Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At December 31, 2024, 9,552,597 shares of common stock remained available for issuance by us as equity awards under the Plan.

Time-Based Restricted Stock

During the years ended December 31, 2024, 2023 and 2022, the Company granted approximately 276,000, 203,000, and 384,000 shares of restricted stock, respectively, under the Plan, respectively, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of one to three years. The number of shares granted was determined based on the 10-day volume weighted average price using the 10 trading days immediately preceding the grant date.

Performance-Based Restricted Stock Units

During the years ended December 31, 2024, 2023 and 2022 the Company granted approximately 348,000, 235,000, and 336,000 performance-based restricted stock units, respectively, at target level of performance under the Plan, which are subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. For purposes of determining the fair value for expense recognition, we used a Monte Carlo Simulation (risk-neutral approach) as these awards contain a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 1.7% - 4.5% and an expected price volatility of 20.0% - 35.0%. The expected price volatility was calculated based on both historical and implied volatility.

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Stock-based compensation expense	$	17,511	$	15,536	$	12,986

The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units:


	Incentive and Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except for per share data)	Stock	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021	300,031	$	24.72	588,134	$	19.32
Granted	389,715	28.84		489,207	27.03
Vested	(167,465)	25.91		(227,166)	22.68
Forfeited	(14,942)	25.46		(80,586)	22.68
Canceled	—	—		—	—
Outstanding as of December 31, 2022	507,339	27.47		769,589	22.88
Granted	209,901	28.22		474,867	28.59
Vested	(211,887)	28.13		(363,267)	19.90
Forfeited	(32,718)	28.44		(115,607)	19.90
Canceled	—	—		—	—
Outstanding as of December 31, 2023	472,635	27.44		765,582	28.28
Granted	288,558	23.74		531,268	27.32
Vested	(176,926)	29.76		(243,615)	34.27
Forfeited	(57,099)	29.93		(143,669)	31.58
Canceled	—	—		—	—
Outstanding as of December 31, 2024	527,168	$	24.37	909,566	$	25.60

As of December 31, 2024, there was $18.2 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 1.7 years.