Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2024 and 2023:
Years Ended December 31,
2024 2023
Restricted Stock Awards (1)
Restricted Stock Units (2)
Restricted Stock Awards (1)
Restricted Stock Units (2)
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 —  $ —  18,675  $ 527  4,011  $ 417  16,836  $ 441 
Granted —  —  12,655  481  —  —  8,544  641 
Vested (3)
—  —  (7,812) 507  (3,891) 417  (5,592) 441 
Cancelled and forfeited —  —  (306) 528  (120) 417  (1,113) 534 
Nonvested at end of period —  $ —  23,212  $ 509  —  $ —  18,675  $ 527 
(1)As of December 31, 2023, all RSAs have vested or have been forfeited. No additional RSAs have been granted since December 29, 2021.
(2)RSUs vest in one-third increments over a three-year period.
(3)Of the 7,812 RSUs that vested during the year ended December 31, 2024, 2,948 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings. Of the 9,483 RSUs that vested during the year ended December 31, 2023, 3,495 RSUs were surrendered by employees to the Company upon vesting to settle tax withholding obligations.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the years ended December 31, 2024 and 2023:
Years Ended December 31,
2024 2023
Restricted Stock Awards Restricted Stock Awards
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)
2,160  524  1,458  781 
Vested (3,294) 612  (2,421) 474 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period —  $ —  1,134  $ 781 
(1)RSAs granted prior to October 31, 2023 vest on the first anniversary of the grant date and RSAs granted on or after October 31, 2023 vest in full on the date of grant.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs under the 2021 Plan for the years ended December 31, 2024 and 2023:

Years Ended December 31,
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 included 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 applicable PSU agreements are achieved, the actual number of shares that will ultimately vest pursuant to 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 applicable PSU agreements are achieved, the actual number of shares that will ultimately vest pursuant to 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 consolidated statements of income (in thousands):
Years Ended December 31,
2024 2023 2022
Salaries and related employee expenses (employee awards) $ 11,364  $ 9,124  $ 7,583 
General and administrative expenses (director awards) 1,134  1,219  849 
Total share-based compensation expense (1)
$ 12,498  $ 10,343  $ 8,432 
(1)The Company recognized a tax benefit of $2.6 million, $2.2 million and $1.8 million related to share-based compensation for the years ended December 31, 2024, 2023 and 2022, respectively.