Annual report [Section 13 and 15(d), not S-K Item 405]

Stock Based Compensation and Other Benefit Plans (Tables)

v3.26.1
Stock Based Compensation and Other Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Stock Based Compensation and Other Benefit Plans  
Schedule of valuation assumptions

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​

Year Ended December 31, 

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Dividend yield

 

—

%

—

%

Expected volatility

 

63

%

65

%

Risk-free interest rate

 

4.24

%

4.35

%

Expected term

 

5.79 years

​

5.79 years

​

Schedule of stock option activity

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​

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​

​

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Weighted

  ​ ​ ​

Weighted

​

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​

​

​

​

Average

​

Average

​

Aggregate

​

​

​

​

Exercise

​

Contractual 

​

Intrinsic

​

​

Number of

​

Price

​

Remaining Term

​

Value

​

​

shares

​

Per Share

​

(in years)

​

(in thousands)

Outstanding as of January 1, 2025

​

​

2,426,929

​

$

20.83

 

​

5.77

​

$

18,644

Granted

 

​

9,936

​

 

25.12

 

​

​

 

​

  ​

Exercised

 

​

(246,395)

​

 

7.63

 

​

​

 

​

  ​

Forfeited, expired or cancelled

​

​

(37,013)

​

 

75.20

 

​

​

 

​

  ​

Outstanding as of December 31, 2025

​

​

2,153,457

​

$

21.42

 

​

5.23

​

$

14,520

Exercisable as of December 31, 2025

​

​

1,994,839

​

$

21.24

​

​

5.08

​

$

13,836

Vested and expected to vest as of December 31, 2025

​

​

2,153,457

​

$

21.42

 

​

5.23

​

$

14,520

Schedule of grant date fair values of PSUs granted

The grant date fair values of the PSUs granted in 2024 were estimated as follows:

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Derived

Hurdle Price

​

Number of

​

Fair Value

​

Service Period

Per PSU

​

PSUs

​

Per Share

​

(in years)

$

30.00

​

​

165,900

 

$

18.42-19.71

​

​

0.46-0.74

$

35.00

​

​

55,290

 

$

17.24-17.67

​

​

0.66-0.96

$

40.00

​

​

34,029

 

$

15.85-16.14

​

​

0.82-1.15

$

45.00

​

​

29,781

​

$

14.20-15.13

​

​

0.95-1.31

​

​

​

​

285,000

 

​

​

​

​

​

​

The grant date fair values of the PSUs granted in 2025 were estimated as follows:

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​

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​

​

​

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​

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​

​

​

​

Derived

​

Hurdle Price

​

Number of

​

Fair Value

​

Service Period

​

Per Share

​

PSUs

​

Per Share

​

(in years)

​

$

30.00

​

​

21,106

​

$

22.84-37.85

​

​

0.08-0.12

​

$

35.00

​

​

8,701

​

$

16.40-36.37

​

​

0.08-0.29

​

$

40.00

​

​

7,951

​

$

11.34-29.46

​

​

0.12-0.40

​

$

45.00

​

​

9,925

​

$

6.57-22.33

​

​

0.24-0.48

​

​

​

​

​

47,683

​

​

​

​

​

​

Schedule of performance shares, outstanding activity

​

​

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​

​

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​

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Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

​

Number of

​

Fair Value

​

​

Unvested PSUs

​

Per Share

Unvested balance as of January 1, 2025

​

​

597,117

​

$

16.03

Granted

 

​

47,683

​

 

20.61

Vested

 

​

(264,893)

​

 

17.35

Forfeited

​

​

—

​

 

—

Unvested balance as of December 31, 2025

​

​

379,907

​

$

15.69

Schedule of restricted stock unit awards activity

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​

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​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

​

Number of

​

Fair Value

​

​

Unvested RSUs

​

Per Share

Unvested balance as of January 1, 2025

​

​

15,175

​

$

24.71

Granted

 

​

29,855

​

 

25.12

Vested

 

​

(15,175)

​

 

24.71

Forfeited

​

​

—

​

 

—

Unvested balance as of December 31, 2025

​

​

29,855

​

$

25.12

Summary of stock-based compensation expense The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the consolidated statements of operations (in thousands):

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​

​

​

​

​

​

​

​

Year Ended December 31, 

​

​

2025

​

2024

Equity-classified awards:

​

$

6,816

​

$

10,312

Liability-classified awards:

​

​

2,457

​

​

—

Total stock-based compensation expense

​

$

9,273

​

$

10,312

​