v3.25.2
Stock-Based Compensation
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 14 - Stock-Based Compensation

At June 30, 2025, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan (“2018 Plan”). Future grants can only be made under the 2018 Plan.

The 2018 Plan allows for grants of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares, performance units, and other stock awards subject to the terms of the 2018 Plan.

The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service-based RSUs

 

$

643

 

 

$

981

 

 

$

1,591

 

 

$

1,875

 

Performance and Market-based RSUs

 

 

(143

)

 

 

215

 

 

 

341

 

 

 

370

 

Cash-settled RSUs

 

 

116

 

 

 

136

 

 

 

331

 

 

 

299

 

Total

 

$

616

 

 

$

1,332

 

 

$

2,263

 

 

$

2,544

 

Income tax benefit

 

 

145

 

 

 

306

 

 

 

532

 

 

 

585

 

Net expense

 

$

471

 

 

$

1,026

 

 

$

1,731

 

 

$

1,959

 

 

The following table summarizes the unrecognized compensation expense related to unvested RSUs by type and the weighted-average period in which the expense is to be recognized:

 

 

 

Unrecognized

 

 

 

 

 

 

Compensation

 

 

Weighted-

 

 

 

Expense at

 

 

Average

 

 

 

June 30, 2025

 

 

Period (years)

 

Service-based RSUs

 

$

3,558

 

 

 

1.39

 

Performance and Market-based RSUs

 

 

3,890

 

 

 

2.15

 

Total

 

$

7,448

 

 

 

1.79

 

 

We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.

The following table summarizes the status of these plans as of June 30, 2025:

 

 

 

2018 Plan

 

 

2014 Plan

 

 

2009 Plan

 

 

2004 Plan

 

 

Directors'
Plan

 

Awards originally available

 

 

2,500,000

 

 

 

1,500,000

 

 

 

3,400,000

 

 

 

6,500,000

 

 

N/A

 

Maximum potential awards outstanding

 

 

639,753

 

 

 

39,400

 

 

 

34,100

 

 

 

14,545

 

 

 

4,722

 

RSUs and cash-settled awards vested and released

 

 

771,459

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards available for grant

 

 

1,088,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the six months ended June 30, 2025:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2024

 

 

322,847

 

 

$

34.06

 

Granted

 

 

61,908

 

 

 

46.24

 

Vested and released

 

 

(54,944

)

 

 

40.40

 

Forfeited

 

 

(20,691

)

 

 

44.78

 

Outstanding at June 30, 2025

 

 

309,120

 

 

$

34.70

 

Releasable at June 30, 2025

 

 

158,467

 

 

$

23.78

 

 

Performance and Market-Based Restricted Stock Units

The following table summarizes the performance and market-based RSU activity for the six months ended June 30, 2025:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2024

 

 

222,344

 

 

$

40.15

 

Granted

 

 

75,010

 

 

 

46.46

 

Attained by performance

 

 

39,581

 

 

 

37.93

 

Released

 

 

(79,162

)

 

 

37.93

 

Forfeited

 

 

(71,864

)

 

 

35.95

 

Outstanding at June 30, 2025

 

 

185,909

 

 

$

44.64

 

Releasable at June 30, 2025

 

 

 

 

$

 

 

Cash-Settled Restricted Stock Units

Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At June 30, 2025 and December 31, 2024, we had 15,028 and 44,127 cash-settled RSUs outstanding, respectively. At June 30, 2025 and December 31, 2024 liabilities of $390 and $608, respectively, were included in Accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.