During 2025, the Company increased the maximum shares authorized to be issued under the 2022 Omnibus Incentive Plan (the “2022 Plan”) to 3,100,000 shares of common stock. All restricted stock and performance share units outstanding at March 31, 2026 were issued under the 2022 Plan. At March 31, 2026, there were 1,553,287 shares reserved and available for issuance under the 2022 Plan.

The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The Company recognized total stock-based compensation expense of $2.0 million for the both of the three months ended March 31, 2026 and 2025.

Stock options outstanding at March 31, 2026 were issued under equity compensation plans that are no longer active. No additional shares may be issued under these compensation plans. Stock option activity during the three months ended March 31, 2026 was as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
	(In thousands)			(In years)	(In thousands)
Options outstanding, January 1, 2026	72	$	22.10	1.55	$	634
Options granted	—	—
Options exercised	(15)	23.48
Options forfeited	—	—
Options outstanding, March 31, 2026	57	$	21.73	1.27	$	845
Options vested and exercisable, March 31, 2026	57	$	21.73	1.27	$	845

The fair value of the Company’s restricted stock awards is estimated based on the market value of the Company’s common stock at the date of grant, which is the closing price of the Company’s common stock on the day before the grant date. The shares of restricted stock granted generally vest over a period of two or three years from the date of grant and the Company accounts for shares of restricted stock by recording the fair value of the grant on the award date as compensation expense over the vesting period. Restricted stock awards are non-transferable and subject to forfeiture until the restricted stock awards vest and any dividends with respect to the restricted stock awards are subject to the same restrictions, including the risk of forfeiture.


	Number of Shares	Weighted- Average Grant Date Fair Value
	(In thousands)
Nonvested share awards outstanding, January 1, 2026	460	$	26.63
Share awards granted	195	37.66
Share awards vested	(193)	26.07
Unvested share awards forfeited or cancelled	(9)	27.34
Nonvested share awards outstanding, March 31, 2026	453	$	31.59

As of March 31, 2026, there was $12.9 million of unrecognized compensation expense related to restricted stock awards which is expected to be recognized over a weighted-average period of 2.34 years.

The Company’s PSUs and PSAs are earned subject to certain performance goals being met after a specified performance period and are settled in shares of Company common stock. There were 53,088 PSUs awarded during the three months ended March 31, 2026, which were granted with a three-year performance period and will vest in March 2029. The grant date fair value of the PSUs and PSAs is based on the probable outcome of the applicable performance conditions and is calculated at target based on a combination of the closing market price of our common stock on the grant date and a Monte Carlo simulated fair value in accordance with accounting standards codification (“ASC”) 718. At March 31, 2026, there was $4.0 million of unrecognized compensation expense related to the PSUs, which is expected to be recognized over a weighted-average period of 2.23 years.