XML 51 R36.htm IDEA: XBRL DOCUMENT v3.25.4
CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Cash Dividends Declared
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
Schedule of Stock Option Activity and Related Information
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.
Schedule of Fair Value Stock Options at Grant Date using Weighted Average Assumption
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%
Schedule of Restricted Stock Activity
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
Schedule of Performance Based Award Activity
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.
Schedule of Share Based Payment Arrangement, Cash Settled Performance Shares, Activity
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.
Schedule of Stock Compensation Expense
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