uis-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 1-8729

UNISYS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						38-0387840
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

801 Lakeview Drive, Suite 100

Blue Bell, Pennsylvania 19422

(Address of principal executive offices and zip code)

(215) 986-4011

(Registrant’s telephone number, including area code)


N/A
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01	UIS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Unisys Common Stock, par value $.01, outstanding as of March 31, 2026: 72,905,170

UNISYS CORPORATION

TABLE OF CONTENTS


		Page Number
	Information Concerning Forward-Looking Statements	2
PART I - FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Income (Loss)	4
	Consolidated Statements of Comprehensive Income (Loss)	5
	Consolidated Balance Sheets	6
	Consolidated Statements of Cash Flows	7
	Consolidated Statements of Equity (Deficit)	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28
Item 4.	Controls and Procedures	28
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 5	Other Information	29
Item 6.	Exhibits	29

Exhibit Index		30
Signatures		31

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management. Because actual results may differ materially from those expressed or implied by these forward-looking statements, we caution readers not to place undue reliance on these statements. Any forward-looking statement speaks only as of the date on which that statement is made. The company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law.

The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as summarized below, our ability to:

Business and Operating

•maintain our installed base and sell new solutions and related services;

•grow revenue, expand profit margin and generate sufficient cash flows in our businesses;

•effectively anticipate and respond to rapid technological innovation, such as artificial intelligence among others, in our industry;

•manage cybersecurity incidents, security incidents and breaches and other disruptions in our IT systems;

•adapt to the adverse effects of volatile, negative or uncertain economic, geopolitical and political conditions, as well as acts of war, terrorism, natural disasters or the widespread outbreak of infectious diseases;

•work with government and public sector clients and additional risks inherent in the government contracting and public sector environment;

•respond to the potential adverse effects of aggressive competition;

•attract, retain, and develop skilled employees to align with global client demand and retain and develop strong leaders;

•achieve expected profitability or expected level of revenue from our commercial contracts;

•manage the pricing, performance and capabilities of third parties with whom we have commercial relationships;

•meet our underfunded defined benefit pension plan obligations;

•maintain our credit rating or access financing markets;

•comply with the terms of the credit agreement that governs the Amended and Restated Asset Based Lending Credit Facility and the 10.625% Senior Secured Notes due 2031 indenture;

•protect or enforce our intellectual property rights and defend against infringement claims;

•adapt to an evolving international trade and tariff environment;

•manage the business and financial risk in the completion of acquisitions or dispositions;

Legal and Regulatory

•comply with global legal and regulatory requirements;

•manage the legal risks related to artificial intelligence and other machine learning technology that are integrated into our services and solutions;

•manage exposure to legal proceedings, investigations compliance and environmental matters;

•meet global sustainability standards and expectations, achieve our sustainability goals and comply with sustainability laws and regulations;

•maintain an effective system of internal controls over financial reporting and disclosure controls and procedures;

Accounting

•mitigate a decrease in the value of our assets and an impairment of goodwill or intangible assets; and

•use our net operating loss carryforwards and certain other tax attributes.

Other factors discussed in this report, although not listed here, also could materially affect our future results.

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(Millions, except per share data)


	Three Months Ended March 31,
		2026		2025



Revenue		$	437.6	$	432.1
Costs and expenses



Cost of revenue		325.1		324.6
Selling, general and administrative		91.5		96.8
Research and development		4.8		5.6

		421.4		427.0
Operating income		16.2		5.1
Interest expense		18.5		8.2
Other (expense), net		(20.8)		(16.9)
Loss before income taxes		(23.1)		(20.0)
Provision for income taxes		13.7		10.6
Consolidated net loss		(36.8)		(30.6)
Net loss attributable to noncontrolling interests		(1.0)		(1.1)
Net loss attributable to Unisys Corporation		$	(35.8)	$	(29.5)


Loss per share attributable to Unisys Corporation



Basic		$	(0.50)	$	(0.42)



Diluted		$	(0.50)	$	(0.42)

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Millions)


	Three Months Ended March 31,
		2026		2025


Consolidated net loss		$	(36.8)	$	(30.6)
Other comprehensive income
Foreign currency translation		(18.4)		45.0
Pension and postretirement adjustments, net of tax of $3.8 in 2026 and $(4.9) in 2025		36.8		(2.7)
Total other comprehensive income		18.4		42.3
Comprehensive (loss) income		(18.4)		11.7
Less comprehensive income (loss) attributable to noncontrolling interests		1.2		(0.4)
Comprehensive (loss) income attributable to Unisys Corporation		$	(19.6)	$	12.1

