Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2024 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.

The following table summarizes our award activity during the three months ended March 31, 2025:


	Service-Based Restricted Stock Awards			Performance-Based Restricted Stock Awards
	Shares or Units (#)	Weighted-Average Award Price ($)		Shares or Units (#)	Weighted-Average Award Price ($)
Outstanding at December 31, 2024	250,575	$	33.29	276,098	$	32.34
Granted/Issued	210,750	22.89		153,948	22.91
Awards vested or rights exercised(1)	—	—		(91,804)	28.86
Forfeited	(5,162)	33.24		(4,577)	33.71
Adjustment of units based on performance	—	—		(65,364)	34.73
Outstanding at March 31, 2025	456,163	$	28.49	268,301	$	27.52
Restricted units expected to vest	456,163	$	28.49	288,930	$	27.19


(1)			Includes shares repurchased from employees for employee’s tax liability.

The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $9.0 million at March 31, 2025. The restrictions on the service-based awards generally lapse or vest annually, primarily over one-year and three-year periods.

The total fair value of performance-based restricted stock awards that vested during the three months ended March 31, 2025 was approximately $2.1 million. The aggregate intrinsic value of outstanding performance awards at March 31, 2025 expected to vest was approximately $5.7 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.

The compensation for all awards is charged to selling, general and administrative expenses over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $2.1 and $2.6 million for the three months ended March 31, 2025 and 2024, respectively. Forfeitures are recognized as they occur. As of March 31, 2025, the total compensation cost related to unvested equity awards was approximately $11.9 million and is expected to be recognized over a weighted-average period of two years.