As of December 31, 2024, the Company has an Omnibus Incentive Plan under which 1,000,000 shares are reserved for stock options, restricted stock, performance shares grants for employees, as well as stock grants for directors. The plan was approved in 2021 and replaced all prior stock-based plans except for shares and options previously issued under those plans. As of December 31, 2024 and 2023 there were 870,642 and 909,688 shares, respectively, of the Company’s Common Stock available for grant under the 2021 Omnibus Incentive Plan. The Company recognizes the cost of stock-based awards in net earnings for all of its stock-based compensation plans on a straight-line basis over the service period of the awards. The following sections describe the four types of awards in more detail.

The Company estimates the fair value of its option awards using the Black-Scholes option-pricing formula, and records compensation expense for stock options ratably over the stock option grant’s vesting period. Stock option compensation expense recognized by the Company for the years ended December 31, 2024, 2023 and 2022 was $0.1 million, $0.2 million and $0.3 million, respectively. No new stock options were granted in 2024, 2023 and 2022.

The following table summarizes stock option activity for the three-year period ended December 31, 2024:


	Number of shares			Weighted- average exercise price
Options outstanding - December 31, 2021		227,262		$	43.56
Options exercised		(25,986	)		27.04
Options forfeited		(4,529	)		60.82
Options outstanding - December 31, 2022		196,747		$	45.35
Options exercised		(30,433	)		31.77
Options outstanding - December 31, 2023		166,314		$	47.83
Options exercised		(22,400	)		33.55
Options outstanding - December 31, 2024		143,914		$	50.06
Exercisable options —
December 31, 2022		163,316		$	42.23
December 31, 2023		147,937			46.06
December 31, 2024		137,429			49.45

The weighted-average contractual life remaining for options outstanding as of December 31, 2024 was 3.3 years.


	2024		2023		2022
	(In thousands)
Exercised	$	3,272	$	3,919	$	2,175
Outstanding		23,323		17,718		12,529
Exercisable		22,356		16,023		10,910

As of December 31, 2024, the unrecognized compensation expense related to stock options was less than $0.1 million, which will be recognized over a weighted average period of 0.2 years. There were no anti-dilutive options in 2024, 2023 and 2022.

The Company periodically issues nonvested shares of the Company's Common Stock to certain eligible employees. The Company values restricted stock on the closing price of the Company's stock on the day the grant was awarded. The Company records compensation expense for this plan ratably over the vesting periods. Restricted stock compensation expense recognized by the Company was $2.4 million in 2024, $2.0 million in 2023 and $1.6 million in 2022.

The fair value of nonvested shares is determined based on the market price of the shares on the grant date.


	Shares			Fair value per share
Nonvested at December 31, 2021		57,067		$	72.62
Granted		21,637			97.41
Vested		(23,302	)		66.87
Forfeited		(4,327	)		86.53
Nonvested at December 31, 2022		51,075		$	84.85
Granted		21,261			125.11
Vested		(30,408	)		75.97
Forfeited		(836	)		97.68
Nonvested at December 31, 2023		41,092		$	111.99
Granted		18,782			161.50
Vested		(16,591	)		104.74
Forfeited		(1,244	)		139.72
Nonvested at December 31, 2024		42,039		$	136.15

As of December 31, 2024, there was $3.3 million of unrecognized compensation cost related to nonvested restricted stock that is expected to be recognized over a weighted average period of 1.8 years.

The Company periodically issues performance share units to certain eligible employees. Recipients of performance share grants are eligible to receive shares of common stock subject to achievement of total adjusted return on invested capital (ROIC) and adjusted free cash flow conversion targets as measured over a three-year performance period. The number of shares earned for awards granted in 2022, 2023 and 2024 will range from 50% to 200% of the granted number of performance shares for the three-year performance period ending December 31, 2024, December 31, 2025, and December 31, 2026, respectively, and will vest, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. Performance share compensation expense recognized by the Company was $3.2 million in 2024, $2.5 million in 2023 and $1.2 million in 2022.


	Performance Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021		22,122		$	100.37
Granted		16,870			97.62
Adjustment for expected performance results		6,746			97.62
Forfeited		(2,892	)		99.43
Nonvested at December 31, 2022		42,846		$	98.92
Granted		18,698			123.77
Adjustment for expected performance results		10,701			120.74
Nonvested at December 31, 2023		72,245		$	108.59
Granted		18,796			159.92
Adjustment for expected performance results		10,554			160.40
Vested		(20,973	)		100.37
Forfeited		(2,628	)		137.88
Nonvested at December 31, 2024		77,994		$	129.20

As of December 31, 2024, there was $4.7 million of unrecognized compensation cost related to nonvested performance share units that is expected to be realized over a weighted average period of 1.8 years.

Non-employee directors receive an annual stock award of the Company’s Common Stock under the 2021 Omnibus Incentive Plan. The annual stock award for 2024 was $80,000. The Company values stock grants for directors at the closing price of the Company’s stock on the day the grant was awarded. The Company records compensation expense for this plan in the period the grants are awarded. Director stock compensation expense recognized by the Company was $0.5 million in 2024, 2023 and 2022. As of December 31, 2024, there was no unrecognized compensation cost related to the director stock award.