Our 2019 Long-Term Equity Compensation Plan, which was approved by our shareholders in May 2019, permits the granting of restricted stock units and certain other forms of equity awards to officers and other key employees. Under this plan, we also grant each non-management director deferred stock units, which permit non-management directors to receive, at a later date, one share of Rogers capital stock for each deferred stock unit, with no payment of any consideration by the director at the time the shares were received.


	2024	2023
Shares reserved for issuance under outstanding restricted stock unit awards	328,957	248,055
Deferred compensation to be paid in stock, including deferred stock units	11,900	8,100
Additional shares reserved for issuance under Rogers Corporation 2019 Long-Term Equity Compensation Plan	486,947	842,046
Shares reserved for issuance under the Rogers Corporation Employee Stock Purchase Plan	43,716	59,611
Total	871,520	1,157,812

In 2015, we initiated a share repurchase program of up to $100.0 million of our capital stock to mitigate the dilutive effects of stock options exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. In 2024, the Board of Directors authorized an additional $100.0 million to be used for share repurchases. Our share repurchase program has no expiration date and may be suspended or discontinued at any time without notice. There were 0.2 million shares repurchased for a total value of $19.8 million in 2024, using cash from operations and cash on hand. There were no shares repurchased in 2023. There were 0.2 million shares repurchased for a total value of $25.0 million in 2022, using cash from operations and cash on hand. As of December 31, 2024, $104.2 million remained available to purchase under our share repurchase program.


(Dollars in millions, except shares and per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
March 1, 2024 to March 31, 2024	1,500	$	109.92	1,500	$	23.8
April 1, 2024 to April 30, 2024	70,893	$	108.79	70,893	$	116.2
December 1, 2024 to December 31, 2024	116,045	$	103.58	116,045	$	104.2


(Dollars in millions)	2024		2023		2022
Performance-based restricted stock units	$	6.0	$	3.7	$	2.3
Time-based restricted stock units	7.3		9.2		8.2
Deferred stock units	1.3		1.3		1.3
Other	0.5		0.1		—
Total equity compensation expense	$	15.1	$	14.3	$	11.8

As of December 31, 2024, there was total unrecognized compensation cost related to unvested performance-based restricted stock units and unvested time-based restricted stock units of $8.7 million and $8.5 million, respectively, which are expected to be recognized over a weighted average period of 0.8 years and 0.9 years, respectively.

As of December 31, 2024, we had performance-based restricted stock units from 2024 and 2023 outstanding. These awards generally cliff vest at the end of a three-year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.

The outstanding awards have one measurement criteria: the three-year total shareholder return on our capital stock as compared to that of a specified group of peer companies. The total shareholder return measurement criteria of the awards is considered a market condition. As such, the fair value of this measurement criteria is determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur.


	February 19, 2024	February 13, 2024	February 9, 2023
Expected volatility	46.3%	46.2%	53.2%
Expected term (in years)	2.9 years	2.9 years	2.9 years
Risk-free interest rate	4.35%	4.35%	4.08%

Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate.


	2024			2023			2022
	Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value
Awards outstanding as of January 1	73,528	$	247.55	65,513	$	201.18	114,554	$	196.23
Awards granted	79,700	152.53		50,551	241.47		26,819	176.33
Stock issued	—	—		(8,775)	147.58		(60,053)	179.72
Awards forfeited/cancelled	(44,122)	225.74		(33,761)	174.43		(15,807)	204.69
Awards outstanding as of December 31	109,106	$	186.96	73,528	$	247.55	65,513	$	201.18

As of December 31, 2024, we had time-based restricted stock unit awards from 2024, 2023 and 2022 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur.


	2024			2023			2022
	Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value
Awards outstanding as of January 1	100,999	$	171.43	124,284	$	194.60	96,989	$	157.49
Awards granted	72,971	116.14		67,734	148.85		96,620	219.60
Stock issued	(38,795)	184.97		(62,251)	173.52		(48,253)	183.00
Awards forfeited/cancelled	(24,430)	141.73		(28,768)	213.84		(21,072)	223.90
Awards outstanding as of December 31	110,745	$	136.77	100,999	$	171.43	124,284	$	194.60

We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13-month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined by the market value of the underlying stock price at the grant date.


	2024			2023			2022
	Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value		Awards Outstanding	Weighted- Average Grant Date Fair Value
Awards outstanding as of January 1	8,100	$	161.90	6,850	$	232.51	9,500	$	173.82
Awards granted	10,950	119.91		8,100	161.90		4,800	272.12
Stock issued	(7,150)	161.89		(6,850)	232.51		(7,450)	183.20
Awards outstanding as of December 31	11,900	$	123.27	8,100	$	161.9	6,850	$	232.51