Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Stockholders' Equity | |
| Stockholders' Equity | Note 11—Stockholders’ Equity Common stock During the three months ended June 30, 2026, and 2025, we issued 2,144 and 4,640 shares of common stock, respectively, as part of the quarterly compensation of the non-employee members of the Board of Directors. During the six months ended June 30, 2026, and 2025, we issued 4,368 and 8,376 shares of common stock, respectively, as part of the quarterly compensation of the non-employee members of the Board of Directors. During the three and six months ended June 30, 2026, a total of 40,594 and 225,319 restricted and performance stock units, net of forfeitures for tax withholdings, respectively, were converted to common stock. There were 8,233 and 245,200 restricted and performance stock units, net of forfeitures for tax withholdings, converted to common stock during the three and six months ended June 30, 2025, respectively. We issued 3,118 shares of common stock in the six months ended June 30, 2025, under our long-term retention plan (“LTR Plan”). The shares were purchased by the participants in the LTR Plan with payment made to us of $0.2 million for the six months ended June 30, 2025. The shares purchased in the six months ended June 30, 2025, were for bonus amounts earned in 2024, and the number of shares was calculated based on 75% of the average daily closing market price during December 2024. In July 2025, the LTR plan was discontinued and no shares were issued in 2026, or will be issued in future periods.
Employee Stock Purchase Plan In May 2022, our shareholders approved the 2022 Primoris Services Corporation Employee Stock Purchase Plan (the “ESPP”), for which eligible full-time employees can purchase shares of our common stock at a discount. The purchase price of the stock is 90% of the lower of the market price at the beginning of the offering period or the end of the offering period. Purchases occur semi-annually, approximately 30 days following the filing of our Annual Report on Form 10-K for the fiscal year ended December 31 of each year, but in no cases can extend beyond March 31 of the period or year, and approximately 30 days following the filing of our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30 of each year. For the six months ended June 30, 2026, 3,274 shares were purchased at an average discounted purchase price of $126.54 per share. For the six months ended June 30, 2025, 11,040 shares were purchased at an average discounted purchase price of $51.80 per share. Share Purchase Plan On April 30, 2025, our Board of Directors authorized a share purchase program under which we may acquire shares up to an aggregate purchase price of $150.0 million. The timing of share purchases, if any, depends on market conditions, share price and other factors. The share purchase program expires on April 30, 2028. During the three and six months ended June 30, 2026, we purchased 449,287 shares, which in the aggregate equaled $50.0 million, at a weighted average purchase price of $111.29 per share. As of June 30, 2026, we had $100.0 million available for purchase under the share purchase program. |