STOCK COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION

STOCK COMPENSATION

As of March 31, 2026, there were 543,284 shares available for the grant of awards under the Company’s Amended and Restated 2000 Long Term Incentive Plan (“Plan”), assuming maximum performance of performance-based awards.

Option Awards

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2026 is as follows:

	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2026	827,000		$	11.07
Grants	—		—
Options outstanding, March 31, 2026(1)	827,000		11.07		3.8	$	27
Options exercisable, March 31, 2026	733,625		$	11.51	3.2	$	7
Total unrecognized stock option expense remaining (in thousands)	$	226
Weighted-average years expected to be recognized over	1.5

(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 March 31, 2026. 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 March 31, 2026 and the exercise price.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2026 is as follows:

	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2026	885,925		$	6.06
Grants	259,731		3.07
Vested	(236,984)		7.81
Non-vested restricted shares, March 31, 2026	908,672		$	4.75
Total unrecognized compensation expense remaining (in thousands)	$	3,490
Weighted-average years expected to be recognized over	1.8

The total fair value of restricted stock that vested during the three months ended March 31, 2026 was $0.7 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 at the end of the performance period, based on the attainment of specified performance goals at the time of grant, as determined by the Compensation Committee of the Company’s board of directors (the “Board of Directors”). The shares are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s performance-based award activity and related information for the three months ended March 31, 2026 is as follows:

	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2026	730,797		$	6.70
Grants	259,731		3.07
Forfeitures(2)	(186,181)		5.92
Non-vested performance-based awards, March 31, 2026	804,347		$	5.70
Total unrecognized compensation expense remaining (in thousands)	$	2,189
Weighted-average years expected to be recognized over	1.9

(1)Represents the target number of shares to be issued for each performance-based award.

(2)Includes the forfeiture of performance-based awards granted in 2023 as the performance metric was not attained.

The Company recorded stock compensation expense as follows (in thousands):

	Three Months Ended March 31,
Stock Compensation Expense Components	2026		2025
Equity based stock option expense	$	43	$	70
Restricted and performance-based stock awards expense	998		993
Stock compensation expense for equity based awards	1,041		1,063
Liability based stock option expense	2		(1)
Total Stock Compensation Expense	$	1,043	$	1,062