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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Share Authorization
We are authorized to issue 80,000,000 shares of common stock, $0.01 per share par value. We had 27,378,870 and 26,881,355 shares issued and 15,751,052 and 15,253,537 shares outstanding, net of 11,627,818 shares held in treasury at par, at December 31, 2025 and 2024, respectively.
Stock Based Compensation Plans
During the year ended December 31, 2025, we had two stock benefits plans in effect under which stock, restricted stock, stock options, and performance awards have been granted or remain outstanding: the Second Amended and Restated 2006 Long-Term Incentive Plan (as amended, the “Amended and Restated 2006 Plan”) and the 2017 Omnibus Incentive Plan (as amended, the “2017 Plan”). The Amended and Restated 2006 Plan was terminated upon the approval of the 2017 Plan at the annual stockholders meeting on May 17, 2017. The 2017 Plan expires on May 17, 2027. All stock-based plans are administered by the Compensation Committee appointed by our Board of Directors (the “Board”).
At December 31, 2025, we had 2,740,182 shares available to issue under our 2017 Plan. The termination of the Amended and Restated 2006 Plan does not affect the awards previously issued and outstanding.
Restricted Stock
Restricted stock activity is as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
114,684 $4,764 156,630 $3,834 142,020 $4,634 
Returned for payroll taxes28,656 $1,168 16,354 $419 1,473 $50 
Cancelled10,004 $357 55,050 $1,623 1,826 $61 
(1)
Restricted stock granted during the year ended December 31, 2025, 2024 and 2023 will vest over a three-year period, if the employee has remained continuously employed by us during the vesting period, at a weighted average stock price of $41.54, $24.48 and $32.63, respectively.
A summary of the number of unvested restricted stock awards and their weighted average grant date fair values during the year ended December 31, 2025 is presented in the table below: 
Restricted stock awardsSharesWeighted Average
Grant Date
Fair Value
Unvested at January 1196,480 $27.01 
Granted 114,684 $41.54 
Vested(75,600)$27.77 
Cancelled(10,004)$35.73 
Unvested at December 31225,560 $33.76 
We recorded stock-based compensation expense, which is included in Regional and unallocated funeral and cemetery costs and General, administrative and other expenses, for restricted stock awards of $3.3 million, $2.0 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
At December 31, 2025, we had $7.6 million of total unrecognized compensation costs related to unvested restricted stock awards, which are expected to be recognized over a weighted average period of 1.5 years.
Stock Options
Stock option grants and cancellations are as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— 370,590 $3,830 214,191 $2,506 
Cancelled22,190 $273 532,266 $6,311 105,150 $1,380 
(1)
Stock options granted during the years ended December 31, 2024 and 2023 had a weighted average price of $24.48 and $32.69, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2024 and 2023 vest over a three-year period and have a ten-year term.
Additional stock option activity is as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesCashSharesCashSharesCash
Exercised(1)
324,497 $584 97,548 $1,439 74,200 N/A
Returned for option price(2)
191,280 $8,547 28,882 $1,113 56,957 $— 
Returned for payroll taxes(3)
34,969 $1,446 4,482 $174 5,486 $174 
(1)
Stock options exercised during the years ended December 31, 2025, 2024, and 2023 had a weighted average exercise price of $27.46, $26.12 and $23.98, respectively.
(2)Represents shares withheld/cash received for the payment of the option price.
(3)Represents shares withheld/cash paid for the payment of payroll taxes.
Stock options are granted with an exercise price equal to the closing price of our common stock on the date of grant. All of the options granted and outstanding under this plan have either a seven or ten-year term. We utilized the Black-Scholes option pricing model for estimating the fair value of our stock options. These models allow for the use of a range of assumptions related to volatility, risk-free interest rate, expected holding period and dividend yield. The expected volatility utilized in these valuation models is based on the historical volatility of our stock price. The dividend yield and expected holding period are based on historical experience and management's estimate of future events. The risk-free interest rate is derived from the U.S. Treasury yield curve based on the expected life of the option in effect at the time of grant.
The fair value of the options granted using the Black-Scholes option pricing model was estimated on the date of grant with the following assumptions:
Years Ended December 31,
20242023
Grant dateFebruary 21February 22
Expected holding period (years)6.04.0
Awards granted370,590214,191
Dividend yield1.79 %1.38 %
Expected volatility43.59 %43.68 %
Risk-free interest rate4.31 %4.27 %
Black-Scholes value$10.34$11.70
A summary of the number of stock options and their weighted average exercise prices during the year ended December 31, 2025 is presented in the table below (shares in thousands): 
SharesWtd. Avg.
Ex. Price
Outstanding at January 11,344 $32.39 
Exercised(324)$27.46 
Forfeited or expired(23)$36.97 
Outstanding at December 31997 $33.89 
Exercisable at December 31556 $34.08 
A summary of the number of stock options and their weighted average grant date fair values during the year ended December 31, 2025 is presented in the table below (shares in thousands): 
SharesWtd. Avg.
