Share-Based Compensation and Other Benefit Programs (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost Recognized

The following table summarizes the compensation cost recognized and additional information regarding all share-based awards for the years indicated.

Share-based compensation expense
	Years Ended December 31,
(In thousands)	2024		2023		2022
Compensation cost recognized (1)
RSUs	$	37,921	$	40,567	$	37,465
ESPP and other		552		562		596
Total compensation cost recognized		38,473		41,129		38,061
Income tax benefit related to share-based compensation expense		13,379		9,434		7,524
Share-based compensation expense, net	$	25,094	$	31,695	$	30,537

(1)Compensation cost is generally recognized over the periods that an employee provides service in exchange for the award. For purposes of calculating compensation cost recognized for retirement eligible grantees, we consider the service condition to be met (and recognize the full compensation costs) as of the date when a grantee becomes retirement eligible.

Schedule of RSUs Equity-Settled

Information with regard to RSUs to be settled in stock for the periods indicated is as follows.

Rollforward of RSUs
	Performance-Based					Time-Vested
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2023 (1)		2,970,874		$	18.28		1,786,615		$	18.16
Granted (2)		484,480			29.32		434,233			31.68
Performance adjustment (3)		557,957			—		—			—
Vested (4)		(1,344,579	)		14.50		(618,193	)		20.80
Forfeited		(29,542	)		27.03		(13,259	)		27.62
Outstanding, December 31, 2024 (1)		2,639,190		$	22.57		1,589,396		$	20.75

(1)Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and, for the performance-based RSUs granted in 2024 and 2023, a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes in the number of vested RSUs.

(2)For performance-based RSUs, amount represents the number of target shares at grant date.

(3)For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods, and the number of target shares at the grant date.

(4)Represents amounts vested during the year, including the impact of performance adjustments for performance-based awards.

Schedule of Information with Regard to Stock Options

Information with regard to stock options for the periods indicated is as follows.

Rollforward of non-qualified stock options
($ in thousands, except per-share amounts)	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding, December 31, 2023		234,505		$	14.97
Granted		—			—
Exercised		(86,595	)		15.69
Forfeited		—			—
Expired		—			—
Outstanding, December 31, 2024		147,910		$	14.55	1.0 years	$	2,539
Exercisable, December 31, 2024		147,910		$	14.55	1.0 years	$	2,539

(1)Based on the market price of $31.72 at December 31, 2024.

Summary of Additional Information Concerning Stock Option Activity

The following table summarizes additional information concerning stock option activity for the periods indicated.

Additional information
	Years Ended December 31,
(In thousands)	2024		2023		2022
Aggregate intrinsic value of options exercised	$	1,266	$	1,273	$	2,926
Tax benefit of options exercised		266		267		614
Cash received from options exercised		928		1,755		1,341