Stock-Based Compensation

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

In June 2023, the Company's stockholders approved the NV5 Global, Inc. 2023 Equity Incentive Plan (the "2023 Equity Plan"). The 2023 Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. The Company may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of June 29, 2024, 1,808,924 shares of common stock are authorized, reserved, and registered for issuance under the 2023 Equity Plan. The restricted shares of common stock granted generally provide for service-based cliff vesting after two to four years following the grant date.

The following summarizes the activity of restricted stock awards during the six months ended June 29, 2024:


	Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units	Weighted Average Grant Date Fair Value
December 30, 2023	676,760	$	104.63
Granted	349,702	$	95.13
Vested	(195,471)	$	90.52
Forfeited	(14,808)	$	99.77
June 29, 2024	816,183	$	104.02

Stock-based compensation expense relating to restricted stock awards during the three and six months ended June 29, 2024 was $7,322 and $13,988, respectively, and $4,902 and $10,728 during the three and six months ended July 1, 2023, respectively. Stock-based compensation expense during the three and six months ended June 29, 2024 includes $862 and $1,809, respectively, of expense related to the Company's liability-classified awards. Stock-based compensation expense during the three and six months ended July 1, 2023 includes $543 and $1,157, respectively, of expense related to the Company's liability-classified awards. The total estimated amount of the liability-classified awards for fiscal 2024 is approximately $8,678. Approximately $51,368 of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of 2 years, is unrecognized at June 29, 2024. The total fair value of restricted shares vested during the six months ended June 29, 2024 and July 1, 2023 was $18,653 and $20,851, respectively.