Fair Value
Non-vested at January 1727 $11.98 
Vested or exercised(268)$11.35 
Forfeited(18)$11.45 
Non-vested at December 31441 $12.34 
A summary of the intrinsic value of stock options exercised and the fair value of stock options vested for the three years ended December 31, 2025 is presented in the table below (in thousands): 
Years Ended December 31,
202520242023
Intrinsic value of options exercised$5,053 $647 $538 
Fair value of stock options vested
6,258 5,825 6,003 
The following table further describes our outstanding stock options at December 31, 2025:
 Options OutstandingOptions Exercisable
Actual Ranges of Exercise PricesNumber Outstanding at 12/31/25Weighted-Average
Remaining
Contractual Life		Weighted-Average
Exercise Price		Number Exercisable at 12/31/25Weighted-Average
Remaining
Contractual Life		Weighted-Average
Exercise Price
$18.02 - $18.02
13,333 4.48$18.02 13,333 4.48$18.02 
$20.06 - $26.54
353,520 7.10$24.75 145,220 5.61$25.14 
$31.58 - $31.58
12,600 6.74$31.58 12,600 6.74$31.58 
$32.69 - $49.48
617,945 5.88$39.51 385,246 5.77$38.08 
$18.02 - $49.48
997,398 6.31$33.89 556,399 5.72$34.08 
The aggregate intrinsic value of the outstanding and exercisable stock options were both $10.0 million and $5.3 million, respectively, at December 31, 2025. We had $3.0 million of unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted average period of 2.1 years at December 31, 2025.
We recorded stock-based compensation expense, which is included in Regional and unallocated funeral and cemetery costs and General, administrative and other expenses, for stock options $2.9 million, $2.5 million, and $2.9 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
Performance Awards
During the year ended December 31, 2025, we granted performance awards to our executive leadership team payable in shares. These awards will vest, if at all, provided that certain predetermined performance metrics related to the Company's adjusted consolidated EBITDA (adjusted earnings before interest tax depreciation and amortization) are achieved during the period commencing on the grant date, March 7, 2025, through March 31, 2028, subject to certification by the Compensation Committee of the Board of Directors (“Board”) and the individual remaining continuously employed by us through such date.
Performance award activity is as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesFair ValueSharesFair ValueSharesFair Value
Granted90,894 $3,508 — $— — $— 
Returned for payroll taxes
142,070 $5,662 — $— — $— 
Cancelled58,013 $2,423 80,276 $871 54,229 $1,565 
A summary of the number of performance awards and their weighted average grant date fair values during the year ended December 31, 2025 is presented in the table below: 
Performance AwardsSharesWeighted Average
Grant Date
Fair Value
At January 1297,531 $22.23 
Granted 90,894 $38.59 
Vested(239,518)17.50 
Cancelled(58,013)$41.77 
At December 3190,894 $38.59 
At December 31, 2025, we had $3.5 million of total unrecognized compensation costs related to performance awards, which are expected to be recognized over a weighted average period of 2.2 years.
We recorded stock-based compensation expense, which is included in Regional and unallocated funeral and cemetery costs and General, administrative and other expenses, for performance awards of $1.0 million, $1.1 million, and $1.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
Employee Stock Purchase Plan
We provide all employees the opportunity to purchase common stock through payroll deductions in our ESPP. Purchases are made quarterly; the price being 85% of the lower of the price on the first day of the plan entry date (beginning of the fiscal year) or the actual date of purchase (end of quarter).
ESPP activity is as follows:
Years Ended December 31,
202520242023
SharesPriceSharesPriceSharesPrice
ESPP34,208 $33.09 55,850 $21.26 63,372 $23.58 
We recorded stock-based compensation expense, which is included in Regional and unallocated funeral and cemetery costs and General, administrative and other expenses, for our ESPP of $0.3 million, $0.4 million, and $0.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
The fair values of the right to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:
Years Ended December 31,
202520242023
Dividend yield1.05 %1.51 %1.30 %
Expected volatility28.8 %41.2 %53.5 %
Risk-free interest rate
4.36%, 4.25%, 4.21%, 4.17%
5.46%, 5.24%, 5.02%,4.80%
4.53%, 4.77%, 4.75%, 4.72%
Expected life (years)
0.25, 0.50, 0.75, 1.00
0.25, 0.50, 0.75, 1.00
0.25, 0.50, 0.75, 1.00
Expected volatilities are based on the historical volatility during the previous twelve months of the underlying common stock. The risk-free rate for the quarterly purchase periods is based on the U.S. Treasury yields in effect at the time of purchase. The expected life of the ESPP grants represents the calendar quarters from the beginning of the year to the purchase date (end of each quarter).
Common Stock
Former Employee
Common stock activity is as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— — $— 30,000 $826 
Returned for payroll taxes— $— — $— 1,001 $28 
(1)
During the year ended December 31, 2023, we issued 30,000 shares of common stock to a former executive at a stock price of $27.54, in accordance with his Separation and Release Agreement pertaining to his resignation from his position as the Company’s Executive Vice President, Chief Financial Officer & Treasurer effective January 2, 2023.
We recorded stock-based compensation expense, which is included in General, administrative, and other expenses, for
common stock awards of $0.8 million, for the year ended December 31, 2023.
Good to Great Incentive Program
Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):
Years Ended December 31,
202520242023
SharesFair ValueSharesFair ValueSharesFair Value
11,958 $497 31,470 $790 8,444 $276 
(1)
Common stock granted during the year ended December 31, 2025, 2024, and 2023 had a grant date stock price of $41.54, $25.08, and $32.69, respectively.
Share Repurchase Program
Our shares were purchased in the open market at times and in amounts as management determined appropriate based on factors such as market conditions, legal requirements and other business considerations. Shares purchased pursuant to the repurchase program are currently held as treasury stock. No shares were repurchased during the years ended December 31, 2025, 2024,and 2023. At December 31, 2025, our share repurchase program had $48.9 million authorized for repurchases.