v3.25.2
Share-Based Payments
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 12 Share-Based Payments

 

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to executive officers and certain key employees of restricted stock units, with vesting contingent upon the completion of specified service periods ranging from one to four years and/or (b) meeting certain financial performance and/or market-based metrics. Shares for the restricted stock units are not issued until they vest.

 

The following table summarizes the total share-based compensation expense recognized for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2025   2024   2025   2024 
Share-based compensation expense  $3,188   $2,545   $5,740   $5,094 

 

Restricted Stock Units

 

Restricted stock unit activity (including those with performance-based vesting criteria) for the three months ended June 30, 2025 is summarized as follows:

 

   Restricted Stock Units 
   Number of
Shares
   Weighted
Average
Grant Date Fair Value
 
Outstanding, December 31, 2024   1,008,400   $22.51 
Granted   269,259    30.62 
Vested   (257,320)   16.45 
Forfeited   (3,549)   28.06 
Outstanding, June 30, 2025   1,016,790    26.17 

 

As of June 30, 2025, there was $15.9 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 1.9 years.

 

As of June 30, 2025, the fair market value of non-vested restricted stock units was $21.1 million.