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Millions)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	380.2	$	413.9
Accounts receivable, net	366.8		437.7
Contract assets	14.5		10.9
Inventories	14.9		13.8
Prepaid expenses and other current assets	119.5		127.7
Total current assets	895.9		1,004.0


Properties, net	57.4		53.1
Capitalized contract costs, net	71.3		73.6
Marketable software, net	165.8		166.1
Operating lease right-of-use assets	35.2		38.4
Prepaid pension and postretirement assets	21.5		21.3
Deferred income taxes	100.0		96.9
Goodwill	193.7		193.8
Intangible assets, net	30.2		31.2
Restricted cash	8.1		7.8

Other long-term assets	153.3		160.0
Total assets	$	1,732.4	$	1,846.2
Total liabilities and deficit
Current liabilities:
Current maturities of long-term debt	$	13.5	$	12.7
Accounts payable	105.5		81.2
Deferred revenue	229.4		228.5
Other accrued liabilities	254.0		333.5

Total current liabilities	602.4		655.9
Long-term debt	724.0		729.0
Long-term pension and postretirement liabilities	493.3		517.7
Long-term deferred revenue	92.0		100.7
Long-term operating lease liabilities	27.8		30.6
Other long-term liabilities	77.4		80.6
Commitments and contingencies (see Note 14)
Deficit:
Common stock; Issued: March 31, 2026 - 80.2 shares and December 31, 2025 - 78.1 shares	0.8		0.8
Accumulated deficit	(2,514.7)		(2,478.9)
Treasury stock, shares at cost; March 31, 2026 - 7.3 shares and December 31, 2025 - 6.7 shares	(163.0)		(161.8)
Paid-in capital	4,788.6		4,785.2
Accumulated other comprehensive loss	(2,411.7)		(2,427.9)
Total Unisys Corporation stockholders' deficit	(300.0)		(282.6)
Noncontrolling interests	15.5		14.3
Total deficit	(284.5)		(268.3)
Total liabilities and deficit	$	1,732.4	$	1,846.2

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Millions)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Consolidated net loss	$	(36.8)	$	(30.6)

Adjustments to reconcile consolidated net loss to net cash (used for) provided by operating activities:

Gain on debt extinguishment	(0.2)		—
Foreign currency gains	(6.8)		(1.3)

Employee stock compensation	4.1		6.8
Depreciation and amortization of properties	4.6		6.4
Depreciation and amortization of capitalized contract costs	5.8		3.0
Amortization of marketable software	11.9		12.1
Amortization of intangible assets	1.0		1.1

Other non-cash operating activities	—		1.2

Pension and postretirement contributions	(28.4)		(9.4)
Pension and postretirement expense	30.5		21.9
Deferred income taxes, net	(8.3)		(10.1)
Changes in operating assets and liabilities:
Receivables, net and contract assets	75.3		73.6
Inventories	(1.0)		(5.0)
Other assets	13.9		18.0
Accounts payable and current liabilities	(61.4)		(67.2)
Other liabilities	(8.6)		12.8
Net cash (used for) provided by operating activities	(4.4)		33.3
Cash flows from investing activities

Proceeds from foreign exchange forward contracts	—		728.8
Purchases of foreign exchange forward contracts	—		(728.9)
Investment in marketable software	(10.4)		(11.2)
Capital additions of properties and other assets	(10.7)		(8.9)


Other	(0.1)		(0.1)
Net cash used for investing activities	(21.2)		(20.3)
Cash flows from financing activities

Payments of long-term debt	(4.8)		(1.3)





Other	(1.2)		(2.7)
Net cash used for financing activities	(6.0)		(4.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.8)		7.9
(Decrease) increase in cash, cash equivalents and restricted cash	(33.4)		16.9
Cash, cash equivalents and restricted cash, beginning of period	421.7		390.6
Cash, cash equivalents and restricted cash, end of period	$	388.3	$	407.5

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Unaudited)

(Millions)


			Unisys Corporation
	Total		Total Unisys Corporation		Common Stock Par Value		Accumu-lated Deficit		Treasury Stock At Cost		Paid-in Capital		Accumu-lated Other Compre-hensive Loss		Non-controlling Interests
Balance at December 31, 2025	$	(268.3)	$	(282.6)	$	0.8	$	(2,478.9)	$	(161.8)	$	4,785.2	$	(2,427.9)	$	14.3
Consolidated net loss	(36.8)		(35.8)				(35.8)								(1.0)


