The following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three and nine months ended September 30, 2024 and 2023, and associated with the issuance of restricted stock awards and units and vesting of stock options that are included in general and administrative expenses in the accompanying condensed consolidated statements of income (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options and ESPP	$	349	$	406	$	1,125	$	1,393
Restricted stock awards and units		5,814		5,300		18,176		11,971
Total stock-based compensation expense	$	6,163	$	5,706	$	19,301	$	13,364

Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2024, was $31.7 million.

The Company’s outstanding stock options consisted of the following:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In Millions)
Options outstanding at January 1, 2024		504,241		$	34.03		2.10	$	4.7
Options granted		—			—		—		—
Options exercised		(75,455	)		16.71		—		2.3
Options forfeited		(7,271	)		50.56		—		—

Options outstanding at September 30, 2024		421,515		$	36.84		1.28	$	10.9

Options exercisable at September 30, 2024		383,685		$	30.06		1.10	$	10.9

No options were granted during the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2024, there were 75,455 options exercised from which the Company received cash proceeds of $0.2 million and from which 21,655 shares were withheld from issuance upon exercise of options in order to cover the cost of the exercise by the participants. During the nine months ended September 30, 2023, options were exercised for 125,000 shares of the Company’s common stock, resulting in proceeds of $1.3 million. There were no shares withheld from issuance upon exercise of options in order to cover the cost of the exercise by the participant during the three and nine months ended September 30, 2023.

The Company grants restricted stock awards and units to officers and employees, which are earned based on service and/or performance conditions. The grant date fair value of the restricted stock awards and units are the grant date’s closing market price of the Company’s common stock. During the nine months ended September 30, 2024, the Company granted 519,696 shares of restricted stock awards and units with performance-based conditions and 405,164 shares of restricted stock awards and units without performance-based conditions. During the nine months ended September 30, 2024, the weighted average grant date fair value of restricted stock awards and units with and without performance-based conditions was $43.01 and $41.31, respectively.

The Company’s ESPP is a shareholder-approved plan that allows eligible employees to contribute a portion of their eligible earnings toward the semi-annual purchase of the Company’s common stock at a discounted price equal to 85% up to 90% of the fair market values of the stock on the exercise date, subject to a maximum number of shares that can be purchased during any single offering period as well as an annual maximum dollar amount of shares during any single calendar year. A maximum of 5,000,000 shares were authorized for issuance at the time the ESPP was approved. There were 7,789 shares issued for the nine months ended September 30, 2024.