Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan |
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Number of
shares |
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Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2024 |
503,894 |
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|
$ |
8.55 |
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| Granted |
227,539 |
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|
6.09 |
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| Vested |
(95,335) |
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|
9.44 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(53,440) |
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|
9.44 |
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| Forfeitures |
(71,444) |
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|
7.21 |
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| Unvested at June 30, 2025 |
511,214 |
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$ |
7.39 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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| Weighted average grant date fair value of awards granted |
$ |
5.91 |
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$ |
6.41 |
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$ |
6.09 |
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$ |
7.52 |
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| Total fair value of shares vested |
$ |
297,865 |
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$ |
112,198 |
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$ |
679,601 |
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$ |
747,525 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
220,485 |
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$ |
92,150 |
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$ |
380,389 |
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$ |
464,343 |
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| Schedule of Performance-Based Restricted Stock Units |
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Number of
shares |
|
Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2024 |
189,221 |
|
|
$ |
7.92 |
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| Granted |
364,905 |
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|
5.70 |
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| Forfeitures |
(121,324) |
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|
9.17 |
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| Unvested at June 30, 2025 |
432,802 |
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$ |
5.70 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
|
2024 |
|
2025 |
|
2024 |
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| Weighted average grant date fair value of awards granted |
$ |
5.70 |
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$ |
5.69 |
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$ |
5.70 |
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$ |
5.69 |
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| Total fair value of shares vested |
$ |
— |
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$ |
83,862 |
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$ |
— |
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$ |
83,862 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
— |
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$ |
67,137 |
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$ |
— |
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$ |
67,137 |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
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| 2014 Plan (Options) |
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Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2024 |
|
535,667 |
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|
$ |
7.00 |
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|
3.57 |
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$ |
1,588,137 |
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| Exercised |
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(7,024) |
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|
2.60 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(7,458) |
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|
2.60 |
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| Shares tendered for cashless exercise |
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(10,518) |
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2.60 |
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| Forfeitures and expirations |
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(50,750) |
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|
6.99 |
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| Outstanding at June 30, 2025 |
|
459,917 |
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$ |
7.24 |
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|
3.62 |
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$ |
789,568 |
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| Exercisable at June 30, 2025 |
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459,917 |
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$ |
7.24 |
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3.62 |
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$ |
789,568 |
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| 2021 Plan (Options) |
|
Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2024 |
|
1,840,786 |
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|
$ |
8.93 |
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|
8.54 |
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$ |
1,504,894 |
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| Granted |
|
869,421 |
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|
6.04 |
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| Forfeitures and expirations |
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(216,077) |
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|
6.96 |
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| Outstanding at June 30, 2025 |
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2,494,130 |
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$ |
8.10 |
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|
8.61 |
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$ |
173,265 |
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| Exercisable at June 30, 2025 (a) |
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1,117,523 |
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$ |
9.80 |
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|
7.70 |
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$ |
— |
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(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of June 30, 2025.
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| Schedule of Share-based Compensation Expense Based on Fair Value of Options |
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
| Stock Options: |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
| Expected volatility |
|
47% to 50% |
|
46% |
|
46% to 50% |
|
46% to 51% |
| Risk free interest rate |
|
3.87% to 3.98% |
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4.60% |
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3.87% to 4.01% |
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4.25% to 4.60% |
| Expected lives at date of grant (in years) |
|
4.29 |
|
4.08 |
|
4.27 |
|
4.08 |
| Weighted average fair value of options granted |
|
$2.78 |
|
$2.73 |
|
$2.73 |
|
$2.95 |
| Total intrinsic value of options exercised |
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$— |
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$312,195 |
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$89,500 |
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$312,195 |
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