The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:



	Three Months Ended March 31,
			2025		2024
		(In millions)
Equity classified awards expense			$	3.4	$	5.0
Liability classified awards expense			0.3		0.6
Total stock-based compensation expense			$	3.7	$	5.6

As of March 31, 2025, total unrecognized compensation expense of $24.4 million related to restricted stock and restricted stock units and $2.1 million related to stock options is expected to be recognized over a weighted average period of 1.8 years for restricted stock and restricted stock units and 1.3 years for stock options.


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2024	524,646	$	69.89
Granted	—	—
Exercised	—	—
Expired	(10,575)	100.51
Forfeited	—	—
Outstanding at March 31, 2025	514,071	69.26		5.6	$	—
Vested and Expected to Vest at March 31, 2025	502,008	69.65		5.5	$	—
Exercisable at March 31, 2025	423,858	$	72.39	4.9	$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price of the Company’s common stock on the last trading day of the first quarter of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2025. The aggregate intrinsic value will change based on the fair market value of the Company’s common stock and the number of in-the-money options.

Outstanding balances as of March 31, 2025, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2025 were as follows:


	Shares of Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	421,459	$	56.18	72,953	$	46.83
Granted	485,497	26.14		52,531	26.13
Released	(172,822)	60.71		(29,297)	51.19
Forfeited	(18,682)	56.70		(36,516)	39.61
Outstanding at March 31, 2025	715,452	$	34.69	59,671	$	31.35

The Company has granted cash long-term incentive awards (“LTIP awards”) to certain employees. The 2023 and 2024 LTIP awards vest at the end of the three-year period and are determined using multipliers from 0% to 200% of the target award based on the total stockholder return of Dine Brands Global common stock compared to the total stockholder returns of a peer group of companies.

The 2025 LTIP awards vest at the end of the three-year period and are determined using multipliers from 0% to 200% of the target award based on the Company's cumulative adjusted EBITDA, as defined and reflected in the Company’s earnings release and/or financial statements for each of the three years in the performance period, subject to adjustment based on the total stockholder returns of a peer group of companies. As of March 31, 2025, the cumulative performance target of the 2025 LTIP awards is not known; therefore, no compensation expense related to the 2025 LTIP award has been recognized.

The LTIP awards are considered stock-based compensation and are classified as liabilities measured at fair value as of the respective period end. For the three months ended March 31, 2025 and 2024, an expense of $0.3 million and $0.6 million, respectively, were included in total stock-based compensation expense related to LTIP awards. At March 31, 2025 and December 31, 2024, liabilities of $1.1 million and $0.8 million, respectively, related to LTIP awards were included as part of accrued employee compensation and benefits and other non-current liabilities in the Consolidated Balance Sheets.