Stock-based activity	2.2		2.2						(1.2)		3.4
Translation adjustments	(18.4)		(20.0)										(20.0)		1.6
Pension and postretirement plans	36.8		36.2										36.2		0.6
Balance at March 31, 2026	$	(284.5)	$	(300.0)	$	0.8	$	(2,514.7)	$	(163.0)	$	4,788.6	$	(2,411.7)	$	15.5


			Unisys Corporation
	Total		Total Unisys Corporation		Common Stock Par Value		Accumu-lated Deficit		Treasury Stock At Cost		Paid-in Capital		Accumu-lated Other Compre-hensive Loss		Non-controlling Interests
Balance at December 31, 2024	$	(269.3)	$	(283.4)	$	0.8	$	(2,139.1)	$	(158.5)	$	4,770.6	$	(2,757.2)	$	14.1
Consolidated net (loss) income	(30.6)		(29.5)				(29.5)								(1.1)

Stock-based activity	3.5		3.5						(2.8)		6.3
Translation adjustments	45.0		42.2										42.2		2.8
Pension and postretirement plans	(2.7)		(0.6)										(0.6)		(2.1)
Balance at March 31, 2025	$	(254.1)	$	(267.8)	$	0.8	$	(2,168.6)	$	(161.3)	$	4,776.9	$	(2,715.6)	$	13.7

See notes to consolidated financial statements

UNISYS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions, except share and per share amounts)

Note 1 - Basis of Presentation

The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the company for the interim periods presented. These adjustments consist only of normal recurring accruals except as disclosed herein. Because of seasonal and other factors, results for interim periods are not necessarily indicative of the results to be expected for the full year.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2025 and the notes thereto included in the company’s Annual Report on Form 10-K, filed with the SEC.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and the reported amounts of revenue and expenses. Such estimates include the valuation of estimated credit losses, contract assets, operating lease right-of-use assets, capitalized contract costs assets, marketable software, goodwill, purchased intangibles and other long-lived assets, legal and environmental contingencies, assumptions used in the calculation for systems integration projects, income taxes, and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ materially from these estimates. Any changes in those estimates resulting from changes in the economic environment such as inflation, tariffs, trade policy, fluctuation in interest rates and foreign exchange rates and conflicts, wars and other events of geopolitical significance, will be reflected in the financial statements in future periods.

The company’s accounting policies are set forth in detail in Note 1 of the Notes to Consolidated Financial Statements in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Such Annual Report also contains a discussion of the company’s critical accounting policies and estimates. The company believes that these critical accounting policies and estimates affect its more significant estimates and judgments used in the preparation of the company’s consolidated financial statements.

Reclassifications

Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation.

Note 2 - Accounting Standards

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03) requiring additional disclosures about certain costs and expenses in the notes to the financial statements on an annual and interim basis. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted on either a prospective or retrospective basis. ASU 2024-03 is not expected to have a material effect on the company’s consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which simplifies the capitalization guidance for internal-use software costs by removing all references to software development project stages. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting

periods, with early adoption permitted on either a prospective, or retrospective or a modified transition approach. The company is currently evaluating the impact of the standard on its consolidated financial statements.

Note 3 - Cost-Reduction Actions

The company from time to time initiates cost reduction actions designed to improve operating efficiency, reduce costs and align the company’s workforce and facility structures to its overall business plan.

Cost-reduction charges (credits) and other costs recognized were as follows:


	Three Months Ended March 31,
	2026		2025
Workforce reductions:
Severance and other employee costs	$	4.1	$	1.1
Changes in estimates	(3.4)		(1.4)
Total workforce reductions	0.7		(0.3)
Lease abandonment and other costs	0.8		0.2


Total	$	1.5	$	(0.1)

The charges (credits) were recorded in the following statement of income (loss) classifications:


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	(0.3)	$	(0.5)
Selling, general and administrative	2.2		0.5
Research and development	(0.4)		(0.1)

Total	$	1.5	$	(0.1)

Liabilities and expected future payments related to the company’s workforce reduction actions are as follows:


	Total
Balance at December 31, 2025	$	24.8
Provisions	4.1
Payments	(9.7)
Changes in estimates	(3.4)
Translation adjustments	(0.1)
Balance at March 31, 2026	$	15.7
Expected future utilization on balance at March 31, 2026:
Short-term	$	15.7

