Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Company granted 305,041 shares of restricted stock with a weighted-average grant-date fair value of $77.61 per share and 322,159 shares of restricted stock with a weighted-average grant-date fair value of $60.31 per share during the three months ended March 31, 2025 and the three months ended March 31, 2024, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.

	Three months ended March 31,
(in thousands)	2025			2024
Restricted stock (1)	$	5,443			4,640
Directors' fees paid in common stock and other employee stock grants		105			152
Capitalized stock-based compensation		(583	)		(434	)
Stock-based compensation, net of capitalization	$	4,965			4,358

(1)In addition, during the three months ended March 31, 2024, the Company expensed $1.9 million within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of UBP.