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CAPITAL STOCK
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
Cash dividends
Dividends were declared in 2025 and 2024 as follows:
Dividend per shareDate declaredDate of recordPayment date
$0.0425March 8, 2024May 1, 2024May 15, 2024
$0.0425June 20, 2024August 1, 2024August 15, 2024
$0.0425August 6, 2024November 1, 2024November 15, 2024
$0.0425November 5, 2024January 31, 2025February 14, 2025
$0.0425March 11, 2025May 1, 2025May 15, 2025
$0.0425June 18, 2025August 1, 2025August 15, 2025
$0.0425August 5, 2025October 31, 2025November 14, 2025
$0.0425November 4, 2025January 30, 2026February 13, 2026
On March 9, 2026, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May 15, 2026 to shareholders of record on May 1, 2026.
Stock repurchase program
On March 14, 2022, the Company announced that its Board of Directors of the Company authorized the repurchase of up to $20.0 million of the Company’s common stock, replacing the Company’s previously-authorized $10.0 million share repurchase program. The repurchase authorization permits the Company to effect repurchases from time to time through open market purchases and privately negotiated transactions. No shares were repurchased during the year ended December 31, 2025 and 2024. During the year ended December 31, 2023, the Company repurchased 320,204 shares for a total costs of $2.5 million, and thereafter retired the shares. As of December 31, 2025, the remaining dollar amount available for repurchases under the Board authorized plan was $11.1 million.
Preferred stock
The Company is authorized to issue 100 shares of Series A Preferred Stock and 2,000,000 shares of Series B Preferred Stock, none of which has been issued or is outstanding at December 31, 2025.
Long-term incentive plan
The Company’s Amended and Restated 2000 Long-Term Incentive Plan (the “Plan”) provides for the granting of awards of up to 9,717,500 shares of common stock. The Plan authorizes the Board of Directors of the Company, or a duly appointed committee thereof, to issue incentive stock options, non-qualified options, restricted stock, performance-based awards and other stock-based awards. Options that have been granted under the Plan expire over a range of 5 years to 10 years from the date of grant and vest over a range of up to 4 years from the date of grant. Shares of restricted stock that have been granted under the Plan vest over a range of up to 4 years from the date of grant. Performance-based awards that have been granted under the Plan vest after 3 years based upon the attainment of specified performance goals. As of December 31, 2025, there were 913,340 shares available for the grant of awards under the Plan assuming maximum performance of performance-based awards.
Stock options
A summary of the Company’s stock option activity and related information for the three years ended December 31, 2025, is as follows:
OptionsWeighted-
average
exercise
price		Weighted-
average
remaining
contractual
life (years)		Aggregate
intrinsic
value
(in thousands)
Options outstanding at December 31, 2024782,500 $11.41 
Grants
44,500 5.13 
Options outstanding at December 31, 2025(1)
827,000 11.07 4.0$— 
Options exercisable at December 31, 2025700,000 $11.73 3.2$— 
(1)Includes a non-plan stock option award of 15,000 stock options granted in 2024.
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their exercisable in-the-money stock options on December 31, 2025. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on December 31, 2025 and the exercise price.
No stock options were exercised in the year ended December 31, 2025, 2024 and 2023. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.
Total unrecognized stock option compensation expense at December 31, 2025, before the effect of income taxes, was $0.3 million and is expected to be recognized over a weighted-average period of 1.5 years.
The Company values stock options using the Black-Scholes option valuation model. The Black-Scholes option valuation model, as well as other available models, was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. The Black-Scholes option valuation model requires the input of highly subjective assumptions including the expected stock price volatility and risk-free interest rate. Because the Company’s stock options have characteristics significantly different from those of traded options, changes in the subjective input assumptions can materially affect the fair value estimates of the Company’s stock options. The weighted-average per share grant date fair value of stock options granted during the years ended December 31, 2025, 2024 and 2023, was $2.34, $5.13 and $2.61, respectively.
The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:
202520242023
Historical volatility60%58%55%
Expected term (years)6.36.36.3
Risk-free interest rate4.11%4.07%4.25%
Expected dividend yield3.31%1.74%2.87%
Restricted Stock
A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2025 is as follows:
Restricted
Shares		Weighted-
average
grant
date
fair value
Non-vested restricted shares, December 31, 2024593,526 $9.46 
Grants588,698 4.57 
Vested(286,320)9.96 
Forfeitures(9,979)7.86 
Non-vested restricted shares, December 31, 2025885,925 $6.06 
Total unrecognized compensation expense remaining (in thousands)$3,349 
Weighted-average years expected to be recognized over1.5
The total fair value of restricted stock that vested during the year ended December 31, 2025, 2024, and 2023 was $1.3 million, $2.8 million, and $1.2 million.
Performance shares
Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The shares are subject to the terms and conditions of the Plan.
A summary of the Company’s performance-based award activity and related information for the three years ended December 31, 2025 is as follows:
Performance -
based
awards (1)
Weighted-
average
grant
date
fair value
Non-vested performance-based awards, December 31, 2024529,407 $8.96 
Grants331,561 5.13 
Forfeitures(3)
(130,171)11.91 
Non-vested performance-based awards, December 31, 2025(4)
730,797 $6.70 
Total unrecognized compensation expense remaining (in thousands)
$1,647 
Weighted-average years expected to be recognized over1.6
(1)Represents the target number of shares to be issued for each performance-based award.
(2)Represents the number of shares earned over target for performance-based awards granted in 2020 based on performance goals attained. These awards vested in the three months ended March 31, 2023.
(3)Includes the forfeiture of performance-based awards granted in 2022 as the performance metric was not attained.
(4)The performance metric for the performance-based awards granted in 2023 was not attained at the end of the performance period. Therefore, no compensation expense has been recorded on these awards and these awards will not vest.
There were no performance-based awards that vested during the year ended December 31, 2025, the total fair value of performance-based awards that vested during the year ended December 31, 2024, and 2023 was $1.5 million and $0.7 million.
On March 9, 2026, the Compensation Committee of the Board of Directors determined the performance goals set forth in the performance-based awards granted in 2023 were not attained.
Cash-settled performance-based awards
Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company’s common stock. The number of deferred stock units earned
will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan.
A summary of the Company’s cash-settled performance-based awards activity and related information for the year ended December 31, 2025 is as follows:
Cash-settled performance-based awards (1)
Weighted-
average fair
value
Non-vested cash-settled performance-based awards, December 31, 2024
82,176 $5.91 
Cancellations(82,176)5.91 
Non-vested cash-settled performance-based awards, December 31, 2025(2)
— $— 
Total unrecognized compensation expense remaining (in thousands)
$— 
Weighted-average years expected to be recognized over0.0
(1)Represents the target number of units to be settled in cash.
(2)The performance metric for the cash-settled performance-based awards granted in 2023 was not attained at the end of the performance period. Therefore, no compensation expense has been recorded on these awards.
The Company recorded stock compensation expense as follows (in thousands):
Year Ended December 31,
Stock Compensation Expense Components202520242023
Equity based stock option expense$228 $245 $270 
Restricted and performance-based stock awards expense3,076 3,679 3,420 
Stock compensation expense for equity based awards3,304 3,924 3,690 
Liability based stock option expense(3)(4)(3)
Total Stock Compensation Expense$3,301 $3,920 $3,687