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Capital Stock and Equity Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Capital Stock and Equity Compensation Capital Stock and Equity Compensation
Share Repurchases
In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock to mitigate the dilutive effects of stock option 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. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three and six months ended June 30, 2025, we purchased 425,990 shares for a total value of $28.1 million using cash from operations and cash on hand. As of June 30, 2025, $76.1 million remained available to purchase under the Program. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act.
(Dollars in millions, except shares and per share amounts)
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
April 1, 2025 to April 30, 2025—$— —$104.2 
May 1, 2025 to May 31, 2025406,560$63.09 406,560$77.4 
June 1, 2025 to June 30, 202519,430$66.01 19,430$76.1 
Equity Compensation
Equity Compensation Expense
The components of equity compensation expense were as follows:
Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Performance-based restricted stock units expense$2.1 $2.0 $3.9 $3.3 
Time-based restricted stock units expense1.8 2.1 3.5 4.0 
Deferred stock units expense0.1 1.3 0.2 1.3 
Other0.3 (0.1)0.3 0.2 
Total equity compensation expense$4.3 $5.3 $7.9 $8.8 
Performance-Based Restricted Stock Units
As of June 30, 2025, we had outstanding performance-based restricted stock units with a market condition from 2025, 2024 and 2023. 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 performance-based restricted stock units with a market condition have one measurement criterion: the three-year total shareholder return on our capital stock as compared to that of a specified group of peer companies. The fair value of this measurement criterion was 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.
The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2025 and 2024:
February 26, 2025February 19, 2024February 13, 2024
Expected volatility45.6%46.3%46.2%
Expected term (in years)2.92.92.9
Risk-free interest rate4.28%4.35%4.35%
Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility.
Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model.
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.
Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model.
As of June 30, 2025, we had outstanding performance-based restricted stock units with a performance condition from 2024. These awards generally cliff vest at the end of a two-year performance 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 performance-based restricted stock units with a performance condition have one measurement criterion: 2025 net revenue. The fair value of these awards was determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to-date being increased or decreased based on the changes in the forecasted payout percentage as of the end of each reporting period. As of June 30, 2025, the performance condition is not probable of vesting. As such, no compensation expense has been recognized for the performance-based restricted stock units. We account for forfeitures as they occur.
A summary of activity of the outstanding performance-based restricted stock units for the six months ended June 30, 2025 is presented below:
Performance-Based
Restricted Stock Units
Awards outstanding as of December 31, 2024109,106 
Awards granted83,834 
Stock issued— 
Awards forfeited/cancelled(5,069)
Awards outstanding as of June 30, 2025187,871 
Time-Based Restricted Stock Units
As of June 30, 2025, we had time-based restricted stock unit awards from 2025, 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.
A summary of activity of the outstanding time-based restricted stock units for the six months ended June 30, 2025 is presented below:
Time-Based
Restricted Stock Units
Awards outstanding as of December 31, 2024110,745 
Awards granted88,973 
Stock issued(47,882)
Awards forfeited/cancelled(5,244)
Awards outstanding as of June 30, 2025146,592 
Deferred Stock Units
We grant deferred stock units to non-management directors. These awards will generally vest at the one year anniversary of the award, subject to continuous service. 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.
A summary of activity of the outstanding deferred stock units for the six months ended June 30, 2025 is presented below:
Deferred Stock Units
Awards outstanding as of December 31, 202411,900 
Awards granted22,616 
Stock issued(10,950)
Awards outstanding as of June 30, 202523,566