Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards and Units Activity
The following table summarizes activity related to RSAs and RSUs under the 2021 Plan for the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
2024 2023
Restricted Stock Awards Restricted Stock Units Restricted Stock Awards Restricted Stock Units
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period (1)
—  $ —  18,675  $ 527  4,011  $ 417  16,836  $ 441 
Granted (2)
—  —  12,655  481  —  —  8,544  641 
Vested (3)
—  —  (7,812) 507  —  —  (5,592) 441 
Cancelled and forfeited —  —  (306) 528  —  —  —  — 
Nonvested at end of period —  $ —  23,212  $ 509  4,011  $ 417  19,788  $ 528 
(1)There were 4,011 RSAs unvested as of September 30, 2023. As of December 31, 2023, the 4,011 RSAs had either vested or had been forfeited. No additional RSAs have been granted under the 2021 plan.
(2)RSUs vest in one-third increments over a three-year period.
(3)Of the 7,812 RSUs that vested during the nine months ended September 30, 2024, 2,948 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
2024 2023
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 1,134  $ 781  2,097  $ 427 
Granted (1)
—  —  1,458  781 
Vested (1,134) 781  (2,097) 427 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period
 —  $ —  1,458  $ 781 
(1)RSAs granted prior to October 31, 2023 vest on the first anniversary of the grant date.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs for the nine months ended September 30, 2024 and 2023:

Nine Months Ended September 30,
2024 2023
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period (1)
12,738  $ 595  7,182  $ 452 
Granted (2)
8,340  538  5,556  781 
Vested —  —  —  — 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period 21,078  $ 573  12,738  $ 595 
(1)Nonvested PSUs as of January 1, 2024 include 6,369 RTSR (as defined below) PSUs and 6,369 FCF (as defined below) PSUs. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 12,738 additional shares would be issued).
(2)The PSUs were granted on February 13, 2024 and include 4,170 RTSR PSUs (based on target) with a grant date fair value of $602 per share and 4,170 FCF PSUs (based on target) with a grant date fair value of $475 per share. If the maximum amount of the performance metrics described in the PSU agreements are achieved, the actual number of shares that will ultimately be awarded under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 8,340 additional shares would be issued).
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the condensed consolidated statements of income (in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2024 2023 2024 2023
Salaries and related employee expenses (employee awards) $ 2,935  $ 2,502  $ 7,855  $ 7,217 
General and administrative expenses (director awards) —  287  1,134  895 
Total share-based compensation expense (1)
$ 2,935  $ 2,789  $ 8,989  $ 8,112 
(1)The Company recognized a tax benefit of $0.6 million related to share-based compensation for each of the three months ended September 30, 2024 and 2023. The Company recognized a tax benefit of $1.9 million and $1.7 million related to share-based compensation for the nine months ended September 30, 2024 and 2023, respectively.