and March 31, 2025. This amount will change based on the fair market value of the Company’s stock. The Company did not recognize stock compensation expense related to service-based options during the three months ended March 31, 2026 and 2025. The intrinsic value of service vesting-based awards exercised was $1.8 million during the three months ended March 31, 2026. No service-based vesting options were exercised during the three months ended March 31, 2025. There were no service-based vesting options granted during the three months ended March 31, 2026 and March 31, 2025. The weighted average remaining contractual life of service-based vesting stock options outstanding and exercisable as of March 31, 2026 is 1.2 years. There were no unrecognized compensation costs for service-based vesting stock options as of March 31, 2026.
Restricted stock
Service-based vesting restricted stock
The following is a summary of service-based vesting restricted stock activity for the three months ended March 31, 2026, and the status of unvested service-based vesting restricted stock outstanding as of March 31, 2026:
 Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
 Shares
Wtd. Avg. Grant Date Fair Value
Shares
Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of period1,105,574 $18.62 1,295,640 $16.00 
Granted275,208 22.51 290,333 25.33 
Vested(195,977)22.23 (171,379)19.47 
Forfeited(2,500)22.51 (15,151)14.17 
Non-vested as of March 31, 20261,182,305 $18.92 1,399,443 $17.53 
The aggregate fair value of the service-based vesting awards that vested was $4.4 million and $4.5 million during the three months ended March 31, 2026 and 2025, respectively.
The Company recognized stock compensation expense related to service-based vesting awards of $2.7 million and $2.5 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $20.2
million in unrecognized compensation costs related to service-based vesting awards. The weighted average remaining recognition period over which these service-based vesting awards will be expensed is approximately 2.7 years.
Performance-based restricted stock
On March 8, 2024, the Company granted a performance-based restricted stock award ("PSA") for 109,512 shares to an executive. The shares granted contained performance conditions based on Company metrics related to future performance. The shares were to vest as to between 0% and 200% of the number of restricted shares granted to the recipient based on performance conditions during the period beginning on January 1, 2024 through December 31, 2025. The grant date fair value of this award was $17.36 per share. The fair value of this award was expensed on a straight-line basis over the requisite service period ending on December 31, 2025.
On February 24, 2026, the Compensation Committee of the Board (the "Compensation Committee") determined the PSA attainment was 200% of the target number of restricted shares granted based on the achievement of the performance conditions set forth in the award. The recipient was granted 219,024 shares that vested upon the date of the Compensation Committee's determination of the PSA attainment. The aggregate fair value of the performance-based restricted stock award that vested during the three months ended March 31, 2026 was $4.3 million. No performance-based restricted stock awards vested during the three months ended March 31, 2025.

There was no stock compensation expense related to the PSA during the three months ended March 31, 2026. We recognized $0.4 million in stock compensation expense related to the PSA during the three months ended March 31, 2025. There were no performance-based restricted stock awards granted during the three months ended March 31, 2026 and 2025.
Market-based restricted stock
The following is a summary of market-based restricted stock activity under the Company's stock plan for the three months ended March 31, 2026 and the status of market-based restricted stock outstanding as of March 31, 2026:
 Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
 Shares
Wtd. Avg. Grant
Shares
Wtd. Avg. Grant
Outstanding as of beginning of period477,200 $33.02 495,686 $25.69 
Granted355,420 27.17 451,801 32.91 
Vested(383,459)27.30 (470,287)25.19 
Non-vested as of March 31, 2026449,161 $33.27 477,200 $33.02 
The following is a summary of key inputs to the Company's market-based restricted stock awards as of March 31, 2026:
Fair Value Assumptions
Grant DateTarget SharesVesting RangeMarket Condition PeriodFV of Award
(in millions)		VolatilityRisk Free RateDividend RateAttainment %Vested Shares
2024 TSR(1)
3/8/2024239,464
0% - 200%
1/1/2024 - 12/31/2025$6.3 80 %4.6 %— %156 %352,901
2025 TSR(2)
3/18/2025250,252
0% - 200%
1/1/2025 - 12/31/2026$9.8 60 %4.1 %— %N/AN/A
2026 TSR2/24/2026214,188
0% - 200%
1/1/2026 - 12/31/2027$5.7 51 %3.4 %— %N/AN/A
(1) Of the $6.3 million fair value of the 2024 Total Shareholder Return ("TSR") award being expensed on a straight-line basis over the grant date to the vesting date, $0.3 million of expense was recognized in 2024 to reflect accelerations in the vesting period of certain awards.
(2) Of the $9.8 million fair value of the 2025 TSR award being expensed on a straight-line basis over the grant date to the vesting date, $0.5 million of expense was recognized in 2026 to reflect accelerations in the vesting period of certain awards.
Each of the market-based restricted stock awards outlined above were granted to the Company's executives. These restricted stock awards contain a market condition based on TSR. The market-based restricted stock awards vest at a range determined by the Compensation Committee of the Board in comparison of the Company's TSR to the TSR of a group of the Company's peers. The fair value of these awards is determined using a Monte Carlo simulation with various assumptions. These assumptions include historical volatility, dividend yield, and a risk-free interest rate. The historical volatility is based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the measurement date with a maturity consistent with the 2-year term associated with the market condition of these awards. The fair value of these awards is expensed on a straight-line basis over the grant date to the vesting date.
When the TSR period for each award has elapsed, the Company determines the TSR attainment percentage to award each recipient based on the targeted amount of shares granted.
We recognized stock compensation expense of $2.1 million and $1.0 million related to market-based restricted stock awards for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there were $9.3 million in unrecognized non-cash compensation costs related to market-based restricted stock awards expected to vest. The weighted average remaining recognition period over which these market-based awards will be expensed is approximately 1.3 years.
The aggregate fair value of the market-based awards that vested was $10.0 million and $11.5 million for the three months ended March 31, 2026 and 2025, respectively.
Total stock compensation expense
Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, with awards generally vesting over a 4-year period, and forfeitures recognized as incurred. In accordance with ASC 350-40, stock compensation expenses allocable to intangible assets for internal use are capitalized. The Company recorded total stock compensation expense for the three months ended March 31, 2026 and 2025, as follows:
 Three Months Ended
March 31,
(In thousands)20262025
Cost of revenue$175 $292 
General and administrative costs3,548 2,968 
Sales and marketing costs413 361 
Research and development costs670 361 
Total$4,806 $3,982 
Tax withholding on vesting of shares
Beginning during the three months ended March 31, 2026, upon the vesting of service vesting-based, performance-based, and market-based restricted stock awards to the Company's employees, the related employee tax liabilities may be settled either by sell-to-cover, or by net settlement of shares, whereby shares issued are net of shares withheld to cover minimum statutory tax withholding obligations. The fair value of the shares withheld for tax withholdings is recorded as a reduction to Additional paid-in capital in the Unaudited Condensed Consolidated Balance Sheets and as a component of net cash used in financing activities in the Unaudited Condensed Consolidated Statements of Cash Flows.