v3.25.4
Stock-Based Compensation and Similar Arrangements
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation and Similar Arrangements Stock-Based Compensation and Similar Arrangements
The Company provides stock-based compensation to employees, non-employee directors, consultants and advisors under the Company’s 2006 Long-Term Incentive Plan (“2006 Plan”). The 2006 Plan allows the flexibility to grant or award stock options, stock appreciation rights, restricted stock, unrestricted stock, stock units including restricted stock units and performance awards to eligible persons. During the six months ended June 30, 2025, no equity awards were granted. On October 3, 2025, the Company’s Compensation Committee of the Board of Directors (“Compensation Committee”) approved the delayed settlement and delivery of shares underlying vested equity awards and the tolling of vesting of unvested equity awards, during the pendency of the Chapter 11 Cases.

Stock options. The Company recognized immaterial stock-based compensation expense for non-qualified stock options (“NQs”) for the three months and six months ended June 30, 2025, and 2024, in general and administrative expense. At June 30, 2025, the Company had 37,118 stock options outstanding with a weighted-average exercise price of $124.38. As a result of the Compensation Committee's approval on October 3, 2025, all stock options outstanding ceased vesting and are expected to be cancelled upon emergence from Bankruptcy.
Restricted stock awards and restricted stock units. The Company recognized stock-based compensation expense for restricted stock awards ("RSAs") and restricted stock units ("RSUs"), collectively, of $0.4 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively, and $1.3 million and $3.1 million for the six months ended June 30, 2025 and 2024, respectively, in general and administrative expense. The Company had no unvested RSAs outstanding at June 30, 2025 and had 186,140 unvested RSUs outstanding at June 30, 2025 with a weighted-average grant date fair value of $32.76. As a result of the Compensation Committee's approval on October 3, 2025, all RSUs outstanding ceased vesting and are expected to be cancelled upon emergence from Bankruptcy.

Performance-based share awards. The Company grants performance-based restricted stock units ("PRSUs") to align management’s compensation with the Company's financial performance and other operational objectives and to retain key employees. Awards granted under this category are based on the achievement of various targeted metrics as approved by the Compensation Committee and defined in the related PRSU Agreement. Stock-based compensation expense for PRSUs is recognized over the 3-year vesting period under the straight-line attribution method. The Company recognized immaterial stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 in general and administrative expense. The remaining expense is expected to be recognized over the remainder of the 3-year requisite service period. The Company had 167,746 unvested PRSUs outstanding at June 30, 2025 with a weighted-average grant date fair value of $42.59. As a result of the Compensation Committee's approval on October 3, 2025, all PRSUs outstanding ceased vesting and are expected to be cancelled upon emergence from Bankruptcy.

Employee Stock Purchase Plan

During the fourth quarter of 2022, the Company began offering an Employee Stock Purchase Plan ("ESPP") with 1,000,000 shares of Common Stock reserved for purchase pursuant to the ESPP for eligible employees. The shares of Common Stock may be newly issued shares, treasury shares or shares acquired on the open market. Under the terms of the ESPP, eligible employees may designate a dollar value or percentage of their compensation to be withheld through payroll deductions, up to a maximum of $25,000 in each plan year, for the purchase of common stock at a discounted rate of 85% of the lower of the market price on the first or last trading day of the offering period. For the three and six months ended June 30, 2025 and 2024, the Company recorded an immaterial amount of stock-based compensation expense related to the ESPP. As of June 30, 2025, 903,732 shares remain available for future issuance under the ESPP. On July 7, 2025, the Compensation Committee approved the indefinite suspension of the ESPP.