Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

NOTE 10 – STOCK-BASED COMPENSATION

The Company’s 2018 Amended and Restated Omnibus Incentive Plan (the “2018 A&R Omnibus Plan”) allows the Company to grant up to 2,050,000 total shares of common stock to officers, key employees, and non-employee directors. As of September 30, 2024, the Company had approximately 1,018,803 shares available for grant under the 2018 A&R Omnibus Plan.

The following awards were granted during the three and nine months ended September 30, 2024 and 2023:

	Awards Granted				Average Grant Date Fair Value				Awards Granted				Average Grant Date Fair Value
	Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Employee Stock Awards		672		—	$	153.50	$	—		83,467		113,569	$	152.59	$	107.29
Cash-Settled RSUs		3,012		2,281	$	153.50	$	130.47		37,570		68,745	$	152.64	$	110.04
Non-Employee Director Stock Awards		6,618		8,211	$	135.91	$	127.81		6,618		8,211	$	135.91	$	127.81
Total		10,302		10,492						127,655		190,525

The total stock-based compensation expense was $6.6 million and $19.3 million for the three and nine months ended September 30, 2024, respectively, and $5.2 million and $15.9 million for the three and nine months ended September 30, 2023, respectively. The unrecognized compensation expense at September 30, 2024 was $34.0 million, which is expected to vest over the next 1.5 years.