Quarterly report [Sections 13 or 15(d)]

Share-Based Compensation (Tables)

v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The following table summarizes activity related to RSUs granted under the 2021 Plan for the six months ended June 30, 2026:
Six Months Ended
June 30, 2026
Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 52,704  $ 277 
Granted (1)
23,290  432 
Vested (2)
(27,075) 246 
Cancelled and forfeited (58) 452 
Nonvested at end of period 48,861  $ 368 
(1)RSUs vest in one-third annual increments over a three-year period.
(2)Of the 27,075 RSUs that vested during the six months ended June 30, 2026, 10,633 RSUs were surrendered by employees to the Company upon vesting to settle tax withholding obligations.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the six months ended June 30, 2026:
Six Months Ended
June 30, 2026
Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period —  $ — 
Granted (1)(2)
4,686  305 
Vested (4,686) 305 
Cancelled and forfeited —  — 
Nonvested at end of period —  $ — 
(1)RSAs vest in full on the date of grant.
(2)Of the 4,686 RSAs that were granted during the six months ended June 30, 2026, 1,108 RSAs were deferred at the election of certain directors pursuant to the 2021 Directors Plan until the year following the director’s termination as a director.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs granted under the 2021 Plan for the six months ended June 30, 2026:
Six Months Ended
June 30, 2026
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 53,232  $ 285 
Granted (1)
13,872  557 
Vested (2)
(16,668) 260 
Cancelled and forfeited —  — 
Nonvested at end of period 50,436  $ 368 
(1)The PSUs were granted on February 15, 2026 and include 6,936 RTSR PSUs (defined below) (based on target) with a grant date fair value of $681 per share and 6,936 FCF PSUs (defined below) (based on target) with a grant date fair value of $432 per share. If the maximum performance levels described in the PSU agreements are achieved, the actual number of shares that will ultimately vest under the PSU agreements will exceed target PSUs by 100% (i.e., an aggregate of 13,872 additional shares would be issued).
(2)Vested PSUs are based on the original number of PSUs granted (i.e., target units). The actual number of shares delivered upon vesting of PSUs during the six months ended June 30, 2026 totaled 27,925 shares, of which 11,492 shares were surrendered by employees to the Company upon vesting to settle tax withholding obligations.
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the condensed consolidated statements of income (in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Salaries and related employee expenses (employee awards) $ 4,279  $ 3,485  $ 8,021  $ 6,568 
General and administrative expenses (director awards) 109  —  1,430  1,314 
Total share-based compensation expense (1)
$ 4,388  $ 3,485  $ 9,451  $ 7,882 
(1)The Company recognized a tax benefit of $0.9 million and $0.7 million related to share-based compensation for the three months ended June 30, 2026 and 2025, respectively. The Company recognized a tax benefit of $2.0 million and $1.7 million related to share-based compensation for the six months ended June 30, 2026 and 2025, respectively.