STOCK-BASED COMPENSATION |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Share-Based Payment Arrangement [Abstract] | |
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company’s stock-based compensation arrangements include grants of restricted stock units (“RSUs”) and performance stock units (“PSUs”) under the 2020 Omnibus Incentive Plan (the “2020 Plan”). Compensation costs recognized for these restricted stock grants were approximately $1.8 million and $3.4 million for the three and six months ended June 30, 2025, respectively, and $2.7 million and $4.8 million for the three and six months ended June 30, 2024, respectively, and are included in salaries, incentive compensation and benefits. As of June 30, 2025, there was approximately $12.3 million of unrecognized compensation costs related to these unvested grants which is expected to be recognized over a weighted average period of 2.0 years.
As provided in and subject to the terms and conditions of the Merger Agreement, at such time when the merger becomes effective (the “Effective Time”), (i) outstanding RSUs subject only to time-based vesting conditions will be cancelled and converted into the right to receive an amount in cash equal to (a) the total number of shares underlying such RSU award, multiplied by (b) the $20.00 in cash, without interest, less applicable taxes, and (ii) outstanding PSUs subject to performance vesting conditions will be cancelled in exchange for an amount in cash equal to (a) the number of shares underlying such performance stock unit award, (1) for any performance year or performance period that is incomplete or for which the applicable calculation date has not yet occurred, based on target level achievement of applicable performance goals, and (2) for any completed performance year, based on the determination and certification of the Company’s board of directors prior to the Effective Time, in each case, multiplied by (b) the $20.00 in cash, without interest, less applicable taxes.
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