Compensation Related Costs, Share Based Payments

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company’s 2024 Omnibus Equity Incentive Plan is administered by the Board and allows for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), restricted stock units (“RSUs”), stock options and other stock based awards.

Share-Based Award Activity

During the three months ended March 31, 2025, the Company granted SAs and RSUs to executive officers, RSAs to non-employee members of the Board, and PRSUs to executive officers and employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are generally granted with a one-year vesting for non-employee directors, three-year cliff vesting for employee PRSUs, and various vesting schedules for executive officer PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 51,408 shares of common stock from executive officers and employees at a total cost of $3.1 million, to satisfy statutory minimum tax requirements upon vesting of the awards.

A summary of share-based awards activity during the three months ended March 31, 2025 is as follows:


	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share
Unvested, December 31, 2024	125	$	46.84
Granted	277	$	59.73
Vested	(166)	$	55.33
Forfeited	(2)	$	49.29
Unvested, March 31, 2025	234	$	56.08

Share-Based Compensation Expense

Share-based compensation expense was $8.1 million and $6.4 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs and PRSUs, net of forfeitures, was $12.8 million which is expected to be recognized over a weighted-average period of 2.4 years.