Note 4 - Pension and Postretirement Benefits

Net periodic pension expense (income) is presented below:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Total		U.S. Plans		International Plans		Total		U.S. Plans		International Plans
Service cost(i)	$	0.4	$	—	$	0.4	$	0.4	$	—	$	0.4
Interest cost	40.0		21.5		18.5		45.6		27.9		17.7
Expected return on plan assets	(36.0)		(15.7)		(20.3)		(47.1)		(26.3)		(20.8)
Amortization of prior service benefit	(1.1)		(0.6)		(0.5)		(1.1)		(0.6)		(0.5)
Recognized net actuarial loss	26.7		17.5		9.2		24.0		18.0		6.0

Net periodic pension expense	$	30.0	$	22.7	$	7.3	$	21.8	$	19.0	$	2.8


(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).

During the three months ended March 31, 2026, the company made cash contributions of $28.2 million, primarily to its international defined benefit pension plans.

For the remainder of 2026, the company expects to make cash contributions of approximately $69 million primarily to its U.S. defined benefit pension plans. This will result in total expected cash contributions for 2026 of approximately $97 million to the company’s global defined benefit pension plans, including approximately $47 million to the company’s U.S. qualified defined benefit pension plans and approximately $50 million primarily to the company’s international defined benefit pension plans.

During the three months ended March 31, 2025, the company made cash contributions of $9.2 million primarily to its international defined benefit pension plans. In 2025, the company made cash contributions of $343.7 million to its global defined benefit pension plans, which included a discretionary contribution of $250 million to its U.S. defined benefit pension plans.

At the end of each year, the company estimates its future cash contributions to its global defined benefit pension plans based on year-end pension data, assumptions and agreements. Any material deterioration in the value of the company’s global defined benefit pension plan assets, as well as changes in pension legislation, volatility in the capital markets, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions in different amounts and on a different schedule than previously estimated.

Net periodic postretirement benefit expense (income) is presented below:


	Three Months Ended March 31,
	2026		2025
Service cost(i)	$	—	$	—
Interest cost	0.6		0.6
Expected return on assets	—		(0.1)
Recognized net actuarial gain	(0.2)		(0.5)
Amortization of prior service benefit	0.1		0.1
Net periodic postretirement benefit expense (income)	$	0.5	$	0.1


(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).

The company expects to make cash contributions of $3 million to its postretirement benefit plan in 2026. In 2025, the company made cash contributions of $1.6 million to its postretirement benefit plan. For the three months ended March 31, 2026 and 2025, the company made cash contributions of $0.2 million in each respective period.

Note 5 - Stock Compensation

Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units (RSUs) may be granted to officers, directors and other key employees.

As of March 31, 2026, the company has granted restricted stock and RSUs under these plans. The company recognizes compensation cost, net of a forfeiture rate, in selling, general and administrative expense, and recognizes compensation cost only for those awards expected to vest. The company estimates the forfeiture rate based on its historical experience and its expectations about future forfeitures.

During the three months ended March 31, 2026 and 2025, the company recorded $4.1 million and $6.8 million of share-based restricted stock and RSU compensation expense, respectively.

Restricted stock and RSU awards may contain time-based units, performance-based units, total shareholder return market-based units, or a combination of these units. Each performance-based and market-based unit will vest into zero to two shares depending on the degree to which the performance or market conditions are met. Compensation expense for performance-based awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. Compensation expense for market-related awards is recognized as expense ratably over the measurement period, regardless of the actual level of achievement, provided the service requirement is met. RSU grants for the company’s directors vest upon award and compensation expense for such awards is recognized upon grant.

A summary of restricted stock and RSU activity for the three months ended March 31, 2026 follows (shares in thousands):


	Restricted Stock and RSU	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025	6,470	$	4.77
Granted (i)	4,810	2.43
Vested	(2,142)	4.19
Forfeited and expired	(222)	5.28
Outstanding at March 31, 2026	8,916	3.38

(i) Awards granted during the three months ended March 31, 2026 were time-based conditions awards.

The aggregate weighted-average grant-date fair value of restricted stock and RSUs granted during the three months ended March 31, 2026 and 2025 was $12.7 million and $15.6 million, respectively. The fair value of awards with time and performance conditions is determined based on the trading price of the company’s common shares on the date of grant. The fair value of awards with market conditions is estimated using a